CubeSmart 10-K26 Feb 212020 FY Annual reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2020	Feb. 24, 2021	Jun. 30, 2020
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2020
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
ICFR Auditor Attestation Flag	true
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 5,228,744,387
Entity Common Stock, Shares Outstanding		199,699,623
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
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, 2020
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
ICFR Auditor Attestation Flag	true
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 50,533,593
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Entity Central Index Key	0001300485
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
ASSETS
Storage properties	$ 5,489,754	$ 4,699,844
Less: Accumulated depreciation	(983,940)	(925,359)
Storage properties, net (including VIE assets of $119,345 and $92,612, respectively)	4,505,814	3,774,485
Cash and cash equivalents	3,592	54,857
Restricted cash	2,637	3,584
Loan procurement costs, net of amortization	3,275	4,059
Investment in real estate ventures, at equity	92,071	91,117
Other assets, net	170,753	101,443
Total assets	4,778,142	4,029,545
LIABILITIES AND EQUITY
Unsecured senior notes, net	2,030,372	1,835,725
Revolving credit facility	117,800
Mortgage loans and notes payable, net	216,504	96,040
Accounts payable, accrued expenses and other liabilities	159,140	137,880
Lease liabilities - finance leases	65,599
Distributions payable	68,301	64,688
Deferred revenue	29,087	25,313
Security deposits	1,077	475
Total liabilities	2,687,880	2,160,121
Noncontrolling interests in the Operating Partnership	249,414	62,088
Commitments and contingencies
Equity
Common shares $.01 par value, 400,000,000 shares authorized, 197,405,989 and 193,557,024 shares issued and outstanding at December 31, 2020 and December 31, 2019, respectively	1,974	1,936
Additional paid-in capital	2,805,673	2,674,745
Accumulated other comprehensive loss	(632)	(729)
Accumulated deficit	(974,799)	(876,606)
Total CubeSmart shareholders' equity	1,832,216	1,799,346
Noncontrolling interests in subsidiaries	8,632	7,990
Total equity	1,840,848	1,807,336
Total liabilities and equity	$ 4,778,142	$ 4,029,545

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Storage properties	$ 4,505,814	$ 3,774,485
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	197,405,989	193,557,024
Common shares, shares outstanding	197,405,989	193,557,024
VIE
Storage properties	$ 119,345	$ 92,612

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
REVENUES
Rental income	$ 581,009	$ 552,404	$ 517,535
Total revenues	679,177	643,915	597,944
OPERATING EXPENSES
Property operating expenses	223,634	209,739	196,866
Depreciation and amortization	156,573	163,547	143,350
General and administrative	41,423	38,560	37,712
Total operating expenses	421,630	411,846	377,928
Interest:
Interest expense on loans	(75,890)	(72,525)	(62,132)
Loan procurement amortization expense	(2,674)	(2,819)	(2,313)
Loss on early extinguishment of debt	(18,020)
Equity in earnings (losses) of real estate ventures	178	11,122	(865)
Gains from sale of real estate, net	6,710	1,508	10,576
Other	(240)	1,416	206
Total other expense	(89,936)	(61,298)	(54,528)
NET INCOME	167,611	170,771	165,488
NET (INCOME) LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS
Noncontrolling interests in the Operating Partnership	(1,825)	(1,708)	(1,820)
Noncontrolling interest in subsidiaries	(165)	54	221
NET INCOME ATTRIBUTABLE TO THE COMPANY'S COMMON SHAREHOLDERS	$ 165,621	$ 169,117	$ 163,889
Basic earnings per share attributable to common shareholders (in dollars per share)	$ 0.85	$ 0.89	$ 0.89
Diluted earnings per share attributable to common shareholders (in dollars per share)	$ 0.85	$ 0.88	$ 0.88
Weighted average basic shares outstanding (in shares)	194,147	190,874	184,653
Weighted average diluted shares outstanding (in shares)	194,943	191,576	185,495
Other Property Related Income
REVENUES
Property related income	$ 70,723	$ 67,558	$ 60,156
Property Management Fee Income
REVENUES
Property related income	$ 27,445	$ 23,953	$ 20,253

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
NET INCOME	$ 167,611	$ 170,771	$ 165,488
Other comprehensive income (loss):
Unrealized gains (losses) on interest rate swaps		232	(979)
Reclassification of realized losses (gains) on interest rate swaps	81	70	(60)
OTHER COMPREHENSIVE INCOME (LOSS)	81	302	(1,039)
COMPREHENSIVE INCOME	167,692	171,073	164,449
Comprehensive income attributable to noncontrolling interests in the Operating Partnership	(1,809)	(1,710)	(1,814)
Comprehensive (income) loss attributable to noncontrolling interest in subsidiaries	(165)	54	221
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE COMPANY	$ 165,718	$ 169,417	$ 162,856

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, 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, net	131,829	$ 43	131,786					131,829
Issuance of common shares, net (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 (loss), net	(627)			(1,032)	405			(627)
Other comprehensive income (loss), 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
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, net	196,304	$ 60	196,244					196,304
Issuance of common shares, net (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 (loss), net	300			300				300
Other comprehensive income (loss), 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
Increase (Decrease) in Stockholders' Equity
Contributions from noncontrolling interests in subsidiaries						682		682
Distributions paid to noncontrolling interests in subsidiaries						(205)		(205)
Issuance of common shares, net	120,727	$ 37	120,690					120,727
Issuance of common shares, net (in shares)		3,627
Issuance of restricted shares (in shares)		60
Issuance of OP units							186,933
Conversion from units to shares	2,824	$ 1	2,823				(2,824)	2,824
Conversion from units to shares (in shares)		100
Exercise of stock options	961		961					961
Exercise of stock options (in shares)		62
Amortization of restricted shares	4,502		4,502					4,502
Share compensation expense	1,952		1,952					1,952
Adjustment for noncontrolling interest in the Operating Partnership	(4,230)				(4,230)		4,230	(4,230)
Net income (loss)	165,621				165,621	165		165,786
Net income (loss)							1,825
Other comprehensive income (loss), net	97			97				97
Other comprehensive income (loss), net							(16)
Common share distributions	(259,584)				(259,584)		(2,822)	(259,584)
Balance at Dec. 31, 2020	$ 1,832,216	$ 1,974	$ 2,805,673	$ (632)	$ (974,799)	$ 8,632		1,840,848
Balance (in shares) at Dec. 31, 2020		197,406
Balance of Noncontrolling Interests in the Operating Partnership at Dec. 31, 2020							$ 249,414	$ 249,414

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
CONSOLIDATED STATEMENTS OF EQUITY
Common share distributions (in dollars per share)	$ 1.33	$ 1.29	$ 1.22

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Operating Activities
Net income	$ 167,611	$ 170,771	$ 165,488
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	159,247	166,366	145,663
Loss on early extinguishment of debt	18,020
Equity in losses (earnings) of real estate ventures	(178)	(11,122)	865
Gain from sale of real estate	(6,710)	(1,508)	(10,576)
Equity compensation expense	7,140	6,694	5,572
Accretion of fair market value adjustment of debt	(259)	(718)	(735)
Changes in other operating accounts:
Other assets	(9,674)	(6,578)	(4,937)
Accounts payable and accrued expenses	13,922	6,042	2,653
Other liabilities	1,914	1,821	342
Net cash provided by operating activities	351,033	331,768	304,335
Investing Activities
Acquisitions of storage properties	(417,988)	(117,998)	(214,510)
Additions and improvements to storage properties	(49,857)	(37,569)	(27,626)
Development costs	(55,286)	(102,826)	(86,002)
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	(7,022)	(10,264)	(19,216)
Cash distributed from real estate ventures	6,246	7,096	8,706
Proceeds from sale of real estate, net	12,466	3,856	16,389
Net cash used in investing activities	(511,441)	(375,664)	(322,259)
Proceeds from:
Unsecured senior notes	445,833	696,426
Revolving credit facility	429,085	859,313	679,535
Principal payments on:
Unsecured senior notes	(250,000)
Revolving credit facility	(311,285)	(1,158,776)	(565,710)
Unsecured term loans		(200,000)
Mortgage loans and notes payable	(46,093)	(11,652)	(9,816)
Loan procurement costs	(3,764)	(6,023)
Debt prepayment costs	(17,584)
Settlement of hedge transactions		(807)
Acquisition of noncontrolling interest in subsidiary, net		(35,777)
Proceeds from issuance of common shares, net	120,727	196,304	131,830
Cash paid upon vesting of restricted shares	(686)	(421)	(1,461)
Exercise of stock options	961	3,686	3,835
Contributions from noncontrolling interests in subsidiaries		48	925
Distributions paid to noncontrolling interests in subsidiaries	(205)	(188)	(169)
Distributions paid to common shareholders	(256,253)	(243,859)	(221,328)
Distributions paid to noncontrolling interests in Operating Partnership	(2,540)	(2,419)	(2,393)
Net cash provided by financing activities	108,196	95,855	15,248
Change in cash, cash equivalents and restricted cash	(52,212)	51,959	(2,676)
Cash, cash equivalents and restricted cash at beginning of period	58,441	6,482	9,158
Cash, cash equivalents and restricted cash at end of period	6,229	58,441	6,482
Supplemental Cash Flow and Noncash Information
Cash paid for interest, net of interest capitalized	80,792	69,283	66,829
Supplemental disclosure of noncash activities:
Acquisitions of storage properties	(2,623)
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)
Right-of-use assets obtained in exchange for lease liabilities	61,423
Discount on issuance of unsecured senior notes	4,167	3,574
Noncash drawdown on revolving credit facility		(103,938)
Mortgage loan assumptions	169,056		7,166
Repayment of unsecured term loan through noncash drawdown on revolving credit faciltiy		(100,000)
Accretion of put liability	7,917	5,895	24,747
Derivative valuation adjustment	81	302	(633)
Loan procurement costs		(3,770)
Issuance of OP units (see Note 4)	186,933	3,576	$ 6,242
Acquisition of noncontrolling interest in subsidiary		(4,828)
Contributions from noncontrolling interests in subsidiaries	$ 682	$ 7,328

ORGANIZATION AND NATURE OF OPER

ORGANIZATION AND NATURE OF OPERATIONS	12 Months Ended
ORGANIZATION AND NATURE OF OPERATIONS	Dec. 31, 2020
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, 2020, 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, 2020, the Parent Company owned approximately 96.4% 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
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Dec. 31, 2020
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. To the extent that the Company (i) has the power to direct the activities of the VIE that most significantly impact the economic performance of the VIE and (ii) has the obligation or rights to absorb the VIE's losses or receive its benefits, then the Company is considered the primary beneficiary. 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, 2020, 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 $4.2 million as of December 31, 2020. 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 projects are 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 storage 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 associated with storage leases assumed at acquisition. Above- or below- market lease intangibles associated with assumed ground leases in which the Company serves as lessee are recorded as an adjustment to the right-of-use asset and reflect the difference between the contractual amounts to be paid pursuant to each in-place ground lease and management’s estimate of fair market lease rates. These amounts are amortized over the term of the lease. 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 . Right-of-use assets associated with finance leases are amortized from the lease commencement date to the earlier of the useful life of the right-to-use asset or the end of the lease term. Fully depreciated or amortized assets and the associated accumulated depreciation or amortization are written off. The Company wrote off fully depreciated or amortized real estate assets and in-place lease intangible assets of $83.4 million and $20.5 million, respectively, for the year ended December 31, 2020, and $81.7 million and $11.3 million, respectively, for the year ended December 31, 2019. 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, 2020, 2019 and 2018. 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, 2020. 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 generally consists of cash deposits required for debt service, capital replacement and expense reserves in connection with the terms of our loan agreements. Loan Procurement Costs Loan procurement costs related to borrowings were $38.1 million and $31.5 million as of December 31, 2020 and 2019, respectively, and are reported net of accumulated amortization of $13.1 million and $12.9 million as of December 31, 2020 and 2019, 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, 2020 and 2019: December 31, 2020 2019 (in thousands) Intangible assets, net of accumulated amortization of $2,123 and $10,170 $ 57,820 $ 10,283 Accounts receivable, net 5,829 6,386 Prepaid property taxes 6,334 4,706 Prepaid insurance 2,626 2,191 Amounts due from affiliates (see note 14) 13,130 10,450 Assets held in trust related to deferred compensation arrangements 17,207 13,280 Right-of-use assets - operating leases (see note 13) 55,302 41,698 Equity investment recorded at cost (1) 5,000 5,000 Other 7,505 7,449 Total other assets, net $ 170,753 $ 101,443 (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 the Company’s 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, 2020, 2019 and 2018, the Company recognized $1.5 million, $2.1 million and $1.6 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 storage protection plan 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, 2020, 2019 and 2018, 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 no outstanding derivatives as of December 31, 2020 or 2019. 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 $4,384.1 million and $3,909.1 million as of December 31, 2020 and 2019. 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 2020 consisted of a 74.174% ordinary income distribution, a 2.138% capital gain distribution and a 23.688% 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 2020, 2019 or 2018. 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 $0.4 million and $0.7 million as of December 31, 2020 and 2019, 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. The Company recognizes forfeitures on share-based payments as they occur. 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 August 2020, the FASB issued ASU No. 2020-06 – Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in an Entity’s Own Equity (Subtopic 815-40). The new guidance eliminates the beneficial conversion and cash conversion accounting models for convertible instruments. It also amends the accounting for certain contracts in an entity’s own equity that are currently accounted for as derivatives because of certain settlement provisions. In addition, the new guidance modifies how particular convertible instruments and certain contracts that may be settled in cash or shares impact the diluted earnings per share computation. The standard is effective on January 1, 2022, with early adoption permitted, but only as of the beginning of an entity’s annual fiscal year. The Company is currently assessing the impact of the adoption of the new standard on its consolidated financial statements and related disclosures. 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. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements. In August 2017, the FASB issued ASU No. 2017-12 – Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. The purpose of this updated guidance is to better align a company’s financial reporting for hedging activities with the economic objectives of those activities. The standard became effective on January 1, 2020 and did not have a material impact on the Company’s consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02 - Leases (Topic 842), which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either finance 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 New York, Florida, Texas and California provided approximately 16%, 15%, 9% and 8%, respectively, of the Company’s total revenues for the year ended December 31, 2020. 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 the year ended December 31, 2018.

STORAGE PROPERTIES

STORAGE PROPERTIES	12 Months Ended
STORAGE PROPERTIES	Dec. 31, 2020
STORAGE PROPERTIES
STORAGE FACILITIES	3. STORAGE PROPERTIES The book value of the Company’s real estate assets is summarized as follows: December 31, 2020 2019 (in thousands) Land $ 1,093,503 $ 858,541 Buildings and improvements 4,122,995 3,619,594 Equipment 123,044 128,111 Construction in progress 108,316 93,598 Right-of-use assets - finance leases 41,896 — Storage properties 5,489,754 4,699,844 Less: Accumulated depreciation (983,940) (925,359) Storage properties, net $ 4,505,814 $ 3,774,485 The following table summarizes the Company’s acquisition and disposition activity for the years ended December 31, 2020, 2019 and 2018: Number of Purchase / Sale Price Asset/Portfolio Metropolitan Statistical Area Transaction Date Stores (in thousands) 2020 Acquisitions: Texas Asset San Antonio, TX February 2020 1 $ 9,025 Maryland Asset Baltimore-Towson, MD April 2020 1 17,200 New Jersey Asset New York-Northern New Jersey-Long Island, NY-NJ-PA April 2020 1 48,450 Florida Asset Palm Bay-Melbourne-Titusville, FL November 2020 1 3,900 Texas Asset Austin-Round Rock, TX November 2020 1 10,750 Texas Asset Dallas-Fort Worth-Arlington, TX November 2020 1 10,150 Nevada Asset Las Vegas-Paradise, NV December 2020 1 16,800 New York Asset New York-Northern New Jersey-Long Island, NY-NJ-PA December 2020 1 6,750 Storage Deluxe Assets New York-Northern New Jersey-Long Island, NY-NJ-PA December 2020 8 540,000 Florida Assets Orlando-Kissimmee, FL / Deltona-Daytona Beach-Ormond Beach, FL December 2020 3 45,500 Florida Asset Tampa-St. Petersburg-Clearwater, FL December 2020 1 10,000 Virginia Asset Washington-Arlington-Alexandria, DC-VA-MD-WV December 2020 1 17,350 21 $ 735,875 2020 Disposition: New York Asset New York-Northern New Jersey-Long Island, NY-NJ-PA December 2020 1 $ 12,750 1 $ 12,750 2019 Acquisitions: Maryland Asset Baltimore-Towson, MD March 2019 1 $ 22,000 Florida Assets Cape Coral-Fort Myers, FL April 2019 2 19,000 Arizona Asset Phoenix-Mesa-Scottsdale, AZ May 2019 1 1,550 HVP III Assets Various (see note 4) June 2019 18 128,250 (1) Georgia Asset Atlanta-Sandy Springs-Marietta, GA August 2019 1 14,600 South Carolina Asset Charleston-North Charleston, SC August 2019 1 3,300 Texas Asset Dallas-Fort Worth-Arlington, TX October 2019 1 7,300 Florida Assets Orlando-Kissimmee, FL November 2019 3 32,100 California Asset Los Angeles-Long Beach-Santa Ana, CA December 2019 1 18,500 29 $ 246,600 2019 Disposition: Texas Asset College Station-Bryan, TX October 2019 1 $ 4,146 1 $ 4,146 2018 Acquisitions: Texas Asset Austin-Round Rock, TX January 2018 1 $ 12,200 Texas Asset Houston-Sugar Land-Baytown, TX May 2018 1 19,000 Metro DC Asset Washington-Arlington-Alexandria, DC-VA-MD-WV July 2018 1 34,200 Nevada Asset Las Vegas-Paradise, NV September 2018 1 14,350 North Carolina Asset Charlotte-Gastonia-Concord, NC-SC September 2018 1 11,000 California Asset Los Angeles-Long Beach-Santa Ana, CA October 2018 1 53,250 Texas Asset Houston-Sugar Land-Baytown, TX October 2018 1 23,150 California Asset San Diego-Carlsbad-San Marcos, CA November 2018 1 19,118 New York Asset New York-Northern New Jersey-Long Island, NY-NJ-PA November 2018 1 37,000 Illinois Asset Chicago-Naperville-Joliet, IL-IN-WI December 2018 1 4,250 10 $ 227,518 2018 Dispositions: Arizona Assets Phoenix-Mesa-Scottsdale, AZ November 2018 2 $ 17,502 2 $ 17,502 (1) Amount represents the purchase price for 90% of the ownership interest in 191 III CUBE LLC (“HVP III”), which at the time of the acquisition, owned 18 storage properties (see note 4).

INVESTMENT ACTIVITY

INVESTMENT ACTIVITY	12 Months Ended
INVESTMENT ACTIVITY	Dec. 31, 2020
INVESTMENT ACTIVITY
INVESTMENT ACTIVITY	4. INVESTMENT ACTIVITY 2020 Acquisitions The Company acquired a portfolio of eight stores located in the outer boroughs of New York City (the “Storage Deluxe Assets”), in two separate tranches during December 2020, for an aggregate purchase price of $540.0 million. In connection with the acquisition of the Storage Deluxe Assets, the Company assumed six mortgage loans with an aggregate outstanding principal amount of $154.4 million at the time of acquisition, one of which had an outstanding principal balance of $33.2 million and was repaid immediately. The assumed mortgage debt was recorded at a fair value of $169.2 million, which includes an aggregate net premium of $14.8 million to reflect the estimated fair value of the debt at the time of assumption. The remainder of the purchase price was funded with $210.5 million of cash and $175.1 million through the issuance of 5,272,023 OP Units (see note 12). In connection with the acquisition of the Storage Deluxe Assets, which was accounted for as an asset acquisition, 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 $ 48.6 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 . Additionally, as part of the transaction, the Company assumed three existing ground leases as lessee, two of which have been classified as finance leases and one of which has been classified as an operating lease (see note 13). During the year ended December 31, 2020, the Company acquired 13 additional stores located in Florida (5) , Maryland (1) , Nevada (1) , New Jersey (1) , New York (1) , Texas (3) and Virginia (1) for an aggregate purchase price of approximately $195.9 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 $ 11.4 million at the time of the acquisitions and prior to amortization of such amounts. The estimated life of these in-place leases was 12 months and the amortization expense that was recognized during 2020 was approximately $2.1 million. Additionally, on July 20, 2020, the Company acquired land underlying a wholly-owned store located in the Bronx, New York for $9.5 million. The land was previously subject to a ground lease in which the Company served as lessee. As a result of the transaction, which was accounted for as an asset acquisition, the Company was released from its obligations under the ground lease, and the right-of-use asset and lease liability totaling $5.1 million and $5.0 million, respectively, were removed from the Company’s consolidated balance sheets. 2020 Disposition On December 22, 2020, the Company sold a self-storage property located in New York for a sales price of $12.8 million. The Company recorded a $6.7 million gain in connection with the sale. Development Activity As of December 31, 2020, the Company had invested in joint ventures to develop six self-storage properties located in Massachusetts (1), New York (2), Pennsylvania (1) and Virginia (2). Construction for all projects is expected to be completed by the second quarter of 2022 (see note 12). As of December 31, 2020, development costs incurred to date for these projects totaled $94.0 million. Total construction costs for these projects are expected to be $150.1 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, 2018. The costs associated with the construction of these stores are capitalized to land, building and improvements, as well as equipment and are reflected in Storage properties on the Company’s consolidated balance sheets. CubeSmart Number of Ownership Total Store Location Stores Date Opened Interest Construction Costs (in thousands) Brooklyn, NY (1) 1 Q2 2020 100% $ 45,900 Waltham, MA (2) 1 Q3 2019 100% 18,000 Queens, NY (1) 1 Q2 2019 100% 47,500 Bayonne, NJ (1) (3) 1 Q2 2019 100% 25,100 Bronx, NY (1) 1 Q3 2018 100% 92,100 5 $ 228,600 (1) These stores were previously owned by four separate consolidated joint ventures, of which the Company held a 51% ownership interest in each. On February 15, 2019, the noncontrolling member in the venture that owned the Bronx, NY store put its 49% interest in the venture to the Company for $37.8 million. On June 25, 2019, the noncontrolling member in the venture that owned the Bayonne, NJ store put its 49% interest in the venture to the Company for $11.5 million. On September 17, 2019, the noncontrolling member in the venture that owned the Queens, NY store put its 49% interest in the venture to the Company for $15.2 million. On September 29, 2020, the noncontrolling member in the venture that owned the Brooklyn, NY store put its 49% interest in the venture to the Company for $10.0 million, of which $1.0 was paid in cash. The Company issued 276,497 OP Units that were valued at approximately $9.0 million as consideration for the remainder of the purchase price (see note 12). The cash payments related to these transactions are included in Development costs in the consolidated statements of cash flows. (2) On August 8, 2019, the Company, through a joint venture in which it owned a 90% interest and that it previously consolidated, completed the construction and opened for operation a store located in Waltham, MA. On September 6, 2019, the Company acquired the noncontrolling member’s 10% interest in the venture for $2.6 million. Prior to this transaction, the noncontrolling member’s interest was reported in Noncontrolling interests in subsidiaries on the consolidated balance sheets. Since the Company retained its controlling interest in the venture and the store is now wholly owned, this transaction was accounted for as an equity transaction. The carrying amount of the noncontrolling interest was reduced to zero to reflect the purchase and the $2.0 million difference between the purchase price paid by the Company and the carrying amount of the noncontrolling interest was recorded as an adjustment to equity attributable to the Company, with no gain or loss recorded. In conjunction with the Company’s acquisition of the noncontrolling interest, the $10.5 million related party loan extended by the Company to the venture during the construction period was repaid in full. (3) This store is subject to a ground lease. During the fourth quarter of 2015 and the third quarter of 2017, the Company, through two separate joint ventures in which it owned a 90% interest in each and that were previously consolidated, completed the construction and opened for operation a store located in Queens, NY and a store located in New York, NY, respectively. On June 25, 2019, the Company acquired the noncontrolling member’s 10% interest in the venture that owned the New York, NY store for $18.5 million, and on June 28, 2019, the Company acquired the noncontrolling member’s 10% interest in the venture that owned the Queens, NY store, for $9.0 million. Prior to these transactions, the noncontrolling 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. In each case, the carrying amount of the noncontrolling interest was reduced to zero to reflect the purchase and the difference between the purchase price paid by the Company and the carrying amount of the noncontrolling interest which aggregated to $22.6 million, was recorded as an adjustment to equity attributable to the Company, with no gain or loss recorded. The $12.4 million related party loan extended by the Company to the venture that owned the Queens, NY store was repaid in conjunction with the Company’s acquisition of the noncontrolling member’s ownership interest. 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 the years ended December 31, 2020 and 2019 was approximately $4.3 million and $1.9 million, respectively. 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 the years ended December 31, 2020 and 2019 was approximately $6.0 million and $8.3 million, respectively. 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. 2018 Acquisitions During the year ended December 31, 2018, the Company acquired ten stores located in California (2) , Illinois (1) , Nevada (1) , New York (1) , North Carolina (1) , Texas (3) and the District of Columbia (1) , 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). 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.

INVESTMENT IN UNCONSOLIDATED RE

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES	12 Months Ended
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES	Dec. 31, 2020
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 (dollars in thousands): CubeSmart Number of Stores as of Carrying Value of Investment as of Ownership December 31, December 31, Unconsolidated Real Estate Ventures Interest 2020 2019 2020 2019 191 IV CUBE Southeast LLC ("HVPSE") (1) 10% 14 — $ 5,015 $ — 191 IV CUBE LLC ("HVP IV") (2) 20% 21 21 21,760 23,112 CUBE HHF Northeast Venture LLC ("HHFNE") (3) 10% 13 13 1,628 1,998 CUBE HHF Limited Partnership ("HHF") (4) 50% 35 35 63,668 66,007 83 69 $ 92,071 $ 91,117 (1) On March 19, 2020, the Company invested a 10% ownership interest in a newly-formed real estate venture that acquired 14 self-storage properties located in Florida (2) , Georgia (8) and South Carolina (4) . HVPSE paid $135.3 million for these stores, of which $7.7 million was allocated to the value of the in-place lease intangible. The acquisition was funded primarily through the venture’s $81.6 million secured term loan. The remainder of the purchase price was contributed pro-rata by the Company and its unaffiliated joint venture partner. The Company’s total contribution to HVPSE related to this portfolio acquisition was $5.6 million. The secured loan bears interest at LIBOR plus 1.60% and matures on March 19, 2023 with options to extend the maturity date through March 19, 2025, subject to satisfaction of certain conditions and payment of the extension fees as stipulated in the loan agreement. (2) 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, 2020, 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, 2020, HVP IV also had $55.5 million outstanding under a separate secured 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. (3) 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, 2020, HHFNE had an outstanding $45.0 million secured loan facility, which bears interest at LIBOR plus 1.20% per annum and matures on December 16, 2024. (4) The stores owned by HHF are located in North Carolina (1) and Texas (34) . As of December 31, 2020, HHF had an outstanding $100.0 million secured loan, which bears interest at 3.59% per annum and matures on April 30, 2021. On January 21, 2021, HHF entered into a new $105.0 million secured loan, which bears interest at 2.58% per annum and matures on February 5, 2028. HHF used the proceeds from the new loan to repay its existing outstanding $100.0 million loan in full. 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). Based upon the facts and circumstances at formation of HVPSE, HVP IV, HHFNE, 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, 2020 and 2019: December 31, 2020 2019 (1) Assets (in thousands) Storage properties, net $ 662,833 $ 552,791 Other assets 18,112 11,997 Total assets $ 680,945 $ 564,788 Liabilities and equity Other liabilities $ 11,588 $ 10,064 Debt 359,985 280,392 Equity CubeSmart 92,071 91,117 Joint venture partners 217,301 183,215 Total liabilities and equity $ 680,945 $ 564,788 (1) Excludes HVPSE as it acquired its initial assets on March 19, 2020. The following is a summary of results of operations of the Ventures for the years ended December 31, 2020, 2019 and 2018: For the year ended December 31, 2020 2019 2018 (in thousands) Total revenues $ 67,239 $ 72,582 $ 90,111 Operating expenses (30,755) (32,134) (37,899) Other expenses (430) (3,227) (938) Interest expense, net (11,585) (14,927) (13,311) Depreciation and amortization (33,086) (30,107) (41,972) Gains from sale of real estate, net — 106,667 — Net (loss) income $ (8,617) $ 98,854 $ (4,009) Company’s share of net income (loss) $ 178 $ 11,122 $ (865) The results of operations above include the periods from January 1, 2018 through June 6, 2019 (date of consolidation) for HVP III and March 19, 2020 (date of initial store acquisition) through December 31, 2020 for HVPSE.

UNSECURED SENIOR NOTES

UNSECURED SENIOR NOTES	12 Months Ended
UNSECURED SENIOR NOTES	Dec. 31, 2020
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 2020 2019 Interest Rate Date Date (in thousands) $250M 4.800% Guaranteed Notes due 2022 (1) $ — $ 250,000 4.82 % Jun-12 Jul-22 $300M 4.375% Guaranteed Notes due 2023 (2) 300,000 300,000 4.33 % Various (2) Dec-23 $300M 4.000% Guaranteed Notes due 2025 (3) 300,000 300,000 3.99 % Various (3) 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 350,000 350,000 4.46 % Jan-19 Feb-29 $350M 3.000% Guaranteed Notes due 2030 350,000 350,000 3.04 % Oct-19 Feb-30 $450M 2.000% Guaranteed Notes due 2031 450,000 — 2.10 % Oct-20 Feb-31 Principal balance outstanding 2,050,000 1,850,000 Less: Discount on issuance of unsecured senior notes, net (7,470) (3,860) Less: Loan procurement costs, net (12,158) (10,415) Total unsecured senior notes, net $ 2,030,372 $ 1,835,725 (1) On October 30, 2020, the Operating Partnership redeemed, in full, its $250.0 million of outstanding 4.800% senior notes due 2022 (the “2022 Notes”), with proceeds from its $450.0 million of 2.000% senior notes due 2031 issued on October 6, 2020. In connection with the redemption of the 2022 Notes, the Operating Partnership recognized a loss on early debt extinguishment of $18.0 million, of which $17.6 million represents a prepayment premium and $0.4 represents the write-off of unamortized loan procurement costs. (2) 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% . (3) 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, 2020, 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
REVOLVING CREDIT FACILITY AND UNSECURED TERM LOANS	Dec. 31, 2020
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. 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 $200.0 million unsecured term loan portion of the Credit Facility. As of December 31, 2020, borrowings under the Revolver had an effective weighted average interest rate of 1.24%. Additionally, as of December 31, 2020, $631.6 million was available for borrowing under the Revolver. The available balance under the Revolver is reduced by an outstanding letter of credit of $0.6 million. 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, 2020, the Operating Partnership was in compliance with all of its financial covenants. 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 that was scheduled to mature in January 2020. 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. Unamortized loan procurement costs of $0.1 million were written off in conjunction with the repayment.

MORTGAGE LOANS AND NOTES PAYABL

MORTGAGE LOANS AND NOTES PAYABLE	12 Months Ended
MORTGAGE LOANS AND NOTES PAYABLE	Dec. 31, 2020
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 2020 2019 Interest Rate Date (in thousands) Bronx VII, NY (1) $ — $ 7,805 4.56 % Nov-20 Bronx VIII, NY (1) — 2,740 4.61 % Nov-20 Bronx IX, NY 21,030 21,547 4.85 % Jun-21 Bronx X, NY 23,148 24,042 4.64 % Jun-21 Nashville V, TN 2,261 2,313 3.85 % Jun-23 New York, NY 29,981 30,588 3.51 % Jun-23 Annapolis I, MD 5,283 5,459 3.78 % May-24 Brooklyn XV, NY 15,713 — 2.15 % May-24 Long Island City IV, NY 12,852 — 2.15 % May-24 Long Island City II, NY 19,094 — 2.25 % Jul-26 Long Island City III, NY 19,106 — 2.25 % Aug-26 Flushing II, NY 54,300 — 2.15 % Jul-29 Principal balance outstanding 202,768 94,494 Plus: Unamortized fair value adjustment 15,879 1,833 Less: Loan procurement costs, net (2,143) (287) Total mortgage loans and notes payable, net $ 216,504 $ 96,040 (1) These mortgage loans were repaid in full on November 2, 2020. As of December 31, 2020 and 2019, the Company’s mortgage loans and notes payable were secured by certain of its self-storage properties with net book values of approximately $539.2 million and $206.3 million, respectively. The following table represents the future principal payment requirements on the outstanding mortgage loans and notes payable as of December 31, 2020 (in thousands): 2021 $ 46,383 2022 2,426 2023 32,591 2024 32,329 2025 979 2026 and thereafter 88,060 Total mortgage payments 202,768 Plus: Unamortized fair value adjustment 15,879 Less: Loan procurement costs, net (2,143) Total mortgage loans and notes payable, net $ 216,504

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE LOSS	12 Months Ended
ACCUMULATED OTHER COMPREHENSIVE LOSS	Dec. 31, 2020
ACCUMULATED OTHER COMPREHENSIVE LOSS
ACCUMULATED OTHER COMPREHENSIVE LOSS	9. ACCUMULATED OTHER COMPREHENSIVE LOSS Accumulated other comprehensive loss represents unrealized losses on interest rate swaps (see note 10 for details). The following table summarizes the changes in accumulated other comprehensive loss for the years ended December 31, 2020 and 2019. December 31, 2020 2019 (in thousands) Beginning balance $ (737) $ (1,039) Unrealized gains on interest rate swaps - 232 Reclassification of realized losses on interest rate swaps (1) 81 70 Ending balance (656) (737) Less: portion included in noncontrolling interests in the Operating Partnership 24 8 Total accumulated other comprehensive loss included in equity $ (632) $ (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
RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS	Dec. 31, 2020
RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS
RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS	10. RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS The Company’s use of derivative instruments is limited to the utilization of interest rate swap agreements or other instruments to manage interest rate risk exposures and not for speculative purposes. The principal objective of such arrangements is to minimize the risks and/or costs associated with the Company’s operating and financial structure, as well as to hedge specific transactions. The counterparties to these arrangements are major financial institutions with which the Company and its subsidiaries may also have other financial relationships. The Company is potentially exposed to credit loss in the event of non-performance by these counterparties. However, because of the high credit ratings of the counterparties, the Company does not anticipate that any of the counterparties will fail to meet these obligations as they come due. The Company does not hedge credit or property value market risks. The Company formally assesses, both at inception of a hedge and on an on-going basis, whether each derivative is highly-effective in offsetting changes in cash flows of the hedged item. If management determines that the derivative is highly-effective as a hedge, then the Company accounts for the derivative using hedge accounting, pursuant to which gains or losses inherent in the derivative do not impact the Company’s results of operations. If management determines that the derivative is not highly-effective as a hedge or if a derivative ceases to be a highly-effective hedge, the Company discontinues hedge accounting prospectively and reflects in its consolidated statement of operations realized and unrealized gains and losses with respect to the derivative. As of December 31, 2020 and 2019, all derivative instruments entered into by the Company had been settled. On December 24, 2018, the Company entered into interest rate swap agreements with notional amounts that aggregated to $150.0 million (the “Interest Rate Swaps”) 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. The Interest Rate Swaps qualified and were designated as cash flow hedges. Accordingly, the Interest Rate Swaps were recorded on the consolidated balance sheet at fair value and the related gains or losses were deferred in shareholders’ equity as accumulated other comprehensive income or loss. These deferred gains and losses were amortized into interest expense during the period or periods in which the related interest payments affected earnings. On January 24, 2019, in conjunction with the issuance of the 2029 Notes, the Company settled the Interest Rate Swaps for $0.8 million. The $0.8 million 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 change in unrealized losses on interest rate swaps reflects a reclassification of $0.1 million of unrealized losses from accumulated other comprehensive loss as an increase to interest expense during 2020. The Company estimates that $0.1 million will be reclassified as an increase to interest expense in 2021.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
FAIR VALUE MEASUREMENTS	Dec. 31, 2020
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, 2020 and 2019. The fair values of financial instruments, including cash and cash equivalents, restricted cash, accounts receivable and accounts payable approximate their respective carrying values as of December 31, 2020 and 2019. The aggregate carrying value of the Company’s debt was $2,364.7 million and $1,931.8 million as of December 31, 2020 and 2019, respectively. The estimated fair value of the Company’s debt was $2,571.3 million and $2,037.6 million as of December 31, 2020 and 2019, respectively. The fair value of debt estimates were based on a discounted cash flow analysis assuming market interest rates for comparable obligations as of December 31, 2020 and 2019. 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
NONCONTROLLING INTERESTS	Dec. 31, 2020
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, 2020 Consolidated Joint Ventures of Stores Location Opening Interest Total Assets Total Liabilities (in thousands) CS Vienna, LLC ("Vienna") (1) 1 Vienna, VA Q2 2022 (est.) 72% $ 16,424 $ 4,981 CS 750 W Merrick Rd, LLC ("Merrick") (2) 1 Valley Stream, NY Q1 2022 (est.) 51% 12,090 5,269 CS Valley Forge Village Storage, LLC ("VFV") (3) 1 King of Prussia, PA Q2 2021 (est.) 70% 18,129 9,806 Shirlington Rd II, LLC ("SH2") (4) 1 Arlington, VA Q1 2021 (est.) 90% 18,821 1,046 CS 2087 Hempstead Tpk, LLC ("Hempstead") (2) 1 East Meadow, NY Q1 2021 (est.) 51% 22,079 7,576 CS SDP Newtonville, LLC ("Newton") (3) 1 Newton, MA Q1 2021 (est.) 90% 17,808 11,289 Shirlington Rd, LLC ("SH1") (4) 1 Arlington, VA Q2 2015 90% 14,511 171 7 $ 119,862 $ 40,138 (1) On December 23, 2020, the Company and the noncontrolling member contributed a previously wholly-owned operating property (the “Vienna Operating Property”) and a parcel of land (the “Vienna Land”), respectively, to Vienna. The Vienna Operating Property and the Vienna Land are located in close proximity to each other in Vienna, VA. The members intend to construct a new store on the Vienna Land, which, upon completion, will be combined with the Vienna Operating Property and operated by the venture as a single store. The Company has a related party commitment to Vienna to fund all or a portion of the construction costs. As of December 31, 2020, the Company has funded $4.9 million of a total $17.0 million loan commitment to Vienna, which is included in the total liabilities amount within the table above. This loan and the related interest were eliminated for consolidation purposes. (2) The noncontrolling members of Merrick and Hempstead have the option to put their ownership interest in the ventures to the Company for $17.1 million and $6.6 million (the “Put Option”), respectively, within the two-year period after construction of each store is substantially complete (the “Put Option Period”). In the event the Put Option is not exercised, the Company has a one-year option to call the ownership interest of the noncontrolling members of Merrick and Hempstead for $17.1 million and $6.6 million, respectively, beginning twelve months after the end of the Put Option Period. The Company, at its sole discretion, may pay cash and/or issue OP Units, in exchange for the noncontrolling member’s interest in Merrick and Hempstead. The Company is accreting the respective liabilities during the development periods and, as of December 31, 2020, has accrued $4.9 million and $5.9 million, related to Merrick and Hempstead, respectively, which are included in Accounts payable, accrued expenses and other liabilities on the Company’s consolidated balance sheets. (3) The Company has related party commitments to VFV and Newton to fund a portion of the construction costs. As of December 31, 2020, the Company has funded $6.9 million of a total $12.4 million loan commitment to VFV and $9.6 million of a total $12.1 million loan commitment to Newton, which are included in the total liability amounts within the table above. These loans and the related interest were eliminated for consolidation purposes. (4) 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. 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 3.6% and 1.0% of the outstanding OP Units as of December 31, 2020 and 2019, respectively, were not owned by CubeSmart, the sole general partner. The interests in the Operating Partnership represented by these OP Units were a component of the consideration that the Operating Partnership paid to acquire certain self-storage properties. The holders of the OP Units are limited partners in the Operating Partnership and have the right to require CubeSmart to redeem all or part of their OP Units for, at the general partner’s option, an equivalent number of common shares of CubeSmart or cash based upon the fair value of an equivalent number of common shares of CubeSmart. However, the partnership agreement contains certain provisions that could result in a cash settlement outside the control of CubeSmart and the Operating Partnership, as CubeSmart does not have the ability to settle in unregistered shares. Accordingly, consistent with the guidance, the Operating Partnership records the OP Units owned by third parties outside of permanent capital in the consolidated balance sheets. Net income or loss related to the OP Units owned by third parties is excluded from net income or loss attributable to Operating Partner in the consolidated statements of operations. In two separate tranches during December 2020, the Company acquired the Storage Deluxe Assets for an aggregate purchase price of $540.0 million. In connection with the acquisition of the Storage Deluxe Assets, the Company issued 5,272,023 OP Units valued at approximately $175.1 million to fund a portion of the purchase price. On September 29, 2020, the Company acquired the noncontrolling interest in a previously consolidated joint venture that owned a store in New York for $10.0 million. In conjunction with the closing, the Company paid $1.0 million in cash and issued 276,497 OP Units, valued at approximately $9.0 million, to pay the remaining consideration. 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. As of December 31, 2020 and 2019, 7,420,828 and 1,972,308 OP Units, respectively, were held by third parties. The per unit cash redemption amount of the outstanding OP Units was calculated based upon the closing price of the common shares of CubeSmart on the New York Stock Exchange on the final trading day 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 the greater of the carrying value based on the accumulation of historical cost or the redemption value as of December 31, 2020 and 2019. As of December 31, 2020 and 2019, the Operating Partnership recorded an increase to OP Units owned by third parties and a corresponding decrease to capital of $4.2 million and $5.9 million, respectively.

LEASES

LEASES	12 Months Ended
LEASES	Dec. 31, 2020
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 years ended December 31, 2020 and 2019, administrative and late fees totaled $20.0 million and $22.6 million, respectively, and are included in Other property related income within the Company’s consolidated statements of operations. CubeSmart as Lessee The Company serves as lessee in lease agreements for land, office space, automobiles and certain equipment, which have remaining lease terms of up to 44 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 up 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. Lease expense for payments related to the Company’s finance leases is recognized as interest expense using the interest method over the related lease term. 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 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. For the years ended December 31, 2020 and 2019, the Company’s lease cost consists of the following components: Year Ended December 31, 2020 2019 Finance lease cost: Amortization of finance lease right-of-use assets $ 49 $ — Interest expense related to finance lease liabilities 64 — Operating lease cost 2,856 3,304 Short-term lease cost (1) 1,114 1,227 Total lease cost $ 4,083 $ 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 supplemental balance sheet information related to leases as of December 31, 2020 and 2019: December 31, 2020 2019 (dollars in thousands) Finance Leases Right-of-use assets included in Storage properties, net $ 41,896 $ — Lease liabilities included in Lease liabilities - finance leases $ 65,599 $ — Operating Leases Right-of-use assets included in Other assets, net $ 55,302 $ 41,698 Lease liabilities included in Accounts payable, accrued expenses and other liabilities $ 53,595 $ 46,391 Weighted Average Lease Term (in years) Finance leases 43.5 — Operating leases 34.8 35.9 Weighted Average Discount Rate Finance leases 3.25 % — % Operating leases 4.46 % 4.74 % The following table represents the future lease liability maturities as of December 31, 2020 (in thousands): Finance Operating 2021 $ 1,936 $ 2,511 2022 2,183 2,639 2023 2,183 2,690 2024 2,183 2,540 2025 2,224 2,539 2026 and thereafter 122,932 99,290 Total lease payments 133,641 112,209 Less: Imputed interest (68,042) (58,614) Present value of lease liabilities $ 65,599 $ 53,595 As of December 31, 2020, 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
RELATED PARTY TRANSACTIONS	Dec. 31, 2020
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, 2020, 2019 and 2018 were $3.8 million, $4.0 million and $4.5 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 $13.1 million and $10.5 million as of December 31, 2020 and 2019, 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 $21.4 million and $3.1 million as of December 31, 2020 and 2019, respectively, which are eliminated for consolidation purposes. The Company believes that all of these related-party receivables are fully collectible. The HVPSE, HVP IV and HHFNE operating agreements provide for acquisition, disposition and other fees payable from HVPSE, HVP IV and HHFNE to the Company upon the closing of a property transaction by HVPSE, HVP IV and HHFNE, or any of their subsidiaries and completion of certain measures as defined in the operating agreements. During the years ended December 31, 2020, 2019 and 2018, the Company recognized $0.7 million, $2.1 million and $0.6 million, respectively, in fees associated with property transactions (including fees associated with HVP III). Property transaction fees are included in Other income on the consolidated statements of operations.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
COMMITMENTS AND CONTINGENCIES	Dec. 31, 2020
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	15. COMMITMENTS AND CONTINGENCIES Development Commitments The Company has agreements with developers for the construction of six new self-storage properties (see note 4), which will require payments of approximately $48.4 million, due in installments upon completion of certain construction milestones, during 2021 and 2022. 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.

SHARE-BASED COMPENSATION PLANS

SHARE-BASED COMPENSATION PLANS	12 Months Ended
SHARE-BASED COMPENSATION PLANS	Dec. 31, 2020
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, 2020: (i) 3,233,009 common shares remained available for future awards under the 2007 Plan; (ii) 664,364 unvested restricted share awards were outstanding under the 2007 Plan; and (iii) 2,118,090 common shares were subject to outstanding options under the 2007 Plan (with the outstanding options having a weighted average exercise price of $26.37 per share and a weighted average term to maturity of 6.39 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 2020, 2019 and 2018 were estimated at the time the options were granted using the Black-Scholes option-pricing model applying the following weighted average assumptions: Assumptions: 2020 2019 2018 Risk-free interest rate 1.9 % 2.7 % 2.5 % Expected dividend yield 3.9 % 3.9 % 3.7 % Volatility (1) 20.00 % 32.00 % 32.00 % 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 $ 3.66 $ 6.35 $ 6.24 (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 2020, 2019 and 2018 grants was based on the trading history of the Company’s shares. In 2020, 2019 and 2018, the Company recognized compensation expense related to options issued to employees and executives of approximately $2.0 million, $1.8 million and $1.5 million, respectively, which is included in General and administrative expense on the Company’s consolidated statements of operations. During 2020, 607,010 share options were issued for which the fair value of the options at their respective grant dates was approximately $2.2 million. The share options vest over three years . As of December 31, 2020, the Company had approximately $2.1 million of unrecognized option compensation cost related to all grants that will be recorded over the next two years . The table below summarizes the option activity under the 2004 Plan and the 2007 Plan for the years ended December 31, 2020, 2019 and 2018: The table below summarizes the option activity under the 2004 Plan and the 2007 Plan for the years ended December 31, 2020, 2019 and 2018: Number of Shares Upon Option Weighted Average Strike Price Weighted Average Remaining Contractual Term (years) 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 Options granted 607,010 31.48 9.01 Options canceled (29,814) 30.46 — Options exercised (61,459) 15.65 2.55 Balance at December 31, 2020 2,118,090 $ 26.37 6.39 Vested or expected to vest at December 31, 2020 2,118,090 $ 26.37 6.39 Exercisable at December 31, 2020 1,235,816 $ 23.46 4.78 As of December 31, 2020, the aggregate intrinsic value of options outstanding, of options that vested or are expected to vest, and of options that were exercisable was approximately $15.3 million. The aggregate intrinsic value of options exercised was approximately $0.9 million, $9.1 million and $8.4 million for the years ended December 31, 2020, 2019 and 2018, respectively. 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 188,371 restricted shares and share units issued during the year ended December 31, 2020, which vest over three to five years . The fair value of the restricted shares and share units issued during the year ended December 31, 2020 was approximately $6.1 million at their respective grant dates. There were 180,607 restricted shares and share units issued during the year ended December 31, 2019 for which the fair value of the restricted shares and share units at their respective grant dates was approximately $5.8 million. As of December 31, 2020 the Company had approximately $6.0 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. During the years ended December 31, 2020, 2019 and 2018, the Company recognized compensation expense related to restricted shares and share units issued to employees and Trustees of approximately $5.2 million, $4.9 million and $4.0 million, respectively; these amounts were recorded in general and administrative expense. The following table presents non-vested restricted share and share unit activity during 2020: Number of Non- Vested Restricted Shares and Share Units Non-Vested at January 1, 2020 489,964 Granted 188,371 Vested (74,860) Forfeited (20,072) Non-Vested at December 31, 2020 583,403 On January 1, 2020, 54,978 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 $2.2 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, 2022. The compensation expense recognized related to these awards and remaining unrecognized compensation costs are included in the amounts disclosed above. 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.

EARNINGS PER SHARE AND UNIT AND

EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL	12 Months Ended
	Dec. 31, 2020
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, 2020 2019 2018 (dollars and shares in thousands, except per share amounts) Net income $ 167,611 $ 170,771 $ 165,488 Noncontrolling interests in the Operating Partnership (1,825) (1,708) (1,820) Noncontrolling interest in subsidiaries (165) 54 221 Net income attributable to the Company’s common shareholders $ 165,621 $ 169,117 $ 163,889 Weighted average basic shares outstanding 194,147 190,874 184,653 Share options and restricted share units 796 702 842 Weighted average diluted shares outstanding (1) 194,943 191,576 185,495 Basic earnings per share attributable to common shareholders $ 0.85 $ 0.89 $ 0.89 Diluted earnings per share attributable to common shareholders (2) $ 0.85 $ 0.88 $ 0.88 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, 2020 2019 2018 (dollars and units in thousands, except per unit amounts) Net income $ 167,611 $ 170,771 $ 165,488 Operating Partnership interests of third parties (1,825) (1,708) (1,820) Noncontrolling interest in subsidiaries (165) 54 221 Net income attributable to common unitholders $ 165,621 $ 169,117 $ 163,889 Weighted average basic units outstanding 194,147 190,874 184,653 Unit options and restricted share units 796 702 842 Weighted average diluted units outstanding (1) 194,943 191,576 185,495 Basic earnings per unit attributable to common unitholders $ 0.85 $ 0.89 $ 0.89 Diluted earnings per unit attributable to common unitholders (2) $ 0.85 $ 0.88 $ 0.88 (1) For the years ended December 31, 2020, 2019 and 2018, the Company declared cash dividends per common share/unit of $1.33 , $1.29 and $1.22 , respectively. (2) The amounts of anti-dilutive options that were excluded from the computation of diluted earnings per share/unit as the exercise price was higher than the average share price of the Company for the years ended December 31, 2020 and 2018 were 0.8 million and 0.2 million, respectively. There were no anti-dilutive options for the year ended December 31, 2019. 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 7,420,828; 1,972,308 and 1,945,570 as of December 31, 2020, 2019 and 2018, respectively. There were 197,405,989; 193,557,024 and 187,145,103 common units outstanding as of December 31, 2020, 2019 and 2018, 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, 2020 2019 2018 (dollars and shares in thousands, except per share amounts) Number of shares sold 3,627 5,899 4,291 Average sales price per share $ 33.69 $ 33.64 $ 31.09 Net proceeds after deducting offering costs $ 120,727 $ 196,304 $ 131,835 The proceeds from the sales of common shares under the program during the years ended December 31, 2020, 2019 and 2018 were used to fund acquisitions of storage properties and for general corporate purposes. As of December 31, 2020, 2019 and 2018, 10.9 million common shares, 4.6 million common shares and 10.5 million common shares, respectively, remained available for issuance under the Equity Distribution Agreements.

INCOME TAXES

INCOME TAXES	12 Months Ended
INCOME TAXES	Dec. 31, 2020
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, 2020 or 2019. As of December 31, 2020 and 2019, the Company had net deferred tax assets of $0.4 million and $0.8 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.

SCHEDULE III REAL ESTATE AND RE

SCHEDULE III REAL ESTATE AND RELATED DEPRECIATION	12 Months Ended
SCHEDULE III REAL ESTATE AND RELATED DEPRECIATION	Dec. 31, 2020
SCHEDULE III REAL ESTATE AND RELATED DEPRECIATION
SCHEDULE III REAL ESTATE AND RELATED DEPRECIATION	CUBESMART SCHEDULE III REAL ESTATE AND RELATED DEPRECIATION December 31, 2020 (dollars in thousands) Gross Carrying Amount at Initial Cost Costs December 31, 2020 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 1,257 642 327 1,541 1,868 598 2005 Chandler II, AZ 82,905 1,518 7,485 239 1,518 7,721 9,239 1,795 2013 Gilbert I, AZ 57,075 951 4,688 212 951 4,895 5,846 1,206 2013 Gilbert II, AZ 114,530 1,199 11,846 180 1,199 12,026 13,225 1,456 2016 Glendale, AZ 56,807 201 2,265 1,393 418 3,070 3,488 1,636 1998 Green Valley, AZ 25,050 298 1,153 286 298 1,080 1,378 413 2005 Mesa I, AZ 52,575 920 2,739 463 921 2,756 3,677 1,348 2006 Mesa II, AZ 45,511 731 2,176 420 731 2,267 2,998 1,112 2006 Mesa III, AZ 59,209 706 2,101 510 706 2,228 2,934 1,072 2006 Peoria, AZ 110,780 1,436 7,082 263 1,436 7,344 8,780 1,333 2015 Phoenix III, AZ 121,855 2,115 10,429 458 2,115 10,886 13,001 2,361 2014 Phoenix IV, AZ 69,710 930 12,277 119 930 12,396 13,326 1,486 2016 Queen Creek, AZ 94,442 1,159 5,716 107 1,159 5,824 6,983 1,083 2015 Scottsdale, AZ 108,240 443 4,879 6,283 883 10,044 10,927 3,170 1998 Surprise , AZ 72,575 584 3,761 192 584 3,953 4,537 641 2015 Tempe I, AZ 77,543 941 3,283 850 941 3,615 4,556 996 2005 / 2019 Tempe II, AZ 68,409 588 2,898 2,167 588 5,065 5,653 1,475 2013 Tucson I, AZ 59,800 188 2,078 1,167 384 2,741 3,125 1,525 1998 Tucson II, AZ 43,950 188 2,078 1,166 391 2,759 3,150 1,502 1998 Tucson III, AZ 49,820 532 2,048 397 533 1,811 2,344 712 2005 Tucson IV, AZ 48,040 674 2,595 455 675 2,286 2,961 910 2005 Tucson V, AZ 45,184 515 1,980 424 515 1,787 2,302 743 2005 Tucson VI, AZ 40,766 440 1,692 336 430 1,506 1,936 599 2005 Tucson VII, AZ 52,663 670 2,576 443 670 2,266 2,936 923 2005 Tucson VIII, AZ 46,650 589 2,265 483 589 2,068 2,657 820 2005 Tucson IX, AZ 67,496 724 2,786 521 725 2,424 3,149 998 2005 Tucson X, AZ 46,350 424 1,633 391 425 1,507 1,932 606 2005 Tucson XI, AZ 42,700 439 1,689 451 439 1,618 2,057 746 2005 Tucson XII, AZ 42,275 671 2,582 420 672 2,231 2,903 886 2005 Tucson XIII, AZ 45,800 587 2,258 376 587 1,942 2,529 811 2005 Tucson XIV, AZ 48,995 707 2,721 538 708 2,360 3,068 990 2005 Benicia, CA 74,770 2,392 7,028 579 2,392 5,517 7,909 2,083 2005 Citrus Heights, CA 75,620 1,633 4,793 328 1,634 3,667 5,301 1,460 2005 Corona, CA 95,474 2,107 10,385 421 2,107 10,805 12,912 2,084 2014 Diamond Bar, CA 103,488 2,522 7,404 395 2,524 5,647 8,171 2,231 2005 Escondido, CA 143,645 3,040 11,804 344 3,040 9,788 12,828 4,082 2007 Fallbrook, CA 45,926 133 1,492 1,975 432 2,921 3,353 1,606 1997 Fremont, CA 51,189 1,158 5,711 199 1,158 5,911 7,069 1,331 2014 Lancaster, CA 60,475 390 2,247 1,146 556 2,657 3,213 1,273 2001 Long Beach I, CA 124,541 3,138 14,368 1,151 3,138 13,583 16,721 6,388 2006 Long Beach II, CA 71,130 3,424 13,987 250 3,424 14,237 17,661 394 2019 Los Angeles, CA 77,023 23,289 25,867 146 23,289 26,013 49,302 1,566 2018 Murrieta, CA 49,775 1,883 5,532 341 1,903 4,228 6,131 1,648 2005 North Highlands, CA 57,094 868 2,546 692 868 2,418 3,286 957 2005 Ontario, CA 93,490 1,705 8,401 483 1,705 8,884 10,589 1,787 2014 Orangevale, CA 50,542 1,423 4,175 432 1,423 3,341 4,764 1,350 2005 Pleasanton, CA 83,600 2,799 8,222 623 2,799 6,424 9,223 2,363 2005 Rancho Cordova, CA 53,978 1,094 3,212 513 1,095 2,728 3,823 1,073 2005 Rialto I, CA 57,391 899 4,118 375 899 3,918 4,817 1,820 2006 Rialto II, CA 99,783 277 3,098 1,894 672 4,192 4,864 2,405 1997 Riverside I, CA 67,320 1,351 6,183 675 1,351 6,026 7,377 2,869 2006 Riverside II, CA 85,101 1,170 5,359 574 1,170 5,128 6,298 2,411 2006 Roseville, CA 59,944 1,284 3,767 513 1,284 3,152 4,436 1,312 2005 Sacramento I, CA 50,764 1,152 3,380 527 1,152 2,865 4,017 1,126 2005 Sacramento II, CA 111,831 2,085 6,750 709 2,086 6,211 8,297 1,640 2005/2017 San Bernardino I, CA 31,070 51 572 1,219 182 1,458 1,640 793 1997 San Bernardino II, CA 41,426 112 1,251 1,439 306 2,135 2,441 1,152 1997 San Bernardino III, CA 35,416 98 1,093 1,371 242 1,963 2,205 1,103 1997 San Bernardino IV, CA 83,352 1,872 5,391 482 1,872 4,654 6,526 1,817 2005 San Bernardino V, CA 56,803 783 3,583 752 783 3,803 4,586 1,798 2006 San Bernardino VII, CA 78,695 1,475 6,753 522 1,290 6,524 7,814 3,115 2006 San Bernardino VIII, CA 111,833 1,691 7,741 766 1,692 6,554 8,246 3,183 2006 San Diego, CA 87,287 1,185 16,740 301 1,186 17,040 18,226 1,114 2018 San Marcos, CA 37,425 775 2,288 274 776 1,869 2,645 727 2005 Santa Ana, CA 63,931 1,223 5,600 542 1,223 5,348 6,571 2,524 2006 South Sacramento, CA 52,390 790 2,319 488 791 2,060 2,851 818 2005 Spring Valley, CA 55,085 1,178 5,394 1,028 1,178 5,678 6,856 2,695 2006 Temecula I, CA 81,340 660 4,735 1,310 899 5,190 6,089 2,467 1998 Temecula II, CA 84,520 3,080 5,839 1,254 3,080 6,157 9,237 2,368 2007 Vista I, CA 74,238 711 4,076 2,508 1,118 5,245 6,363 2,482 2001 Vista II, CA 147,723 4,629 13,599 511 4,629 10,133 14,762 3,838 2005 Walnut, CA 50,664 1,578 4,635 529 1,595 3,771 5,366 1,461 2005 West Sacramento, CA 39,765 1,222 3,590 275 1,222 2,792 4,014 1,112 2005 Westminster, CA 68,293 1,740 5,142 401 1,743 3,932 5,675 1,623 2005 Aurora, CO 75,717 1,343 2,986 641 1,343 2,726 4,069 1,075 2005 Centennial, CO 62,400 1,281 8,958 119 1,281 9,077 10,358 1,243 2016 Colorado Springs I, CO 47,975 771 1,717 554 771 1,751 2,522 709 2005 Colorado Springs II, CO 62,400 657 2,674 291 656 2,457 3,113 1,198 2006 Denver I, CO 59,200 673 2,741 617 646 2,880 3,526 1,314 2006 Denver II, CO 74,420 1,430 7,053 190 1,430 7,211 8,641 1,894 2012 Denver III, CO 76,025 1,828 12,109 99 1,828 12,208 14,036 1,621 2016 Federal Heights, CO 54,848 878 1,953 359 879 1,730 2,609 714 2005 Golden, CO 87,800 1,683 3,744 633 1,684 3,335 5,019 1,375 2005 Littleton, CO 53,490 1,268 2,820 435 1,268 2,483 3,751 991 2005 Northglenn, CO 43,102 862 1,917 609 662 2,118 2,780 823 2005 Gross Carrying Amount at Initial Cost Costs December 31, 2020 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 2,439 360 2,695 3,055 1,413 1997 Branford, CT 50,629 217 2,433 1,731 504 3,451 3,955 1,964 1995 Bristol, CT 53,425 1,819 3,161 445 1,819 2,608 4,427 978 2005 East Windsor, CT 45,816 744 1,294 579 744 1,381 2,125 648 2005 Enfield, CT 52,875 424 2,424 512 473 2,154 2,627 1,074 2001 Gales Ferry, CT 54,905 240 2,697 1,690 489 3,660 4,149 2,178 1995 Manchester I, CT 46,925 540 3,096 569 563 2,666 3,229 1,253 2002 Manchester II, CT 52,725 996 1,730 451 996 1,579 2,575 642 2005 Manchester III, CT 60,103 671 3,308 200 671 3,508 4,179 795 2014 Milford, CT 44,885 87 1,050 1,368 274 1,914 2,188 1,032 1996 Monroe, CT 63,700 2,004 3,483 946 2,004 3,089 5,093 1,296 2005 Mystic, CT 50,850 136 1,645 2,198 410 3,068 3,478 1,701 1996 Newington I, CT 42,270 1,059 1,840 315 1,059 1,547 2,606 646 2005 Newington II, CT 35,640 911 1,584 372 911 1,412 2,323 593 2005 Norwalk I, CT 30,166 646 3,187 70 646 3,241 3,887 872 2012 Norwalk II, CT 82,225 1,171 15,422 467 1,171 15,889 17,060 2,104 2016 Old Saybrook I, CT 86,975 3,092 5,374 743 3,092 4,228 7,320 1,753 2005 Old Saybrook II, CT 26,425 1,135 1,973 302 1,135 1,579 2,714 678 2005 Shelton, CT 78,405 1,613 9,032 571 1,613 8,519 10,132 2,464 2011 South Windsor, CT 72,075 90 1,127 1,560 272 2,281 2,553 1,264 1996 Stamford, CT 28,907 1,941 3,374 207 1,941 2,471 4,412 993 2005 Wilton, CT 84,526 2,409 12,261 816 2,421 13,137 15,558 3,664 2012 Washington I, DC 62,685 871 12,759 1,045 894 11,079 11,973 4,432 2008 Washington II, DC 82,452 3,152 13,612 469 3,154 12,305 15,459 3,501 2011 Washington III, DC 78,215 4,469 15,438 121 4,469 15,559 20,028 2,248 2016 Washington IV, DC 71,948 6,359 20,417 274 6,369 20,681 27,050 1,754 2017 Washington V, DC 114,200 13,908 18,770 177 13,917 18,938 32,855 1,408 2018 Boca Raton, FL 37,968 529 3,054 1,677 813 3,621 4,434 1,770 2001 Boynton Beach I, FL 61,765 667 3,796 2,017 958 4,472 5,430 2,187 2001 Boynton Beach II, FL 61,484 1,030 2,968 621 1,030 2,864 3,894 1,166 2005 Boynton Beach III, FL 67,368 1,225 6,037 320 1,225 6,358 7,583 1,356 2014 Boynton Beach IV, FL 76,564 1,455 7,171 179 1,455 7,351 8,806 1,287 2015 Bradenton I, FL 68,389 1,180 3,324 458 1,170 2,962 4,132 1,196 2004 Bradenton II, FL 88,063 1,931 5,561 1,212 1,931 5,094 7,025 2,189 2004 Cape Coral I, FL 76,857 472 2,769 2,650 830 4,079 4,909 2,366 2000 Cape Coral II, FL 67,955 1,093 5,387 115 1,093 5,502 6,595 1,086 2014 Coconut Creek I, FL 78,846 1,189 5,863 205 1,189 6,031 7,220 1,597 2012 Coconut Creek II, FL 90,137 1,937 9,549 214 1,937 9,764 11,701 2,173 2014 Dania Beach, FL 180,776 3,584 10,324 1,827 3,584 9,589 13,173 4,123 2004 Dania, FL 58,315 205 2,068 1,775 481 3,143 3,624 1,758 1996 Davie, FL 80,985 1,268 7,183 1,372 1,373 6,263 7,636 2,905 2001 Deerfield Beach, FL 57,280 946 2,999 2,047 1,311 4,529 5,840 2,453 1998 Delray Beach I, FL 67,545 798 4,539 855 883 4,105 4,988 2,060 2001 Delray Beach II, FL 75,788 957 4,718 284 957 4,996 5,953 1,242 2013 Delray Beach III, FL 94,210 2,086 10,286 190 2,086 10,477 12,563 2,198 2014 Delray Beach IV, FL 97,208 2,208 14,384 37 2,208 14,421 16,629 1,346 2017 Edgewater, FL 98,375 1,362 12,251 1 1,362 12,252 13,614 — 2020 Ft. Lauderdale I, FL 70,343 937 3,646 2,641 1,384 5,597 6,981 2,964 1999 Ft. Lauderdale II, FL 49,662 862 4,250 112 862 4,364 5,226 985 2013 Ft. Myers I, FL 67,504 303 3,329 1,012 328 3,338 3,666 1,840 1999 Ft. Myers II, FL 83,325 1,030 5,080 189 1,030 5,269 6,299 1,117 2014 Ft. Myers III, FL 81,554 1,148 5,658 241 1,148 5,899 7,047 1,238 2014 Ft. Myers IV, FL 70,051 992 8,287 168 992 8,455 9,447 394 2019 Ft. Myers V, FL 62,370 950 7,763 129 950 7,892 8,842 366 2019 Jacksonville I, FL 79,735 1,862 5,362 216 1,862 4,399 6,261 1,698 2005 Jacksonville II, FL 65,129 950 7,004 228 950 5,675 6,625 2,372 2007 Jacksonville III, FL 65,780 860 7,409 1,081 1,670 6,078 7,748 2,538 2007 Jacksonville IV, FL 95,605 870 8,049 1,238 1,651 7,204 8,855 2,995 2007 Jacksonville V, FL 82,593 1,220 8,210 493 1,220 6,958 8,178 2,904 2007 Jacksonville VI, FL 70,795 755 3,725 170 755 3,894 4,649 777 2014 Kendall, FL 75,495 2,350 8,106 497 2,350 6,830 9,180 2,851 2007 Lake Worth I, FL 158,754 183 6,597 7,838 354 11,180 11,534 5,963 1998 Lake Worth II, FL 86,884 1,552 7,654 210 1,552 7,863 9,415 1,693 2014 Lake Worth III, FL 92,510 957 4,716 249 957 4,966 5,923 930 2015 Lakeland, FL 53,629 81 896 1,542 256 1,846 2,102 922 1994 Leisure City, FL 56,185 409 2,018 277 409 2,283 2,692 609 2012 Lutz I, FL 71,595 901 2,478 463 901 2,323 3,224 939 2004 Lutz II, FL 69,232 992 2,868 440 992 2,546 3,538 1,072 2004 Margate I, FL 53,660 161 1,763 2,385 399 3,466 3,865 1,995 1996 Margate II, FL 65,380 132 1,473 2,215 383 3,052 3,435 1,569 1996 Merritt Island, FL 66,996 2,450 4,762 722 2,575 4,522 7,097 1,287 2002/2020 Miami I, FL 46,500 179 1,999 1,934 484 2,918 3,402 1,631 1996 Miami II, FL 66,860 253 2,544 1,965 561 3,670 4,231 2,002 1996 Miami III, FL 151,420 4,577 13,185 1,017 4,577 11,155 15,732 4,485 2005 Miami IV, FL 76,695 1,852 10,494 1,051 1,963 9,983 11,946 3,100 2011 Miramar, FL 80,080 1,206 5,944 190 1,206 6,132 7,338 1,475 2013 Naples I, FL 48,100 90 1,010 2,788 270 3,252 3,522 1,778 1996 Naples II, FL 65,850 148 1,652 4,425 558 5,377 5,935 3,006 1997 Naples III, FL 80,205 139 1,561 4,319 598 4,233 4,831 2,387 1997 Naples IV, FL 40,725 262 2,980 701 407 3,084 3,491 1,750 1998 New Smyrna Beach I, FL 87,504 1,261 6,215 350 1,261 6,564 7,825 1,290 2014 New Smyrna Beach II, FL 109,355 1,514 11,869 1 1,514 11,870 13,384 — 2020 North Palm Beach, FL 45,800 1,374 7,649 63 1,374 7,712 9,086 1,011 2017 Oakland Park, FL 63,706 3,007 10,145 59 3,007 10,204 13,211 900 2017 Ocoee, FL 76,150 1,286 3,705 344 1,286 3,188 4,474 1,256 2005 Orange City, FL 59,580 1,191 3,209 366 1,191 2,786 3,977 1,168 2004 Orlando II, FL 63,184 1,589 4,576 263 1,589 3,776 5,365 1,521 2005 Orlando III, FL 101,190 1,209 7,768 975 1,209 7,355 8,564 3,130 2006 Orlando IV, FL 76,801 633 3,587 207 633 3,290 3,923 1,064 2010 Orlando V, FL 75,377 950 4,685 149 950 4,780 5,730 1,234 2012 Orlando VI, FL 67,275 640 3,154 176 640 3,330 3,970 674 2014 Orlando VII, FL 78,610 896 9,142 211 896 9,353 10,249 287 2019 Orlando VIII, FL 126,225 2,208 12,685 1 2,208 12,686 14,894 — 2020 Gross Carrying Amount at Initial Cost Costs December 31, 2020 Buildings Subsequent Buildings Accumulated Year Square & to & Depreciation Acquired/ Description Footage Encumbrances Land Improvements Acquisition Land Improvements Total (A) Developed Oviedo, FL 49,236 440 2,824 667 440 2,814 3,254 1,251 2006 Palm Coast I, FL 47,400 555 2,735 136 555 2,871 3,426 659 2014 Palm Coast II, FL 128,690 1,511 7,450 455 1,511 7,906 9,417 1,797 2014 Palm Harbor, FL 82,685 2,457 16,178 420 2,387 16,668 19,055 2,143 2016 Pembroke Pines, FL 67,321 337 3,772 3,019 953 5,615 6,568 3,111 1997 Royal Palm Beach II, FL 81,178 1,640 8,607 349 1,640 7,294 8,934 3,074 2007 Sanford I, FL 61,810 453 2,911 245 453 2,588 3,041 1,092 2006 Sanford II, FL 69,875 1,003 4,944 255 1,003 5,198 6,201 1,054 2014 Sarasota, FL 71,142 333 3,656 1,527 529 3,964 4,493 2,102 1999 St. Augustine, FL 59,720 135 1,515 3,564 383 4,469 4,852 2,532 1996 St. Petersburg, FL 66,025 2,721 10,173 467 2,721 10,640 13,361 1,418 2016 Stuart, FL 87,456 324 3,625 3,317 685 5,943 6,628 3,364 1997 SW Ranches, FL 65,042 1,390 7,598 309 1,390 6,043 7,433 2,532 2007 Tampa I, FL 83,938 2,670 6,249 311 2,670 5,207 7,877 2,178 2007 Tampa II, FL 74,790 2,291 10,262 290 2,291 10,552 12,843 1,363 2016 Tampa III, FL 40,125 989 7,997 — 988 7,998 8,986 — 2020 West Palm Beach I, FL 66,831 719 3,420 1,905 835 4,069 4,904 1,954 2001 West Palm Beach II, FL 94,113 2,129 8,671 606 2,129 7,121 9,250 3,014 2004 West Palm Beach III, FL 77,410 804 3,962 148 804 4,106 4,910 1,054 2012 West Palm Beach IV, FL 102,722 1,499 7,392 362 1,499 7,753 9,252 1,663 2014 Winter Park I, FL 54,416 866 4,268 192 866 4,459 5,325 888 2014 Winter Park II, FL 95,938 1,897 9,286 176 1,897 9,462 11,359 298 2019 Winter Springs, FL 61,965 1,248 7,259 163 1,248 7,422 8,670 231 2019 Alpharetta, GA 90,501 806 4,720 1,117 917 4,126 5,043 1,956 2001 Atlanta I, GA 66,600 822 4,053 145 822 4,182 5,004 1,103 2012 Atlanta II, GA 81,565 1,890 11,579 10 1,890 11,589 13,479 492 2019 Austell, GA 83,655 1,635 4,711 476 1,643 4,531 6,174 1,943 2006 Decatur, GA 145,320 616 6,776 586 616 6,347 6,963 3,699 1998 Duluth, GA 70,885 373 2,044 652 373 2,370 2,743 607 2011 Lawrenceville, GA 73,890 546 2,903 552 546 3,024 3,570 912 2011 Lithia Springs, GA 73,200 748 5,552 469 719 6,049 6,768 970 2015 Norcross I, GA 85,320 514 2,930 1,108 632 3,104 3,736 1,448 2001 Norcross II, GA 52,595 366 2,025 256 366 1,989 2,355 617 2011 Norcross III, GA 46,955 938 4,625 109 938 4,733 5,671 1,335 2012 Norcross IV, GA 57,475 576 2,839 149 576 2,979 3,555 795 2012 Norcross V, GA 50,030 881 3,083 60 881 3,143 4,024 152 2019 Peachtree City I, GA 49,875 435 2,532 826 529 2,572 3,101 1,233 2001 Peachtree City II, GA 59,950 398 1,963 184 398 2,144 2,542 575 2012 Smyrna, GA 57,015 750 4,271 375 750 3,520 4,270 1,700 2001 Snellville, GA 80,050 1,660 4,781 437 1,660 4,554 6,214 1,923 2007 Suwanee I, GA 85,125 1,737 5,010 385 1,737 4,677 6,414 1,971 2007 Suwanee II, GA 79,590 800 6,942 165 622 5,888 6,510 2,457 2007 Villa Rica, GA 65,281 757 5,616 185 757 5,801 6,558 961 2015 Addison, IL 31,575 428 3,531 626 428 3,326 3,754 1,388 2004 Aurora, IL 73,985 644 3,652 308 644 3,101 3,745 1,280 2004 Bartlett, IL 51,395 931 2,493 445 931 2,303 3,234 943 2004 Bellwood, IL 86,500 1,012 5,768 1,197 1,012 5,219 6,231 2,469 2001 Blue Island, IL 55,125 633 3,120 147 633 3,267 3,900 602 2015 Bolingbrook, IL 83,315 1,675 8,254 219 1,675 8,473 10,148 1,695 2014 Chicago I, IL 95,942 2,667 13,118 1,079 2,667 14,197 16,864 2,923 2014 Chicago II, IL 79,815 833 4,035 109 833 4,145 4,978 820 2014 Chicago III, IL 84,825 2,427 11,962 862 2,427 12,823 15,250 2,647 2014 Chicago IV, IL 60,420 1,296 6,385 160 1,296 6,545 7,841 1,203 2015 Chicago V, IL 51,775 1,044 5,144 147 1,044 5,290 6,334 967 2015 Chicago VI, IL 71,748 1,596 9,535 80 1,596 9,615 11,211 1,361 2016 Chicago VII, IL 89,904 — 11,191 354 — 11,545 11,545 1,103 2017 Countryside, IL 97,648 2,607 12,684 643 2,607 13,328 15,935 2,583 2014 Des Plaines, IL 69,450 1,564 4,327 893 1,564 4,179 5,743 1,761 2004 Downers Grove, IL 71,625 1,498 13,153 347 1,498 13,500 14,998 1,909 2016 Elk Grove Village, IL 64,104 1,446 3,535 332 1,446 2,926 4,372 1,235 2004 Evanston, IL 57,740 1,103 5,440 537 1,103 5,976 7,079 1,430 2013 Glenview I, IL 100,085 3,740 10,367 626 3,740 8,560 12,300 3,582 2004 Glenview II, IL 30,844 725 3,144 107 725 3,251 3,976 223 2018 Gurnee, IL 80,300 1,521 5,440 455 1,521 4,548 6,069 1,878 2004 Hanover, IL 41,190 1,126 2,197 413 1,126 2,038 3,164 850 2004 Harvey, IL 60,090 869 3,635 616 869 3,348 4,217 1,318 2004 Joliet, IL 72,865 547 4,704 329 547 3,937 4,484 1,649 2004 Kildeer, IL 74,438 2,102 2,187 4,607 1,997 6,374 8,371 1,465 2004 Lombard, IL 58,728 1,305 3,938 1,078 1,305 3,891 5,196 1,602 2004 Maywood, IL 60,225 749 3,689 84 749 3,773 4,522 691 2015 Mount Prospect, IL 65,000 1,701 3,114 679 1,701 3,047 4,748 1,299 2004 Mundelein, IL 44,700 1,498 2,782 551 1,498 2,658 4,156 1,074 2004 North Chicago, IL 53,500 1,073 3,006 880 1,073 3,107 4,180 1,203 2004 Plainfield I, IL 53,900 1,770 1,715 377 1,740 1,638 3,378 679 2004 Plainfield II, IL 52,100 694 2,000 349 694 1,832 2,526 713 2005 Riverwoods, IL 73,883 1,585 7,826 97 1,585 7,923 9,508 1,021 2017 Schaumburg, IL 31,160 538 645 342 538 783 1,321 309 2004 Streamwood, IL 64,305 1,447 1,662 629 1,447 1,822 3,269 759 2004 Warrenville, IL 48,326 1,066 3,072 567 1,066 2,922 3,988 1,153 2005 Waukegan, IL 79,500 1,198 4,363 690 1,198 3,988 5,186 1,686 2004 West Chicago, IL 48,175 1,071 2,249 597 1,071 2,242 3,313 916 2004 Westmont, IL 53,400 1,155 3,873 345 1,155 3,319 4,474 1,384 2004 Wheeling I, IL 54,210 857 3,213 584 857 2,977 3,834 1,227 2004 Wheeling II, IL 67,825 793 3,816 655 793 3,476 4,269 1,440 2004 Woodridge, IL 50,252 943 3,397 422 943 3,027 3,970 1,235 2004 Schererville, IN 67,600 1,134 5,589 85 1,134 5,674 6,808 1,193 2014 Boston I, MA 33,286 538 3,048 295 538 2,912 3,450 947 2010 Boston II, MA 59,920 1,516 8,628 952 1,516 7,118 8,634 3,214 2002 Boston III, MA 108,205 3,211 15,829 835 3,211 16,664 19,875 3,346 2014 Brockton I, MA 59,993 577 4,394 1,270 577 5,664 6,241 940 2015 Brockton II, MA 69,375 1,900 3,520 26 1,900 3,546 5,446 179 2019 East Bridgewater, MA 35,905 1,039 4,748 15 1,039 4,763 5,802 207 2019 Fall River, MA 75,900 1,794 11,684 102 1,794 11,786 13,580 506 2019 Gross Carrying Amount at Initial Cost Costs December 31, 2020 Buildings Subsequent Buildings Accumulated Year Square & to & Depreciation Acquired/ Description Footage Encumbrances Land Improvements Acquisition Land Improvements Total (A) Developed Franklin, MA 63,405 2,034 5,704 18 2,034 5,722 7,756 271 2019 Haverhill, MA 60,589 669 6,610 244 669 6,854 7,523 1,113 2015 Holbrook, MA 56,100 1,688 8,033 77 1,688 8,110 9,798 374 2019 Lawrence, MA 34,672 585 4,737 286 585 5,023 5,608 843 2015 Leominster, MA 54,048 90 1,519 2,701 338 3,572 3,910 1,893 1998 Medford, MA 58,705 1,330 7,165 359 1,330 6,032 7,362 2,379 2007 Milford, MA 44,950 1,222 6,638 7 1,222 6,645 7,867 296 2019 New Bedford, MA 69,775 1,653 9,950 47 1,653 9,997 11,650 425 2019 Stoneham, MA 62,200 1,558 7,679 324 1,558 8,003 9,561 1,952 2013 Tewksbury, MA 62,402 1,537 7,579 289 1,537 7,867 9,404 1,686 2014 Walpole, MA 75,040 634 13,069 583 634 13,652 14,286 1,763 2016 Waltham, MA 87,840 2,683 14,491 4 2,683 14,495 17,178 746 2019 Annapolis I, MD 92,302 5,283 2,643 13,938 132 2,643 14,070 16,713 1,504 2017 Annapolis II, MD 78,331 2,425 17,890 55 2,425 17,945 20,370 942 2019 Baltimore, MD 96,550 1,050 5,997 1,753 1,173 5,576 6,749 2,591 2001 Beltsville, MD 63,657 1,277 6,295 183 1,268 6,471 7,739 1,551 2013 California, MD 77,840 1,486 4,280 389 1,486 3,659 5,145 1,507 2004 Capitol Heights, MD 79,600 2,704 13,332 72 2,704 13,405 16,109 2,311 2015 Clinton, MD 84,225 2,182 10,757 172 2,182 10,925 13,107 2,473 2013 District Heights, MD 80,365 1,527 8,313 670 1,527 7,802 9,329 2,306 2011 Elkridge, MD 63,475 1,155 5,695 255 1,120 5,986 7,106 1,395 2013 Gaithersburg I, MD 87,045 3,124 9,000 642 3,124 7,533 10,657 3,109 2005 Gaithersburg II, MD 74,050 2,383 11,750 98 2,383 11,848 14,231 2,057 2015 Hyattsville, MD 52,830 1,113 5,485 159 1,113 5,621 6,734 1,348 2013 Jessup, MD 83,908 2,399 13,541 66 2,399 13,607 16,006 273 2020 Laurel, MD 162,896 1,409 8,035 4456 1,928 9,516 11,444 4,348 2001 Temple Hills I, MD 97,270 1,541 8,788 2759 1,800 8,990 10,790 4,294 2001 Temple Hills II, MD 84,325 2,229 10,988 100 2,229 11,089 13,318 2,442 2014 Timonium, MD 66,717 2,269 11,184 274 2,269 11,458 13,727 2,542 2014 Upper Marlboro, MD 62,240 1,309 6,455 163 1,309 6,598 7,907 1,596 2013 Bloomington, MN 101,028 1,598 12,298 374 1,598 12,672 14,270 1,526 2016 Belmont, NC 81,850 385 2,196 1,086 451 2,461 2,912 1,176 2001 Burlington I, NC 109,170 498 2,837 959 498 2,978 3,476 1,542 2001 Burlington II, NC 42,165 320 1,829 600 340 1,882 2,222 883 2001 Cary, NC 111,650 543 3,097 1,003 543 3,394 3,937 1,698 2001 Charlotte I, NC 69,000 782 4,429 1,788 1,068 4,761 5,829 2,130 2002 Charlotte II, NC 53,683 821 8,764 78 821 8,842 9,663 1,018 2016 Charlotte III, NC 69,037 1,974 8,211 98 1,974 8,309 10,283 596 2018 Charlotte IV, NC 37,700 721 1,425 6 721 1,431 2,152 80 2019 Cornelius, NC 59,546 2,424 4,991 1,133 2,424 6,124 8,548 1,008 2015 Pineville, NC 77,747 2,490 9,169 212 2,490 9,380 11,870 1,538 2015 Raleigh, NC 48,675 209 2,398 483 296 2,402 2,698 1,329 1998 Bayonne, NJ 96,938 23,007 11 — 23,018 23,018 1,564 2019 Bordentown, NJ 50,550 457 2,255 204 457 2,445 2,902 639 2012 Brick, NJ 54,910 234 2,762 1,769 485 3,681 4,166 2,062 1996 Cherry Hill I, NJ 51,700 222 1,260 254 222 1,291 1,513 402 2010 Cherry Hill II, NJ 65,450 471 2,323 351 471 2,637 3,108 675 2012 Clifton, NJ 105,550 4,346 12,520 821 4,340 10,494 14,834 4,050 2005 Cranford, NJ 90,656 290 3,493 3,004 779 5,301 6,080 2,911 1996 East Hanover, NJ 107,704 504 5,763 4,790 1,315 8,568 9,883 4,764 1996 Egg Harbor I, NJ 36,025 104 510 200 104 700 804 200 2010 Egg Harbor II, NJ 70,400 284 1,608 482 284 1,865 2,149 601 2010 Elizabeth, NJ 38,684 751 2,164 761 751 2,360 3,111 975 2005 Fairview, NJ 27,896 246 2,759 840 246 2,978 3,224 1,602 1997 Freehold, NJ 81,470 1,086 5,355 415 1,086 5,731 6,817 1,478 2012 Hamilton, NJ 70,550 1,885 5,430 574 1,893 5,231 7,124 2,232 2006 Hoboken I, NJ 38,584 1,370 3,947 1,002 1,370 3,808 5,178 1,575 2005 Hoboken II, NJ 85,178 19,854 26,529 34 19,867 26,550 46,417 499 2020 Linden, NJ 100,425 517 6,008 2,837 1,043 7,294 8,337 4,063 1996 Lumberton, NJ 96,025 987 4,864 332 987 5,152 6,139 1,364 2012 Morris Township, NJ 77,226 500 5,602 3,529 1,072 7,468 8,540 3,964 1997 Parsippany, NJ 84,705 475 5,322 6,293 844 10,258 11,102 4,100 1997 Rahway, NJ 83,121 1,486 7,326 752 1,486 8,079 9,565 1,968 2013 Randolph, NJ 52,565 855 4,872 1,653 1,108 4,835 5,943 2,217 2002 Ridgefield, NJ 67,803 1,810 8,925 460 1,810 9,385 11,195 1,639 2015 Roseland, NJ 53,569 1,844 9,759 462 1,844 10,221 12,065 1,667 2015 Sewell, NJ 59,226 484 2,766 1,480 706 3,168 3,874 1,557 2001 Somerset, NJ 57,335 1,243 6,129 624 1,243 6,751 7,994 1,755 2012 Whippany, NJ 92,070 2,153 10,615 680 2,153 11,295 13,448 2,714 2013 Albuquerque I, NM 65,927 1,039 3,395 474 1,039 2,743 3,782 1,081 2005 Albuquerque II, NM 58,798 1,163 3,801 447 1,163 3,020 4,183 1,194 2005 Albuquerque III, NM 57,536 664 2,171 443 664 1,860 2,524 759 2005 Henderson, NV 75,150 1,246 6,143 144 1,246 6,286 7,532 1,250 2014 Las Vegas I, NV 48

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) 10K	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) 10K	Dec. 31, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Recent Accounting Pronouncements	Recent Accounting Pronouncements In August 2020, the FASB issued ASU No. 2020-06 – Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in an Entity’s Own Equity (Subtopic 815-40). The new guidance eliminates the beneficial conversion and cash conversion accounting models for convertible instruments. It also amends the accounting for certain contracts in an entity’s own equity that are currently accounted for as derivatives because of certain settlement provisions. In addition, the new guidance modifies how particular convertible instruments and certain contracts that may be settled in cash or shares impact the diluted earnings per share computation. The standard is effective on January 1, 2022, with early adoption permitted, but only as of the beginning of an entity’s annual fiscal year. The Company is currently assessing the impact of the adoption of the new standard on its consolidated financial statements and related disclosures. 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. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements. In August 2017, the FASB issued ASU No. 2017-12 – Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. The purpose of this updated guidance is to better align a company’s financial reporting for hedging activities with the economic objectives of those activities. The standard became effective on January 1, 2020 and did not have a material impact on the Company’s consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02 - Leases (Topic 842), which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either finance 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.
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. To the extent that the Company (i) has the power to direct the activities of the VIE that most significantly impact the economic performance of the VIE and (ii) has the obligation or rights to absorb the VIE's losses or receive its benefits, then the Company is considered the primary beneficiary. 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, 2020, 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 $4.2 million as of December 31, 2020. 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 projects are 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 storage 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 associated with storage leases assumed at acquisition. Above- or below- market lease intangibles associated with assumed ground leases in which the Company serves as lessee are recorded as an adjustment to the right-of-use asset and reflect the difference between the contractual amounts to be paid pursuant to each in-place ground lease and management’s estimate of fair market lease rates. These amounts are amortized over the term of the lease. 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 . Right-of-use assets associated with finance leases are amortized from the lease commencement date to the earlier of the useful life of the right-to-use asset or the end of the lease term. Fully depreciated or amortized assets and the associated accumulated depreciation or amortization are written off. The Company wrote off fully depreciated or amortized real estate assets and in-place lease intangible assets of $83.4 million and $20.5 million, respectively, for the year ended December 31, 2020, and $81.7 million and $11.3 million, respectively, for the year ended December 31, 2019.
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, 2020, 2019 and 2018.
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, 2020.
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 generally consists of cash deposits required for debt service, capital replacement and expense reserves in connection with the terms of our loan agreements.
Loan Procurement Costs	Loan Procurement Costs Loan procurement costs related to borrowings were $38.1 million and $31.5 million as of December 31, 2020 and 2019, respectively, and are reported net of accumulated amortization of $13.1 million and $12.9 million as of December 31, 2020 and 2019, 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, 2020 and 2019: December 31, 2020 2019 (in thousands) Intangible assets, net of accumulated amortization of $2,123 and $10,170 $ 57,820 $ 10,283 Accounts receivable, net 5,829 6,386 Prepaid property taxes 6,334 4,706 Prepaid insurance 2,626 2,191 Amounts due from affiliates (see note 14) 13,130 10,450 Assets held in trust related to deferred compensation arrangements 17,207 13,280 Right-of-use assets - operating leases (see note 13) 55,302 41,698 Equity investment recorded at cost (1) 5,000 5,000 Other 7,505 7,449 Total other assets, net $ 170,753 $ 101,443 (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 the Company’s 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, 2020, 2019 and 2018, the Company recognized $1.5 million, $2.1 million and $1.6 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 storage protection plan 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, 2020, 2019 and 2018, 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 no outstanding derivatives as of December 31, 2020 or 2019.
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 $4,384.1 million and $3,909.1 million as of December 31, 2020 and 2019. 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 2020 consisted of a 74.174% ordinary income distribution, a 2.138% capital gain distribution and a 23.688% 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 2020, 2019 or 2018. 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 $0.4 million and $0.7 million as of December 31, 2020 and 2019, 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. The Company recognizes forfeitures on share-based payments as they occur.
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
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 New York, Florida, Texas and California provided approximately 16%, 15%, 9% and 8%, respectively, of the Company’s total revenues for the year ended December 31, 2020. 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 the year ended December 31, 2018.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	Dec. 31, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Schedule of other assets	Other assets are comprised of the following as of December 31, 2020 and 2019: December 31, 2020 2019 (in thousands) Intangible assets, net of accumulated amortization of $2,123 and $10,170 $ 57,820 $ 10,283 Accounts receivable, net 5,829 6,386 Prepaid property taxes 6,334 4,706 Prepaid insurance 2,626 2,191 Amounts due from affiliates (see note 14) 13,130 10,450 Assets held in trust related to deferred compensation arrangements 17,207 13,280 Right-of-use assets - operating leases (see note 13) 55,302 41,698 Equity investment recorded at cost (1) 5,000 5,000 Other 7,505 7,449 Total other assets, net $ 170,753 $ 101,443 (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
STORAGE PROPERTIES (Tables)	Dec. 31, 2020
STORAGE PROPERTIES
Summary of real estate assets	December 31, 2020 2019 (in thousands) Land $ 1,093,503 $ 858,541 Buildings and improvements 4,122,995 3,619,594 Equipment 123,044 128,111 Construction in progress 108,316 93,598 Right-of-use assets - finance leases 41,896 — Storage properties 5,489,754 4,699,844 Less: Accumulated depreciation (983,940) (925,359) Storage properties, net $ 4,505,814 $ 3,774,485
Schedule of acquisitions and dispositions of real estate assets	Number of Purchase / Sale Price Asset/Portfolio Metropolitan Statistical Area Transaction Date Stores (in thousands) 2020 Acquisitions: Texas Asset San Antonio, TX February 2020 1 $ 9,025 Maryland Asset Baltimore-Towson, MD April 2020 1 17,200 New Jersey Asset New York-Northern New Jersey-Long Island, NY-NJ-PA April 2020 1 48,450 Florida Asset Palm Bay-Melbourne-Titusville, FL November 2020 1 3,900 Texas Asset Austin-Round Rock, TX November 2020 1 10,750 Texas Asset Dallas-Fort Worth-Arlington, TX November 2020 1 10,150 Nevada Asset Las Vegas-Paradise, NV December 2020 1 16,800 New York Asset New York-Northern New Jersey-Long Island, NY-NJ-PA December 2020 1 6,750 Storage Deluxe Assets New York-Northern New Jersey-Long Island, NY-NJ-PA December 2020 8 540,000 Florida Assets Orlando-Kissimmee, FL / Deltona-Daytona Beach-Ormond Beach, FL December 2020 3 45,500 Florida Asset Tampa-St. Petersburg-Clearwater, FL December 2020 1 10,000 Virginia Asset Washington-Arlington-Alexandria, DC-VA-MD-WV December 2020 1 17,350 21 $ 735,875 2020 Disposition: New York Asset New York-Northern New Jersey-Long Island, NY-NJ-PA December 2020 1 $ 12,750 1 $ 12,750 2019 Acquisitions: Maryland Asset Baltimore-Towson, MD March 2019 1 $ 22,000 Florida Assets Cape Coral-Fort Myers, FL April 2019 2 19,000 Arizona Asset Phoenix-Mesa-Scottsdale, AZ May 2019 1 1,550 HVP III Assets Various (see note 4) June 2019 18 128,250 (1) Georgia Asset Atlanta-Sandy Springs-Marietta, GA August 2019 1 14,600 South Carolina Asset Charleston-North Charleston, SC August 2019 1 3,300 Texas Asset Dallas-Fort Worth-Arlington, TX October 2019 1 7,300 Florida Assets Orlando-Kissimmee, FL November 2019 3 32,100 California Asset Los Angeles-Long Beach-Santa Ana, CA December 2019 1 18,500 29 $ 246,600 2019 Disposition: Texas Asset College Station-Bryan, TX October 2019 1 $ 4,146 1 $ 4,146 2018 Acquisitions: Texas Asset Austin-Round Rock, TX January 2018 1 $ 12,200 Texas Asset Houston-Sugar Land-Baytown, TX May 2018 1 19,000 Metro DC Asset Washington-Arlington-Alexandria, DC-VA-MD-WV July 2018 1 34,200 Nevada Asset Las Vegas-Paradise, NV September 2018 1 14,350 North Carolina Asset Charlotte-Gastonia-Concord, NC-SC September 2018 1 11,000 California Asset Los Angeles-Long Beach-Santa Ana, CA October 2018 1 53,250 Texas Asset Houston-Sugar Land-Baytown, TX October 2018 1 23,150 California Asset San Diego-Carlsbad-San Marcos, CA November 2018 1 19,118 New York Asset New York-Northern New Jersey-Long Island, NY-NJ-PA November 2018 1 37,000 Illinois Asset Chicago-Naperville-Joliet, IL-IN-WI December 2018 1 4,250 10 $ 227,518 2018 Dispositions: Arizona Assets Phoenix-Mesa-Scottsdale, AZ November 2018 2 $ 17,502 2 $ 17,502 (1) Amount represents the purchase price for 90% of the ownership interest in 191 III CUBE LLC (“HVP III”), which at the time of the acquisition, owned 18 storage properties (see note 4).

INVESTMENT ACTIVITY (Tables)

INVESTMENT ACTIVITY (Tables)	12 Months Ended
INVESTMENT ACTIVITY (Tables)	Dec. 31, 2020
INVESTMENT ACTIVITY
Schedule of capitalized costs for investments in storage properties	CubeSmart Number of Ownership Total Store Location Stores Date Opened Interest Construction Costs (in thousands) Brooklyn, NY (1) 1 Q2 2020 100% $ 45,900 Waltham, MA (2) 1 Q3 2019 100% 18,000 Queens, NY (1) 1 Q2 2019 100% 47,500 Bayonne, NJ (1) (3) 1 Q2 2019 100% 25,100 Bronx, NY (1) 1 Q3 2018 100% 92,100 5 $ 228,600 (1) These stores were previously owned by four separate consolidated joint ventures, of which the Company held a 51% ownership interest in each. On February 15, 2019, the noncontrolling member in the venture that owned the Bronx, NY store put its 49% interest in the venture to the Company for $37.8 million. On June 25, 2019, the noncontrolling member in the venture that owned the Bayonne, NJ store put its 49% interest in the venture to the Company for $11.5 million. On September 17, 2019, the noncontrolling member in the venture that owned the Queens, NY store put its 49% interest in the venture to the Company for $15.2 million. On September 29, 2020, the noncontrolling member in the venture that owned the Brooklyn, NY store put its 49% interest in the venture to the Company for $10.0 million, of which $1.0 was paid in cash. The Company issued 276,497 OP Units that were valued at approximately $9.0 million as consideration for the remainder of the purchase price (see note 12). The cash payments related to these transactions are included in Development costs in the consolidated statements of cash flows. (2) On August 8, 2019, the Company, through a joint venture in which it owned a 90% interest and that it previously consolidated, completed the construction and opened for operation a store located in Waltham, MA. On September 6, 2019, the Company acquired the noncontrolling member’s 10% interest in the venture for $2.6 million. Prior to this transaction, the noncontrolling member’s interest was reported in Noncontrolling interests in subsidiaries on the consolidated balance sheets. Since the Company retained its controlling interest in the venture and the store is now wholly owned, this transaction was accounted for as an equity transaction. The carrying amount of the noncontrolling interest was reduced to zero to reflect the purchase and the $2.0 million difference between the purchase price paid by the Company and the carrying amount of the noncontrolling interest was recorded as an adjustment to equity attributable to the Company, with no gain or loss recorded. In conjunction with the Company’s acquisition of the noncontrolling interest, the $10.5 million related party loan extended by the Company to the venture during the construction period was repaid in full. (3) This store is subject to a ground lease.

INVESTMENT IN UNCONSOLIDATED _2

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURE (Tables)	12 Months Ended
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURE (Tables)	Dec. 31, 2020
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 2020 2019 2020 2019 191 IV CUBE Southeast LLC ("HVPSE") (1) 10% 14 — $ 5,015 $ — 191 IV CUBE LLC ("HVP IV") (2) 20% 21 21 21,760 23,112 CUBE HHF Northeast Venture LLC ("HHFNE") (3) 10% 13 13 1,628 1,998 CUBE HHF Limited Partnership ("HHF") (4) 50% 35 35 63,668 66,007 83 69 $ 92,071 $ 91,117 (1) On March 19, 2020, the Company invested a 10% ownership interest in a newly-formed real estate venture that acquired 14 self-storage properties located in Florida (2) , Georgia (8) and South Carolina (4) . HVPSE paid $135.3 million for these stores, of which $7.7 million was allocated to the value of the in-place lease intangible. The acquisition was funded primarily through the venture’s $81.6 million secured term loan. The remainder of the purchase price was contributed pro-rata by the Company and its unaffiliated joint venture partner. The Company’s total contribution to HVPSE related to this portfolio acquisition was $5.6 million. The secured loan bears interest at LIBOR plus 1.60% and matures on March 19, 2023 with options to extend the maturity date through March 19, 2025, subject to satisfaction of certain conditions and payment of the extension fees as stipulated in the loan agreement. (2) 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, 2020, 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, 2020, HVP IV also had $55.5 million outstanding under a separate secured 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. (3) 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, 2020, HHFNE had an outstanding $45.0 million secured loan facility, which bears interest at LIBOR plus 1.20% per annum and matures on December 16, 2024. (4) The stores owned by HHF are located in North Carolina (1) and Texas (34) . As of December 31, 2020, HHF had an outstanding $100.0 million secured loan, which bears interest at 3.59% per annum and matures on April 30, 2021. On January 21, 2021, HHF entered into a new $105.0 million secured loan, which bears interest at 2.58% per annum and matures on February 5, 2028. HHF used the proceeds from the new loan to repay its existing outstanding $100.0 million loan in full.
Summary of the financial position of the ventures	December 31, 2020 2019 (1) Assets (in thousands) Storage properties, net $ 662,833 $ 552,791 Other assets 18,112 11,997 Total assets $ 680,945 $ 564,788 Liabilities and equity Other liabilities $ 11,588 $ 10,064 Debt 359,985 280,392 Equity CubeSmart 92,071 91,117 Joint venture partners 217,301 183,215 Total liabilities and equity $ 680,945 $ 564,788 (1) Excludes HVPSE as it acquired its initial assets on March 19, 2020.
Summary of results of operations of the ventures	For the year ended December 31, 2020 2019 2018 (in thousands) Total revenues $ 67,239 $ 72,582 $ 90,111 Operating expenses (30,755) (32,134) (37,899) Other expenses (430) (3,227) (938) Interest expense, net (11,585) (14,927) (13,311) Depreciation and amortization (33,086) (30,107) (41,972) Gains from sale of real estate, net — 106,667 — Net (loss) income $ (8,617) $ 98,854 $ (4,009) Company’s share of net income (loss) $ 178 $ 11,122 $ (865)

UNSECURED SENIOR NOTES (Tables)

UNSECURED SENIOR NOTES (Tables)	12 Months Ended
UNSECURED SENIOR NOTES (Tables)	Dec. 31, 2020
Senior Notes
Summary of debt	December 31, Effective Issuance Maturity Unsecured Senior Notes 2020 2019 Interest Rate Date Date (in thousands) $250M 4.800% Guaranteed Notes due 2022 (1) $ — $ 250,000 4.82 % Jun-12 Jul-22 $300M 4.375% Guaranteed Notes due 2023 (2) 300,000 300,000 4.33 % Various (2) Dec-23 $300M 4.000% Guaranteed Notes due 2025 (3) 300,000 300,000 3.99 % Various (3) 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 350,000 350,000 4.46 % Jan-19 Feb-29 $350M 3.000% Guaranteed Notes due 2030 350,000 350,000 3.04 % Oct-19 Feb-30 $450M 2.000% Guaranteed Notes due 2031 450,000 — 2.10 % Oct-20 Feb-31 Principal balance outstanding 2,050,000 1,850,000 Less: Discount on issuance of unsecured senior notes, net (7,470) (3,860) Less: Loan procurement costs, net (12,158) (10,415) Total unsecured senior notes, net $ 2,030,372 $ 1,835,725 (1) On October 30, 2020, the Operating Partnership redeemed, in full, its $250.0 million of outstanding 4.800% senior notes due 2022 (the “2022 Notes”), with proceeds from its $450.0 million of 2.000% senior notes due 2031 issued on October 6, 2020. In connection with the redemption of the 2022 Notes, the Operating Partnership recognized a loss on early debt extinguishment of $18.0 million, of which $17.6 million represents a prepayment premium and $0.4 represents the write-off of unamortized loan procurement costs. (2) 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% . (3) 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% .

MORTGAGE LOANS AND NOTES PAYA_2

MORTGAGE LOANS AND NOTES PAYABLE (Tables) - Mortgages	12 Months Ended
MORTGAGE LOANS AND NOTES PAYABLE (Tables) - Mortgages	Dec. 31, 2020
Summary of debt	Carrying Value as of December 31, Effective Maturity Mortgage Loans and Notes Payable 2020 2019 Interest Rate Date (in thousands) Bronx VII, NY (1) $ — $ 7,805 4.56 % Nov-20 Bronx VIII, NY (1) — 2,740 4.61 % Nov-20 Bronx IX, NY 21,030 21,547 4.85 % Jun-21 Bronx X, NY 23,148 24,042 4.64 % Jun-21 Nashville V, TN 2,261 2,313 3.85 % Jun-23 New York, NY 29,981 30,588 3.51 % Jun-23 Annapolis I, MD 5,283 5,459 3.78 % May-24 Brooklyn XV, NY 15,713 — 2.15 % May-24 Long Island City IV, NY 12,852 — 2.15 % May-24 Long Island City II, NY 19,094 — 2.25 % Jul-26 Long Island City III, NY 19,106 — 2.25 % Aug-26 Flushing II, NY 54,300 — 2.15 % Jul-29 Principal balance outstanding 202,768 94,494 Plus: Unamortized fair value adjustment 15,879 1,833 Less: Loan procurement costs, net (2,143) (287) Total mortgage loans and notes payable, net $ 216,504 $ 96,040 (1) These mortgage loans were repaid in full on November 2, 2020.
Schedule of the future principal payment requirements on the outstanding mortgage loans and notes payable	2021 $ 46,383 2022 2,426 2023 32,591 2024 32,329 2025 979 2026 and thereafter 88,060 Total mortgage payments 202,768 Plus: Unamortized fair value adjustment 15,879 Less: Loan procurement costs, net (2,143) Total mortgage loans and notes payable, net $ 216,504

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	12 Months Ended
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	Dec. 31, 2020
ACCUMULATED OTHER COMPREHENSIVE LOSS
Summary of changes in accumulated other comprehensive loss by component	Accumulated other comprehensive loss represents unrealized losses on interest rate swaps (see note 10 for details). The following table summarizes the changes in accumulated other comprehensive loss for the years ended December 31, 2020 and 2019. December 31, 2020 2019 (in thousands) Beginning balance $ (737) $ (1,039) Unrealized gains on interest rate swaps - 232 Reclassification of realized losses on interest rate swaps (1) 81 70 Ending balance (656) (737) Less: portion included in noncontrolling interests in the Operating Partnership 24 8 Total accumulated other comprehensive loss included in equity $ (632) $ (729) (1) See note 10 for additional information about the effects of the amounts reclassified.

NONCONTROLLING INTERESTS (Table

NONCONTROLLING INTERESTS (Tables)	12 Months Ended
NONCONTROLLING INTERESTS (Tables)	Dec. 31, 2020
NONCONTROLLING INTERESTS
Schedule of noncontrolling interests in subsidiaries	Date Opened / CubeSmart Number Estimated Ownership December 31, 2020 Consolidated Joint Ventures of Stores Location Opening Interest Total Assets Total Liabilities (in thousands) CS Vienna, LLC ("Vienna") (1) 1 Vienna, VA Q2 2022 (est.) 72% $ 16,424 $ 4,981 CS 750 W Merrick Rd, LLC ("Merrick") (2) 1 Valley Stream, NY Q1 2022 (est.) 51% 12,090 5,269 CS Valley Forge Village Storage, LLC ("VFV") (3) 1 King of Prussia, PA Q2 2021 (est.) 70% 18,129 9,806 Shirlington Rd II, LLC ("SH2") (4) 1 Arlington, VA Q1 2021 (est.) 90% 18,821 1,046 CS 2087 Hempstead Tpk, LLC ("Hempstead") (2) 1 East Meadow, NY Q1 2021 (est.) 51% 22,079 7,576 CS SDP Newtonville, LLC ("Newton") (3) 1 Newton, MA Q1 2021 (est.) 90% 17,808 11,289 Shirlington Rd, LLC ("SH1") (4) 1 Arlington, VA Q2 2015 90% 14,511 171 7 $ 119,862 $ 40,138 (1) On December 23, 2020, the Company and the noncontrolling member contributed a previously wholly-owned operating property (the “Vienna Operating Property”) and a parcel of land (the “Vienna Land”), respectively, to Vienna. The Vienna Operating Property and the Vienna Land are located in close proximity to each other in Vienna, VA. The members intend to construct a new store on the Vienna Land, which, upon completion, will be combined with the Vienna Operating Property and operated by the venture as a single store. The Company has a related party commitment to Vienna to fund all or a portion of the construction costs. As of December 31, 2020, the Company has funded $4.9 million of a total $17.0 million loan commitment to Vienna, which is included in the total liabilities amount within the table above. This loan and the related interest were eliminated for consolidation purposes. (2) The noncontrolling members of Merrick and Hempstead have the option to put their ownership interest in the ventures to the Company for $17.1 million and $6.6 million (the “Put Option”), respectively, within the two-year period after construction of each store is substantially complete (the “Put Option Period”). In the event the Put Option is not exercised, the Company has a one-year option to call the ownership interest of the noncontrolling members of Merrick and Hempstead for $17.1 million and $6.6 million, respectively, beginning twelve months after the end of the Put Option Period. The Company, at its sole discretion, may pay cash and/or issue OP Units, in exchange for the noncontrolling member’s interest in Merrick and Hempstead. The Company is accreting the respective liabilities during the development periods and, as of December 31, 2020, has accrued $4.9 million and $5.9 million, related to Merrick and Hempstead, respectively, which are included in Accounts payable, accrued expenses and other liabilities on the Company’s consolidated balance sheets. (3) The Company has related party commitments to VFV and Newton to fund a portion of the construction costs. As of December 31, 2020, the Company has funded $6.9 million of a total $12.4 million loan commitment to VFV and $9.6 million of a total $12.1 million loan commitment to Newton, which are included in the total liability amounts within the table above. These loans and the related interest were eliminated for consolidation purposes. (4) 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.

LEASES (Tables)

LEASES (Tables)	12 Months Ended
LEASES (Tables)	Dec. 31, 2020
LEASES
Summary of lease cost	Year Ended December 31, 2020 2019 Finance lease cost: Amortization of finance lease right-of-use assets $ 49 $ — Interest expense related to finance lease liabilities 64 — Operating lease cost 2,856 3,304 Short-term lease cost (1) 1,114 1,227 Total lease cost $ 4,083 $ 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 balance sheet information associated with operating leases	December 31, 2020 2019 (dollars in thousands) Finance Leases Right-of-use assets included in Storage properties, net $ 41,896 $ — Lease liabilities included in Lease liabilities - finance leases $ 65,599 $ — Operating Leases Right-of-use assets included in Other assets, net $ 55,302 $ 41,698 Lease liabilities included in Accounts payable, accrued expenses and other liabilities $ 53,595 $ 46,391 Weighted Average Lease Term (in years) Finance leases 43.5 — Operating leases 34.8 35.9 Weighted Average Discount Rate Finance leases 3.25 % — % Operating leases 4.46 % 4.74 %
Schedule of future operating lease liability maturities	The following table represents the future lease liability maturities as of December 31, 2020 (in thousands): Finance Operating 2021 $ 1,936 $ 2,511 2022 2,183 2,639 2023 2,183 2,690 2024 2,183 2,540 2025 2,224 2,539 2026 and thereafter 122,932 99,290 Total lease payments 133,641 112,209 Less: Imputed interest (68,042) (58,614) Present value of lease liabilities $ 65,599 $ 53,595

SHARE-BASED COMPENSATION PLANS

SHARE-BASED COMPENSATION PLANS (Tables)	12 Months Ended
SHARE-BASED COMPENSATION PLANS (Tables)	Dec. 31, 2020
SHARE-BASED COMPENSATION PLANS
Schedule of assumptions used for estimating the fair value of share options using the Black-Scholes option-pricing model	Assumptions: 2020 2019 2018 Risk-free interest rate 1.9 % 2.7 % 2.5 % Expected dividend yield 3.9 % 3.9 % 3.7 % Volatility (1) 20.00 % 32.00 % 32.00 % 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 $ 3.66 $ 6.35 $ 6.24 (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	The table below summarizes the option activity under the 2004 Plan and the 2007 Plan for the years ended December 31, 2020, 2019 and 2018: Number of Shares Upon Option Weighted Average Strike Price Weighted Average Remaining Contractual Term (years) 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 Options granted 607,010 31.48 9.01 Options canceled (29,814) 30.46 — Options exercised (61,459) 15.65 2.55 Balance at December 31, 2020 2,118,090 $ 26.37 6.39 Vested or expected to vest at December 31, 2020 2,118,090 $ 26.37 6.39 Exercisable at December 31, 2020 1,235,816 $ 23.46 4.78
Schedule of non-vested restricted share activity	Number of Non- Vested Restricted Shares and Share Units Non-Vested at January 1, 2020 489,964 Granted 188,371 Vested (74,860) Forfeited (20,072) Non-Vested at December 31, 2020 583,403

EARNINGS PER SHARE AND UNIT A_2

EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL (Tables)	12 Months Ended
	Dec. 31, 2020
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, 2020 2019 2018 (dollars and shares in thousands, except per share amounts) Net income $ 167,611 $ 170,771 $ 165,488 Noncontrolling interests in the Operating Partnership (1,825) (1,708) (1,820) Noncontrolling interest in subsidiaries (165) 54 221 Net income attributable to the Company’s common shareholders $ 165,621 $ 169,117 $ 163,889 Weighted average basic shares outstanding 194,147 190,874 184,653 Share options and restricted share units 796 702 842 Weighted average diluted shares outstanding (1) 194,943 191,576 185,495 Basic earnings per share attributable to common shareholders $ 0.85 $ 0.89 $ 0.89 Diluted earnings per share attributable to common shareholders (2) $ 0.85 $ 0.88 $ 0.88 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, 2020 2019 2018 (dollars and units in thousands, except per unit amounts) Net income $ 167,611 $ 170,771 $ 165,488 Operating Partnership interests of third parties (1,825) (1,708) (1,820) Noncontrolling interest in subsidiaries (165) 54 221 Net income attributable to common unitholders $ 165,621 $ 169,117 $ 163,889 Weighted average basic units outstanding 194,147 190,874 184,653 Unit options and restricted share units 796 702 842 Weighted average diluted units outstanding (1) 194,943 191,576 185,495 Basic earnings per unit attributable to common unitholders $ 0.85 $ 0.89 $ 0.89 Diluted earnings per unit attributable to common unitholders (2) $ 0.85 $ 0.88 $ 0.88 (1) For the years ended December 31, 2020, 2019 and 2018, the Company declared cash dividends per common share/unit of $1.33 , $1.29 and $1.22 , respectively. (2) The amounts of anti-dilutive options that were excluded from the computation of diluted earnings per share/unit as the exercise price was higher than the average share price of the Company for the years ended December 31, 2020 and 2018 were 0.8 million and 0.2 million, respectively. There were no anti-dilutive options for the year ended December 31, 2019.
Schedule of common shares sold pursuant to equity distribution agreements	For the year ended December 31, 2020 2019 2018 (dollars and shares in thousands, except per share amounts) Number of shares sold 3,627 5,899 4,291 Average sales price per share $ 33.69 $ 33.64 $ 31.09 Net proceeds after deducting offering costs $ 120,727 $ 196,304 $ 131,835

ORGANIZATION AND NATURE OF OP_2

ORGANIZATION AND NATURE OF OPERATIONS (Details)	12 Months Ended
ORGANIZATION AND NATURE OF OPERATIONS (Details)	Dec. 31, 2020segmentstate
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	96.40%

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, 2020USD ($)facility	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Operating Partnership Ownership
Increase (decrease) to OP units owned by third parties and a corresponding decrease to capital	$ 4,230	$ 5,918	$ 299
Purchase Price Allocation
Amount of purchase price allocated to above- or below-market lease intangibles	0
Depreciation and Amortization
Write-off of fully depreciated real estate assets	83,400	81,700
Write-off of fully amortized in-place lease intangible assets	20,500	11,300
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	$ 4,230	$ 5,918	$ 299

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 ($)facility	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Long-Lived Assets held for sale, timing of expected sale			1 year
Loan procurement costs
Loan procurement costs			$ 38,100	$ 31,500
Loan procurement costs, accumulated amortization			13,100	12,900
Other Assets
Intangible assets, net of accumulated amortization of $2,123 and $10,170			57,820	10,283
Accounts receivable, net			5,829	6,386
Prepaid real estate taxes			6,334	4,706
Prepaid insurance			2,626	2,191
Amounts due from affiliates (see note 14)			13,130	10,450
Assets held in trust related to deferred compensation arrangements			17,207	13,280
Right-of-use assets (see note 13)			55,302	41,698
Equity investment recorded at cost			5,000	5,000
Other			7,505	7,449
Total			170,753	101,443
Accumulated amortization			$ 2,123	$ 10,170
Number of self-storage facilities acquired \| property	18
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, 2020	Dec. 31, 2019	Dec. 31, 2018
Advertising and Marketing Costs
Advertising and marketing expenses	$ 16.9	$ 11.5	$ 10.3
Equity Offering Costs
Equity offering costs	1.5	2.1	1.6
Capitalized Interest
Interest costs, capitalized	$ 2.7	$ 3	$ 4.4

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, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Taxes
Net tax basis in the entity's assets	$ 4,384.1	$ 3,909.1
Percentage of distributions characterized as ordinary income dividends	74.174%
Percentage of distributions characterized as capital gain dividends	2.138%
Percentage of distributions characterized as return of capital dividends	23.688%
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	$ 0.4	$ 0.7
Earnings per Share and Unit
Potential dilutive securities not included in the calculation of diluted earnings per share, as they were identified as anti-dilutive (in shares)	800,000	0	200,000
Potential dilutive securities included in the calculation of diluted earnings per share (in shares)	796,000	702,000	842,000
Foreign currency
Derivatives outstanding	$ 0	$ 0
Impairment	$ 0	$ 0

SUMMARY OF SIGNIFICANT ACCOUN_8

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Concentration of Credit Risk (Details) - Revenues - Location of facilities	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
New York
Concentration of Credit Risk
Percentage of total revenues (as a percent)	16.00%	16.00%	16.00%
Florida
Concentration of Credit Risk
Percentage of total revenues (as a percent)	15.00%	16.00%	17.00%
California
Concentration of Credit Risk
Percentage of total revenues (as a percent)	8.00%	8.00%	8.00%
Texas
Concentration of Credit Risk
Percentage of total revenues (as a percent)	9.00%	10.00%	10.00%

STORAGE PROPERTIES - Summary (D

STORAGE PROPERTIES - Summary (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
STORAGE FACILITIES
Storage properties	$ 5,489,754	$ 4,699,844
Less: Accumulated depreciation	(983,940)	(925,359)
Storage properties, net (including VIE assets of $119,345 and $92,612, respectively)	4,505,814	3,774,485	$ 3,600,968
Land
STORAGE FACILITIES
Storage properties	1,093,503	858,541
Buildings and improvements
STORAGE FACILITIES
Storage properties	4,122,995	3,619,594
Equipment
STORAGE FACILITIES
Storage properties	123,044	128,111
Construction in progress
STORAGE FACILITIES
Storage properties	108,316	$ 93,598
Right-of-use assets - finance leases
STORAGE FACILITIES
Storage properties	$ 41,896

STORAGE PROPERTIES - Activity (

STORAGE PROPERTIES - Activity (Details) $ in Thousands	Jun. 06, 2019USD ($)propertyfacility	Dec. 31, 2020USD ($)facility	Dec. 31, 2019USD ($)facility	Dec. 31, 2018USD ($)facility
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) \| property	18
HVP III
STORAGE FACILITIES
Percentage of interest acquired	90.00%
2020 Acquisitions
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) \| facility		21
Purchase Price \| $		$ 735,875
2020 Acquisitions \| Texas Asset February 2020
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) \| facility		1
Purchase Price \| $		$ 9,025
2020 Acquisitions \| Maryland Asset April 2020
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) \| facility		1
Purchase Price \| $		$ 17,200
2020 Acquisitions \| New Jersey Asset April 2020
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) \| facility		1
Purchase Price \| $		$ 48,450
2020 Acquisitions \| Florida Asset November 2020
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) \| facility		1
Purchase Price \| $		$ 3,900
2020 Acquisitions \| Texas Asset, Austin, November 2020
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) \| facility		1
Purchase Price \| $		$ 10,750
2020 Acquisitions \| Texas Asset, Dallas, November 2020
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) \| facility		1
Purchase Price \| $		$ 10,150
2020 Acquisitions \| Nevada Asset December 2020
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) \| facility		1
Purchase Price \| $		$ 16,800
2020 Acquisitions \| New York Asset December 2020
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) \| facility		1
Purchase Price \| $		$ 6,750
2020 Acquisitions \| Storage Deluxe Assets December 2020
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) \| facility		8
Purchase Price \| $		$ 540,000
2020 Acquisitions \| Florida Asset, Orlando, December 2020
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) \| facility		3
Purchase Price \| $		$ 45,500
2020 Acquisitions \| Florida Assets, Tampa, December 2020
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) \| facility		1
Purchase Price \| $		$ 10,000
2020 Acquisitions \| Virginia Asset December 2020
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) \| facility		1
Purchase Price \| $		$ 17,350
2020 Dispositions
STORAGE FACILITIES
Number of Facilities, dispositions (in properties) \| facility		1
Sale Price \| $		$ 12,750
2020 Dispositions \| New York Asset Four
STORAGE FACILITIES
Number of Facilities, dispositions (in properties) \| facility		1
Sale Price \| $		$ 12,750
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 Acquisitions \| HVP III
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) \| facility	18
Purchase Price \| $	$ 128,300
Percentage of interest acquired	90.00%
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

INVESTMENT ACTIVITY (Details)

Dec. 22, 2020USD ($)

Sep. 29, 2020USD ($)shares

Dec. 16, 2019USD ($)

Oct. 07, 2019USD ($)

Sep. 29, 2019USD ($)shares

Sep. 17, 2019USD ($)

Sep. 06, 2019USD ($)

Aug. 08, 2019

Jun. 28, 2019USD ($)

Jun. 25, 2019USD ($)

Jun. 06, 2019USD ($)facilityproperty

Jun. 05, 2019USD ($)property

Feb. 15, 2019USD ($)

Nov. 28, 2018USD ($)property

Jul. 23, 2018shares

Jan. 31, 2018USD ($)shares

Apr. 12, 2017USD ($)shares

Jul. 31, 2020USD ($)

Dec. 31, 2015property

Dec. 31, 2020USD ($)itempropertyfacility

Dec. 31, 2019USD ($)facilityitem

Dec. 31, 2018USD ($)propertyfacilityshares

Dec. 31, 2020USD ($)

Self-storage facilities

Number of self-storage facilities acquired | property

Gains from sale of real estate, net

$ 6,710,000

$ 1,508,000

$ 10,576,000

Number of facilities, construction completed and opened

$ 5

Acquisition of noncontrolling interest

$ 40,605,000

Construction

Self-storage facilities

Total Construction Costs

228,600,000

HVP III

Self-storage facilities

Percentage of interest acquired

90.00%

Texas

Self-storage facilities

Cash paid for acquisition

$ 200,000

Total consideration

$ 12,200,000

Aggregate sale price

$ 4,100,000

Gains from sale of real estate, net

$ 1,500,000

Units issued (in shares) | shares

168,011

Units issued

$ 4,800,000

New York

Self-storage facilities

Cash paid for acquisition

$ 1,000,000

Units issued (in shares) | shares

276,497

Units issued

$ 9,000,000

California

Self-storage facilities

Cash paid for acquisition

$ 14,900,000

Issuance of OP Shares

3,600,000

Total consideration

$ 18,500,000

Arizona

Self-storage facilities

Number of assets sold | property

Gains from sale of real estate, net

$ 10,600,000

Illinois

Self-storage facilities

Cash paid for acquisition

$ 9,700,000

Total consideration

$ 11,200,000

Units issued (in shares) | shares

46,322

Illinois | Capital Unit Class C

Self-storage facilities

Units issued (in shares) | shares

58,400

Units redeemed | shares

58,400

Self storage under construction

Self-storage facilities

Number of facilities under contract | property

Development costs

$ 94,000,000

94,000,000

Expected construction cost

$ 150,100,000

Self storage under construction | New York

Self-storage facilities

Number of facilities under contract | property

Self storage under construction | Massachusetts

Self-storage facilities

Number of facilities under contract | facility

Self storage under construction | Virginia

Self-storage facilities

Number of facilities under contract | property

Self storage under construction | Pennsylvania

Self-storage facilities

Number of facilities under contract | property

Self-storage Facility in Brooklyn, NY

Self-storage facilities

Number of facilities, construction completed and opened

$ 1

Ownership interest held by the entity (as a percent)

100.00%

Self-storage Facility in Brooklyn, NY | Construction

Self-storage facilities

Total Construction Costs

$ 45,900,000

Self-storage Facility in Waltham, MA

Self-storage facilities

Number of facilities, construction completed and opened

$ 1

Ownership interest held by the entity (as a percent)

100.00%

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

Number of facilities, construction completed and opened

$ 1

Ownership interest held by the entity (as a percent)

100.00%

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

Number of facilities, construction completed and opened

$ 1

Ownership interest held by the entity (as a percent)

100.00%

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

Number of facilities, construction completed and opened

$ 1

Ownership interest held by the entity (as a percent)

100.00%

Self-storage Facility in Bronx, NY I | Construction

Self-storage facilities

Total Construction Costs

$ 92,100,000

Self-storage facilities located in New York | Leases, Acquired-in-Place

Self-storage facilities

Number of assumed ground leases | item

2020 Acquisitions

Self-storage facilities

Number of self-storage facilities acquired | facility

Aggregate purchase price

$ 735,875,000

Intangible value of the in-place leases

$ 11,400,000

11,400,000

Estimated life

12 months

Amortization expense

$ 2,100,000

2020 Acquisitions | Texas

Self-storage facilities

Number of self-storage facilities acquired | facility

2020 Acquisitions | Florida

Self-storage facilities

Number of self-storage facilities acquired | facility

2020 Acquisitions | New York

Self-storage facilities

Number of self-storage facilities acquired | facility

2020 Acquisitions | Maryland

Self-storage facilities

Number of self-storage facilities acquired | facility

2020 Acquisitions | Nevada

Self-storage facilities

Number of self-storage facilities acquired | facility

2020 Acquisitions | Virginia

Self-storage facilities

Number of self-storage facilities acquired | facility

2020 Acquisitions | New Jersey

Self-storage facilities

Number of self-storage facilities acquired | facility

2020 Acquisitions | Self-storage facilities located in US

Self-storage facilities

Number of self-storage facilities acquired | facility

Aggregate purchase price

$ 195,900,000

2020 Acquisitions | Self-storage Facility in Bronx, NY I

Self-storage facilities

Real estate property acquired, land subject to ground lease

$ 9,500,000

Decrease in right-of-use asset

5,100,000

Decrease in operating lease liability

$ 5,000,000

2020 Acquisitions | Self-storage facilities located in New York

Self-storage facilities

Number of self-storage facilities acquired | facility

Number of real estate property acquisition tranches | item

Aggregate purchase price

$ 540,000,000

Intangible value of the in-place leases

$ 48,600,000

48,600,000

Estimated life

12 months

Number of facilities acquired with existing ground leases, for which the leases were classifed as finance leases | item

Number of facilities acquired with existing ground leases, for which the leases were classified as operating leases | item

Cash paid for acquisition

$ 210,500,000

Issuance of OP Shares

175,100,000

Repayments of debt

33,200,000

Units issued

$ 5,272,023

Number of properties, assumed mortgage | item

Assumed mortgage debt, at fair value

$ 169,200,000

169,200,000

Outstanding principal balance of mortgage debt assumed on acquisitions

154,400,000

Premium on debt assumed on acquisitions

14,800,000

$ 14,800,000

2020 Dispositions

Self-storage facilities

Aggregate sale price

12,750,000

2020 Dispositions | New York

Self-storage facilities

Aggregate sale price

$ 12,800,000

Gains from sale of real estate, net

$ 6,700,000

2019 Acquisitions

Self-storage facilities

Number of self-storage facilities acquired | facility

Aggregate purchase price

$ 246,600,000

Intangible value of the in-place leases

$ 6,200,000

Estimated life

12 months

Amortization expense

4,300,000

$ 1,900,000

Cash paid for acquisition

14,900,000

Issuance of OP Shares

3,600,000

2019 Acquisitions | HVP III

Self-storage facilities

Number of self-storage facilities acquired | facility

Aggregate purchase price

$ 128,300,000

Intangible value of the in-place leases

$ 14,300,000

Estimated life

12 months

Amortization expense

$ 6,000,000

$ 8,300,000

Percentage of interest acquired

90.00%

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

10.00%

Number of assets sold | facility

Acquisition, assets recorded

$ 137,500,000

Acquistion, previously held equity interest

10,600,000

Acquisition, cash acquired

$ 1,400,000

2019 Acquisitions | Texas

Self-storage facilities

Number of self-storage facilities acquired | facility

2019 Acquisitions | Florida

Self-storage facilities

Number of self-storage facilities acquired | facility

2019 Acquisitions | Massachusetts | HVP III

Self-storage facilities

Number of self-storage facilities acquired | facility

2019 Acquisitions | Maryland

Self-storage facilities

Number of self-storage facilities acquired | facility

2019 Acquisitions | California

Self-storage facilities

Number of self-storage facilities acquired | facility

2019 Acquisitions | Arizona

Self-storage facilities

Number of self-storage facilities acquired | facility

2019 Acquisitions | Georgia

Self-storage facilities

Number of self-storage facilities acquired | facility

2019 Acquisitions | Georgia | HVP III

Self-storage facilities

Number of self-storage facilities acquired | facility

2019 Acquisitions | North Carolina | HVP III

Self-storage facilities

Number of self-storage facilities acquired | facility

2019 Acquisitions | South Carolina

Self-storage facilities

Number of self-storage facilities acquired | facility

2019 Acquisitions | South Carolina | HVP III

Self-storage facilities

Number of self-storage facilities acquired | facility

2019 Acquisitions | Tennessee | HVP III

Self-storage facilities

Number of self-storage facilities acquired | facility

2019 Acquisitions | Self-storage facilities located in US

Self-storage facilities

Number of self-storage facilities acquired | facility

Aggregate purchase price

$ 118,300,000

2019 Acquisitions | Maryland Asset March 2019

Self-storage facilities

Number of self-storage facilities acquired | facility

Aggregate purchase price

$ 22,000,000

2019 Dispositions

Self-storage facilities

Aggregate sale price

4,146,000

2018 Acquisitions

Self-storage facilities

Number of self-storage facilities acquired | facility

Aggregate purchase price

$ 227,518,000

2018 Acquisitions | Texas

Self-storage facilities

Number of self-storage facilities acquired | property

2018 Acquisitions | New York

Self-storage facilities

Number of self-storage facilities acquired | property

2018 Acquisitions | Nevada

Self-storage facilities

Number of self-storage facilities acquired | property

2018 Acquisitions | California

Self-storage facilities

Number of self-storage facilities acquired | property

2018 Acquisitions | Illinois

Self-storage facilities

Number of self-storage facilities acquired | property

2018 Acquisitions | North Carolina

Self-storage facilities

Number of self-storage facilities acquired | property

2018 Acquisitions | Self-storage facilities located in US

Self-storage facilities

Number of self-storage facilities acquired | property

Aggregate purchase price

$ 227,500,000

Intangible value of the in-place leases

11,300,000

Cash paid for acquisition

200,000

Issuance of OP Shares

4,800,000

Repayments of debt

$ 7,200,000

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

Number of properties, assumed mortgage | property

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

Issuance of OP Units (in shares) | shares

168,011

2018 Acquisitions | Self-storage Facility in Washington DC

Self-storage facilities

Number of self-storage facilities acquired | property

2018 Dispositions

Self-storage facilities

Aggregate sale price

$ 17,502,000

2018 Dispositions | Arizona Asset

Self-storage facilities

Aggregate sale price

$ 17,502,000

Joint Venture | Self Storage Facilities in New York and New Jersey

Self-storage facilities

Number of joint ventures | item

Joint Venture | Self-storage Facility in Brooklyn, NY

Self-storage facilities

Issuance of OP Shares

$ 9,000,000

Ownership interest held by the entity (as a percent)

51.00%

Units issued (in shares) | shares

276,497

Joint Venture | Self-storage Facility in Waltham, MA

Self-storage facilities

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

10.00%

Total consideration

$ 2,600,000

Acquisition, gain (loss) recognized

$ 0

Ownership interest held by the entity (as a percent)

90.00%

Minority ownership interest (as a percent)

0.00%

Acquisition of noncontrolling interest

$ 2,000,000

Repayments of debt

$ 10,500,000

Joint Venture | Self Storage Facility in Queens, NY I

Self-storage facilities

Cash paid for acquisition

$ 9,000,000

Percentage of interest acquired

10.00%

Repayments of debt

$ 12,400,000

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

49.00%

Option to put ownership interest in the venture

$ 15,200,000

Joint Venture | Self Storage Facility in Bayonne, NJ

Self-storage facilities

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

49.00%

Option to put ownership interest in the venture

$ 11,500,000

Joint Venture | Self Storage Facility in Brooklyn, NY I

Self-storage facilities

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

49.00%

Option to put ownership interest in the venture

$ 10,000,000

Cash portion of put option paid

$ 1,000,000

Joint Venture | Self-storage Facility in Bronx, NY I

Self-storage facilities

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

49.00%

Option to put ownership interest in the venture

$ 37,800,000

Joint Venture | Self-storage facilities located in New York

Self-storage facilities

Cash paid for acquisition

$ 18,500,000

Percentage of interest acquired

10.00%

Joint Venture | Self-storage facilities in New York, NY and Queens, NY

Self-storage facilities

Acquistion, previously held equity interest

22,600,000

Acquisition, gain (loss) recognized

$ 0

Ownership interest held by the entity (as a percent)

90.00%

Minority ownership interest (as a percent)

0.00%

Number of joint ventures | property

HVP III

Self-storage facilities

Number of assets sold | property

Aggregate sale price

$ 293,500,000

Gains from sale of real estate, net

$ 106,700,000

Ownership interest held by the entity (as a percent)

90.00%

HVP III | Florida

Self-storage facilities

Number of assets sold | property

HVP III | Georgia

Self-storage facilities

Number of assets sold | property

HVP III | North Carolina

Self-storage facilities

Number of assets sold | property

HVP III | South Carolina

Self-storage facilities

Number of assets sold | property

HVP III | Tennessee

Self-storage facilities

Number of assets sold | property

HVP III | 2019 Acquisitions

Self-storage facilities

Cash paid for acquisition

$ 120,000,000

Amount of escrowed proceeds from sale of assets

$ 8,300,000

INVESTMENT IN UNCONSOLIDATED _3

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURE (Details) $ in Thousands

Feb. 05, 2021USD ($)

Mar. 19, 2020USD ($)facility

Oct. 07, 2019USD ($)

Jun. 06, 2019property

Jun. 05, 2019USD ($)propertyitem

Nov. 28, 2018USD ($)property

Sep. 05, 2018USD ($)facility

Jan. 31, 2018USD ($)

Dec. 31, 2020USD ($)property

Dec. 31, 2019USD ($)property

Dec. 31, 2018USD ($)

Jan. 21, 2021USD ($)

Dec. 17, 2013

Investment in Unconsolidated Real Estate Venture

Investment in real estate entities

$ 92,071

$ 91,117

Number of self-storage facilities acquired | property

Acquisitions of storage facilities

417,988

117,998

$ 214,510

Credit facility, outstanding

117,800

Investment in joint venture

5,000

Interest on real estate venture debt

4.375%

Summary of results of operations of the real estate venture

Gains from sale of real estate, net

6,710

1,508

10,576

Company's share of net (loss) income

178

11,122

(865)

HVPSE

Investment in Unconsolidated Real Estate Venture

Investment in real estate entities

$ 5,015

Ownership interest in partnership (as a percent)

10.00%

Number of storage facilities owned by investee | property

Number of self-storage facilities acquired | facility

Acquisitions of storage facilities

$ 135,300

Intangible value of the in-place leases

$ 7,700

HVPSE | Term Loan Facility

Investment in Unconsolidated Real Estate Venture

Interest rate (as percentage)

1.60%

Proceeds from debt

$ 81,600

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

Number of assets sold | property

Net proceeds from sale of assets

$ 82,900

Aggregate sale price

$ 293,500

Number of mortgage loans | item

Summary of results of operations of the real estate venture

Gains 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

Credit facility, outstanding

179,500

Maximum borrowing capacity

$ 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

Credit facility, outstanding

82,200

Maximum borrowing capacity

$ 107,000

Interest rate (as percentage)

1.70%

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

Amount of debt repaid

$ 100,000

HHF | Secured loan 2.58% due on February 05, 2028

Investment in Unconsolidated Real Estate Venture

Amount of loan obtained

$ 105,000

Interest on real estate venture debt

2.58%

Arizona

Investment in Unconsolidated Real Estate Venture

Number of assets sold | property

Net proceeds from sale of assets

$ 17,500

Summary of results of operations of the real estate venture

Gains 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

Maryland | HVP IV

Investment in Unconsolidated Real Estate Venture

Number of storage facilities owned by investee | property

Michigan | HVP III

Investment in Unconsolidated Real Estate Venture

Number of assets sold | property

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

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

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

Florida | HVPSE

Investment in Unconsolidated Real Estate Venture

Number of self-storage facilities acquired | facility

Florida | HVP III

Investment in Unconsolidated Real Estate Venture

Number of assets sold | property

Florida | HVP IV

Investment in Unconsolidated Real Estate Venture

Number of storage facilities owned by investee | property

Texas

Investment in Unconsolidated Real Estate Venture

Aggregate sale price

$ 4,100

Cash paid for acquisition of remaining interest in real estate ventures

$ 200

Summary of results of operations of the real estate venture

Gains 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

Texas | HHF

Investment in Unconsolidated Real Estate Venture

Number of storage facilities owned by investee | property

North Carolina | HVP III

Investment in Unconsolidated Real Estate Venture

Number of assets sold | property

North Carolina | HHF

Investment in Unconsolidated Real Estate Venture

Number of storage facilities owned by investee | property

South Carolina | HVPSE

Investment in Unconsolidated Real Estate Venture

Number of self-storage facilities acquired | facility

South Carolina | HVP III

Investment in Unconsolidated Real Estate Venture

Number of assets sold | property

Georgia | HVPSE

Investment in Unconsolidated Real Estate Venture

Number of self-storage facilities acquired | facility

Georgia | HVP III

Investment in Unconsolidated Real Estate Venture

Number of assets sold | property

Georgia | HVP IV

Investment in Unconsolidated Real Estate Venture

Number of storage facilities owned by investee | property

Pennsylvania | HVP IV

Investment in Unconsolidated Real Estate Venture

Number of storage facilities owned by investee | property

Ventures

Investment in Unconsolidated Real Estate Venture

Investment in real estate entities

$ 92,071

$ 91,117

Number of storage facilities owned by investee | property

Assets

Storage propeties, net

$ 662,833

$ 552,791

Other assets

18,112

11,997

Total Assets

680,945

564,788

Liabilities and equity

Other liabilities

11,588

10,064

Debt

359,985

280,392

Equity

CubeSmart

92,071

91,117

Joint venture partner

217,301

183,215

Total liabilities and equity

680,945

564,788

Summary of results of operations of the real estate venture

Total revenues

67,239

72,582

90,111

Operating expenses

(30,755)

(32,134)

(37,899)

Other expenses

(430)

(3,227)

(938)

Interest expense, net

(11,585)

(14,927)

(13,311)

Depreciation and amortization

(33,086)

(30,107)

(41,972)

Gains from sale of real estate, net

106,667

Net (loss) income

(8,617)

98,854

(4,009)

Company's share of net (loss) income

178

11,122

$ (865)

HHFNE

Investment in Unconsolidated Real Estate Venture

Investment in real estate entities

$ 1,628

$ 1,998

Ownership interest in partnership (as a percent)

10.00%

Number of storage facilities owned by investee | property

Investment in joint venture

$ 3,800

HVPSE

Investment in Unconsolidated Real Estate Venture

Contribution To Real Estate Venture

$ 5,600

HVP IV

Investment in Unconsolidated Real Estate Venture

Investment in real estate entities

$ 21,760

$ 23,112

Ownership interest in partnership (as a percent)

20.00%

Number of storage facilities owned by investee | property

HHF

Investment in Unconsolidated Real Estate Venture

Investment in real estate entities

$ 63,668

$ 66,007

Ownership interest in partnership (as a percent)

50.00%

Number of storage facilities owned by investee | property

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

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

Capital Storage Partners, LLC | Texas

Investment in Unconsolidated Real Estate Venture

Number of self-storage facilities acquired | facility

Capital Storage Partners, LLC | Oklahoma

Investment in Unconsolidated Real Estate Venture

Number of self-storage facilities acquired | facility

UNSECURED SENIOR NOTES (Details

UNSECURED SENIOR NOTES (Details) $ in Thousands	Oct. 30, 2020USD ($)	Jan. 31, 2019USD ($)	Apr. 04, 2017USD ($)	Oct. 26, 2015USD ($)	Dec. 17, 2013USD ($)	Oct. 31, 2020USD ($)	Dec. 31, 2020USD ($)	Oct. 06, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2017
Mortgage loans and Notes payable
Interest rate (as a percent)					4.375%
Less: Loan procurement costs, net							$ (3,275)		$ (4,059)
Total unsecured senior notes, net							2,030,372		1,835,725
Loss on early extinguishment of debt							(18,020)
Cubesmart, L P and Subsidiaries
Mortgage loans and Notes payable
Less: Loan procurement costs, net							(3,275)		(4,059)
Total unsecured senior notes, net							2,030,372		1,835,725
Loss on early extinguishment of debt	$ 18,000						(18,020)
Prepayment penalty on early extinguishment of debt	17,600
Loan procurement amortization expense - early repayment of debt	$ 400
Senior Notes
Mortgage loans and Notes payable
Senior notes, principal amount							2,050,000		1,850,000
Less: Discount on issuance of notes, net							(7,470)		(3,860)
Less: Loan procurement costs, net							(12,158)		(10,415)
Total unsecured senior notes, net							$ 2,030,372		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%	4.80%
Effective interest rate (as a percent)							4.82%
Repayment of outstanding debt						$ 250,000
Senior notes 4.375% due 2023
Mortgage loans and Notes payable
Senior notes, principal amount							$ 300,000		300,000
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%
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		300,000
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%
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		300,000
Interest rate (as a percent)							3.125%
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		350,000
Interest rate (as a percent)		4.375%					4.375%
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		$ 350,000
Interest rate (as a percent)							3.00%
Effective interest rate (as a percent)							3.04%
Senior Notes 2.000 % Due 2031
Mortgage loans and Notes payable
Senior notes, principal amount							$ 450,000	$ 450,000
Interest rate (as a percent)							2.00%	2.00%
Effective interest rate (as a percent)							2.10%
Credit Facility
Mortgage loans and Notes payable
Repayment of outstanding debt		$ 200,000

REVOLVING CREDIT FACILITY AND_2

REVOLVING CREDIT FACILITY AND UNSECURED TERM LOANS (Details) - USD ($) $ in Thousands	Jun. 19, 2019	Jan. 31, 2019	Apr. 04, 2017	Oct. 26, 2015	Dec. 17, 2013	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2017	Apr. 22, 2015	Aug. 05, 2014
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Loan procurement costs capitalized						$ 38,100	$ 31,500
Loan procurement costs, net of amortization						3,275	4,059
Interest rate (as a percent)					4.375%
Less: Loan procurement costs, net						$ (3,275)	(4,059)
Term Loan
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Write off of unamortized cost	$ 100
Term Loan Facility \| Term Loan A
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Maximum borrowing capacity										$ 100,000
Credit Facility
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Repayment of outstanding debt		$ 200,000
Payment of financing costs							3,900
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						$ 631,600
Outstanding letter of credit						$ 600
Effective weighted average interest rate (as a percent)						1.24%
Credit Facility \| Revolver \| LIBOR
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Interest rate, basis spread (as a percent)						1.10%
Senior notes 4.375% due 2023
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Debt amount						$ 300,000	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	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	$ 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, 2020	Dec. 31, 2019	Dec. 31, 2018
Mortgage loans and Notes payable
Less: Loan procurement costs, net	$ (3,275)	$ (4,059)
Total mortgage loans and notes payable	216,504	96,040
Net book value of self-storage facilities	4,505,814	3,774,485	$ 3,600,968
Mortgages
Mortgage loans and Notes payable
Carrying value	202,768	94,494
Plus: Unamortized fair value adjustment	15,879	1,833
Less: Loan procurement costs, net	(2,143)	(287)
Total mortgage loans and notes payable	216,504	96,040
Net book value of self-storage facilities used to secure debt	539,200	206,300
Bronx VII, NY \| Mortgages
Mortgage loans and Notes payable
Carrying value		$ 7,805
Effective interest rate (as a percent)		4.56%
Bronx VIII, NY \| Mortgages
Mortgage loans and Notes payable
Carrying value		$ 2,740
Effective interest rate (as a percent)		4.61%
Bronx IX, NY \| Mortgages
Mortgage loans and Notes payable
Carrying value	$ 21,030	$ 21,547
Effective interest rate (as a percent)	4.85%
Bronx X, NY \| Mortgages
Mortgage loans and Notes payable
Carrying value	$ 23,148	24,042
Effective interest rate (as a percent)	4.64%
Nashville V, TN \| Mortgages
Mortgage loans and Notes payable
Carrying value	$ 2,261	2,313
Effective interest rate (as a percent)	3.85%
New York, NY \| Mortgages
Mortgage loans and Notes payable
Carrying value	$ 29,981	30,588
Effective interest rate (as a percent)	3.51%
Annapolis I, MD \| Mortgages
Mortgage loans and Notes payable
Carrying value	$ 5,283	$ 5,459
Effective interest rate (as a percent)	3.78%
Brooklyn XV, NY \| Mortgages
Mortgage loans and Notes payable
Carrying value	$ 15,713
Effective interest rate (as a percent)	2.15%
Long Island City IV, NY \| Mortgages
Mortgage loans and Notes payable
Carrying value	$ 12,852
Effective interest rate (as a percent)	2.15%
Long Island City II, NY \| Mortgages
Mortgage loans and Notes payable
Carrying value	$ 19,094
Effective interest rate (as a percent)	2.25%
Long Island City III, NY \| Mortgages
Mortgage loans and Notes payable
Carrying value	$ 19,106
Effective interest rate (as a percent)	2.25%
Flushing II, NY \| Mortgages
Mortgage loans and Notes payable
Carrying value	$ 54,300
Effective interest rate (as a percent)	2.15%

MORTGAGE LOANS AND NOTES PAYA_4

MORTGAGE LOANS AND NOTES PAYABLE - Future Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Future principal payment requirements on the outstanding mortgage loans and notes payable at year end
Less: Loan procurement costs, net	$ (3,275)	$ (4,059)
Total mortgage loans and notes payable, net	216,504	96,040
Mortgages
Future principal payment requirements on the outstanding mortgage loans and notes payable at year end
2021	46,383
2022	2,426
2023	32,591
2024	32,329
2025	979
2026 and thereafter	88,060
Total mortgage payments	202,768	94,494
Plus: Unamortized fair value adjustment	15,879	1,833
Less: Loan procurement costs, net	(2,143)	(287)
Total mortgage loans and notes payable, net	$ 216,504	$ 96,040

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Changes in accumulated other comprehensive income by component
Balance	$ 1,807,336	$ 1,716,449	$ 1,635,370
Unrealized gains (losses) on interest rate swaps		232	(979)
Reclassification of realized losses (gains) on interest rate swaps	81	70	(60)
Balance	1,840,848	1,807,336	1,716,449
AOCI Including Portion Attributable to Noncontrolling Interest
Changes in accumulated other comprehensive income by component
Balance	(737)	(1,039)
Unrealized gains (losses) on interest rate swaps		232
Reclassification of realized losses (gains) on interest rate swaps	81	70
Balance	(656)	(737)	(1,039)
Accumulated Other Comprehensive (Loss) Income
Changes in accumulated other comprehensive income by component
Balance	(729)	(1,029)	3
Balance	(632)	(729)	$ (1,029)
AOCI Attributable to Noncontrolling Interest
Changes in accumulated other comprehensive income by component
Balance	8
Balance	$ 24	$ 8

RISK MANAGEMENT AND USE OF FI_2

RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands	Jan. 24, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 24, 2018
Derivative financial instruments
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 \| Interest rate swap
Derivative financial instruments
Notional Amount				$ 150,000
Settlement of hedge transactions	$ 800

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
FAIR VALUE MEASUREMENTS
Derivative Assets	$ 0	$ 0
Derivative Liabilities	0	0
Aggregate carrying value of total debt	2,364.7	1,931.8
Estimated fair value of total debt	$ 2,571.3	$ 2,037.6

NONCONTROLLING INTERESTS - Inte

NONCONTROLLING INTERESTS - Interests in Consolidated Real Estate Joint Ventures (Details) $ in Thousands	May 30, 2019USD ($)	May 29, 2019USD ($)	Mar. 07, 2019USD ($)	Dec. 31, 2020USD ($)facility	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 17, 2013
Interests in Consolidated Real Estate Joint Ventures
Percentage of the Variable Interest Entity sold	90.00%
Assets				$ 4,778,142	$ 4,029,545
Liabilities				2,687,880	2,160,121
Interest rate (as a percent)							4.375%
Gain from sale of real estate				6,710	1,508	$ 10,576
Proceeds from sale of real estate, net				12,466	3,856	16,389
Gains from sale of real estate, net				6,710	1,508	10,576
Elimination of noncontrolling interest in subsidiaries due to acquisition					40,605
Noncontrolling interests in subsidiaries				8,632	7,990
Reduction to additional paid in capital				682	$ 7,376	$ 925
VIE
Interests in Consolidated Real Estate Joint Ventures
Assets				119,862
Liabilities				40,138
CS Vienna LLC
Interests in Consolidated Real Estate Joint Ventures
Carrying amount of mortgage loans				4,900
Amount of mortgage loan commitment				17,000
CS Vienna LLC \| VIE
Interests in Consolidated Real Estate Joint Ventures
Assets				16,424
Liabilities				4,981
CS 750 W Merrick Rd LLC
Interests in Consolidated Real Estate Joint Ventures
Option to put ownership interest in the venture				17,100
Option to call ownership interest of another member				17,100
Accretion liability				4,900
CS 750 W Merrick Rd LLC \| VIE
Interests in Consolidated Real Estate Joint Ventures
Assets				12,090
Liabilities				5,269
CS Valley Forge Village Storage LLC
Interests in Consolidated Real Estate Joint Ventures
Carrying amount of mortgage loans				6,900
Amount of mortgage loan commitment				12,400
CS Valley Forge Village Storage LLC \| VIE
Interests in Consolidated Real Estate Joint Ventures
Assets				18,129
Liabilities				9,806
Shirlington Rd II LLC \| VIE
Interests in Consolidated Real Estate Joint Ventures
Assets				18,821
Liabilities				1,046
CS 2087 Hempstead Tpk LLC
Interests in Consolidated Real Estate Joint Ventures
Option to put ownership interest in the venture				6,600
Option to call ownership interest of another member				6,600
Accretion liability				5,900
CS 2087 Hempstead Tpk LLC \| VIE
Interests in Consolidated Real Estate Joint Ventures
Assets				22,079
Liabilities				7,576
CS SDP Newtonville LLC
Interests in Consolidated Real Estate Joint Ventures
Carrying amount of mortgage loans				9,600
Amount of mortgage loan commitment				12,100
CS SDP Newtonville LLC \| VIE
Interests in Consolidated Real Estate Joint Ventures
Assets				17,808
Liabilities				11,289
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				14,511
Liabilities				$ 171
Merrick Road LLC and Hempstead LLC
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				2 years
Initiation period for the call option				12 months
VIE \| VIE
Interests in Consolidated Real Estate Joint Ventures
Number of self-storage facilities owned and operated \| facility				7
VIE \| CS Vienna 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)				72.00%
VIE \| CS 750 W Merrick 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)				51.00%
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%
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%
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%
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	14,600
Increase (decrease) in operating lease, right-of-use asset	$ 13,400

NONCONTROLLING INTERESTS - Oper

NONCONTROLLING INTERESTS - Operating Partnership Ownership (Details) $ in Thousands	Sep. 29, 2020USD ($)shares	Dec. 16, 2019USD ($)shares	Jul. 23, 2018shares	Jan. 31, 2018USD ($)shares	Apr. 12, 2017USD ($)shares	Dec. 31, 2020USD ($)itemshares	Dec. 31, 2020USD ($)shares	Dec. 31, 2019USD ($)shares	Dec. 31, 2018USD ($)
Operating Partnership Ownership
OP Units outstanding which are not owned by the general partner (as a percent)						3.60%	3.60%	1.00%
Elimination of noncontrolling interest in subsidiaries due to acquisition								$ 40,605
Adjustment for noncontrolling interest in the Operating Partnership							$ (4,230)	(5,918)	$ (299)
Acquisition of noncontrolling interest								$ 35,777
California
Operating Partnership Ownership
OP units issued (in shares) \| shares		106,738
Issuance of OP Shares		$ 3,600
Total consideration		18,500
Cash paid for acquisition		$ 14,900
New York
Operating Partnership Ownership
Acquisition of noncontrolling interest	$ 10,000
Cash paid for acquisition	$ 1,000
Units issued (in shares) \| shares	276,497
Units issued	$ 9,000
Illinois
Operating Partnership Ownership
Total consideration					$ 11,200
Cash paid for acquisition					$ 9,700
Units issued (in shares) \| shares			46,322
Texas
Operating Partnership Ownership
Total consideration				$ 12,200
Cash paid for acquisition				200
Amount of mortgage loan commitment				$ 7,200
Units issued (in shares) \| shares				168,011
Units issued				$ 4,800
Capital Unit Class C \| Illinois
Operating Partnership Ownership
Units redeemed \| shares			58,400
Units issued (in shares) \| shares					58,400
Storage Deluxe assets
Operating Partnership Ownership
Purchase Price						$ 540,000
Number of real estate property acquisition tranches \| item						2
Units issued (in shares) \| shares						5,272,023
Units issued						$ 175,100
Cubesmart, L P and Subsidiaries
Operating Partnership Ownership
OP units outstanding (in shares) \| shares						7,420,828	7,420,828	1,972,308
Elimination of noncontrolling interest in subsidiaries due to acquisition								$ 40,605
Adjustment for noncontrolling interest in the Operating Partnership							$ (4,230)	(5,918)	$ (299)
Acquisition of noncontrolling interest								$ 35,777

LEASES - Narrative (Details)

LEASES - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
LEASES - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
LEASES
Lessor, Administrative and late fees income	$ 20,000	$ 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 leases - Right-of-use assets	$ 55,302	41,698
Operating lease liabilities	$ 53,595	$ 46,391
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Accounts Payable and Accrued Liabilities	Accounts Payable and Accrued Liabilities
Weighted-average remaining lease term - operating leases	34 years 9 months 18 days	35 years 10 months 24 days
Weighted-average discount rate - operating leases	4.46%	4.74%
Maximum
LEASES
Operating lease term (in years)	44 years
Operating lease renewal term (in years)	69 years

LEASES - Lease Cost (Details)

LEASES - Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
LEASES - Lease Cost (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Lease information
Amortization of finance lease right of-of-use assets	$ 49
Interest expense related to finance lease liabilities	64
Operating lease cost	2,856	$ 3,304
Short-term lease cost	1,114	1,227
Total lease cost	$ 4,083	$ 4,531
Automobiles
Lease information
Lease term	12 months

LEASES - Balance Sheet Informat

LEASES - Balance Sheet Information (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Lease information
Finance leases - Right-of-use assets	$ 41,896
Finance lease liabilities	65,599
Operating leases - Right-of-use assets	55,302	$ 41,698
Operating lease liabilities	$ 53,595	$ 46,391
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Accounts Payable and Accrued Liabilities	Accounts Payable and Accrued Liabilities
Weighted-average remaining lease term - finance leases	43 years 6 months	0 years
Weighted-average remaining lease term - operating leases	34 years 9 months 18 days	35 years 10 months 24 days
Weighted-average discount rate - finance leases	3.25%	0.00%
Weighted-average discount rate - operating leases	4.46%	4.74%

LEASES - Future Operating Lease

LEASES - Future Operating Lease Liability Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Future operating lease liability maturities
2021	$ 2,511
2022	2,639
2023	2,690
2024	2,540
2025	2,539
2026 and thereafter	99,290
Total operating lease payments	112,209
Less: Imputed interest	(58,614)
Operating lease liabilities	53,595	$ 46,391
Future finance lease liability maturities
2021	1,936
2022	2,183
2023	2,183
2024	2,183
2025	2,224
2026 and thereafter	122,932
Total lease payments	133,641
Less: Imputed interest	(68,042)
Finance lease liabilities	$ 65,599

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - Joint ventures related to affiliated real estate investments - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
RELATED PARTY TRANSACTIONS
Management fees	$ 3.8	$ 4	$ 4.5
Amounts due to the Company from related parties	13.1	10.5
Mortgage loans receivable from consolidated joint ventures	21.4	3.1
Acquisition fees	$ 0.7	$ 2.1	$ 0.6

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Insurance Recoveries (Details) $ in Millions	Dec. 31, 2020USD ($)facility
COMMITMENTS AND CONTINGENCIES
Number of self-storage units under development \| facility	6
Future milestone payments \| $	$ 48.4

SHARE-BASED COMPENSATION PLAN_2

SHARE-BASED COMPENSATION PLANS (Details) - USD ($) $ / shares in Units, $ in Millions	Jan. 01, 2020	Jan. 01, 2019	Jan. 23, 2018	Jun. 30, 2016	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	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)					1.90%	2.70%	2.50%
Expected dividend yield (as a percent)					3.90%	3.90%	3.70%
Volatility (as a percent)					20.00%	32.00%	32.00%
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)					$ 3.66	$ 6.35	$ 6.24
Share options, additional general disclosures
Compensation expense recognized (in dollars)					$ 2	$ 1.8	$ 1.5
Aggregate grant date fair value of share based awards issued (in dollars)					$ 2.2
Vesting period					3 years
Unrecognized compensation cost					$ 2.1
Unrecognized compensation cost recorded, period					2 years
Number of Shares Under Option
Balance at the beginning of the period (in shares)	1,602,353	1,659,003			1,602,353	1,659,003	1,833,173
Options granted (in shares)					607,010	324,409	305,805
Options canceled (in shares)					(29,814)		(74,748)
Options exercised (in shares)					(61,459)	(381,059)	(405,227)
Balance at the end of the period (in shares)					2,118,090	1,602,353	1,659,003	1,833,173
Vested or expected to vest at the end of the period (in shares)					2,118,090
Exercisable at the end of the period (in shares)					1,235,816
Weighted Average Exercise Price
Balance at the beginning of the period (in dollars per share)	$ 24.10	$ 19.89			$ 24.10	$ 19.89	$ 16.55
Options granted (in dollars per share)					31.48	28.69	27.85
Options canceled (in dollars per share)					30.46		26.95
Options exercised (in dollars per share)					15.65	9.67	9.47
Balance at the end of the period (in dollars per share)					26.37	$ 24.10	$ 19.89	$ 16.55
Vested or expected to vest at the end of the period (in dollars per share)					26.37
Exercisable at the end of the period (in dollars per share)					$ 23.46
Weighted Average Remaining Contractual Term
Balance at the end of the period					6 years 4 months 20 days	6 years 3 months 3 days	5 years 6 months 7 days	5 years 3 months 3 days
Options granted					9 years 3 days	9 years 3 days	9 years 29 days
Options canceled					0 years		1 year
Options exercised					2 years 6 months 18 days	1 year	1 year 11 months 23 days
Vested or expected to vest at the end of the period					6 years 4 months 20 days
Exercisable at the end of the period					4 years 9 months 10 days
Aggregate intrinsic value
Options, vested or expected to vest and exercisable (in dollars)					$ 15.3
Options exercised (in dollars)					0.9	$ 9.1	$ 8.4
Restricted Shares
Share options, additional general disclosures
Compensation expense recognized (in dollars)					5.2	4.9	$ 4
Aggregate grant date fair value of share based awards issued (in dollars)		$ 2.1			6.1	$ 5.8
Unrecognized compensation cost					$ 6
Unrecognized compensation cost recorded, period					5 years
Number of Non-Vested Restricted Shares
Non-vested at the beginning of the period (in shares)	489,964				489,964
Granted (in shares)					188,371	180,607
Vested (in shares)					(74,860)
Forfeited (in shares)					(20,072)
Non-vested at the end of the period (in shares)					583,403	489,964
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
Number of Non-Vested Restricted Shares
Granted (in shares)		55,168	66,872
Restricted share, additional disclosure
Period for calculation of total return to shareholders		3 years	3 years
Restricted share units \| Executives
Number of Non-Vested Restricted Shares
Granted (in shares)	54,978
Restricted share, additional disclosure
Fair value of share-based awards granted during the period	$ 2.2
Period for calculation of total return to shareholders	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					3,233,009	3,233,009
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)					2,118,090
Weighted Average Exercise Price
Balance at the end of the period (in dollars per share)					$ 26.37
Weighted Average Remaining Contractual Term
Balance at the end of the period					6 years 4 months 20 days
2007 Plan \| Restricted Shares
Number of Non-Vested Restricted Shares
Non-vested at the end of the period (in shares)					664,364
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	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Basic and diluted earnings per common share
Net income	$ 167,611	$ 170,771	$ 165,488
Noncontrolling interests in the Operating Partnership	(1,825)	(1,708)	(1,820)
Noncontrolling interest in subsidiaries	(165)	54	221
NET INCOME ATTRIBUTABLE TO THE COMPANY'S COMMON SHAREHOLDERS	$ 165,621	$ 169,117	$ 163,889
Weighted average basic shares outstanding (in shares)	194,147,000	190,874,000	184,653,000
Share options and restricted share units (in shares)	796,000	702,000	842,000
Weighted-average diluted shares outstanding (in shares)	194,943,000	191,576,000	185,495,000
Basic earnings per share attributable to common shareholders (in dollars per share)	$ 0.85	$ 0.89	$ 0.89
Diluted earnings per share attributable to common shareholders (in dollars per share)	$ 0.85	$ 0.88	$ 0.88
Basic and diluted earnings per common unit
Noncontrolling interests in the Operating Partnership	$ (1,825)	$ (1,708)	$ (1,820)
Weighted average basic shares outstanding (in shares)	194,147,000	190,874,000	184,653,000
Share options and restricted share units (in shares)	796,000	702,000	842,000
Weighted average diluted shares outstanding (in shares)	194,943,000	191,576,000	185,495,000
Diluted earnings per share attributable to common shareholders (in dollars per share)	$ 0.85	$ 0.88	$ 0.88
Potentially dilutive shares not included in the earnings per share calculation as their effect is antidilutive (in shares)	800,000	0	200,000
Potential dilutive securities included in the calculation of diluted earnings per share (in shares)	796,000	702,000	842,000
Common stock, cash dividends declared (in dollars per share)	$ 1.33	$ 1.29	$ 1.22
Outstanding units of noncontrolling interest in the Operating Partnership (in shares)	7,420,828	1,972,308	1,945,570
Common shares, shares outstanding	197,405,989	193,557,024	187,145,103
Cubesmart, L P and Subsidiaries
Basic and diluted earnings per common share
Net income	$ 167,611	$ 170,771	$ 165,488
Noncontrolling interests in the Operating Partnership	$ (1,825)	$ (1,708)	$ (1,820)
Weighted average basic shares outstanding (in shares)	194,147,000	190,874,000	184,653,000
Share options and restricted share units (in shares)	796,000	702,000	842,000
Weighted-average diluted shares outstanding (in shares)	194,943,000	191,576,000	185,495,000
Diluted earnings per share attributable to common shareholders (in dollars per share)	$ 0.85	$ 0.88	$ 0.88
Basic and diluted earnings per common unit
Net Income	$ 167,611	$ 170,771	$ 165,488
Noncontrolling interests in the Operating Partnership	(1,825)	(1,708)	(1,820)
Noncontrolling interest in subsidiaries	(165)	54	221
Net income attributable to common unitholders	$ 165,621	$ 169,117	$ 163,889
Weighted average basic shares outstanding (in shares)	194,147,000	190,874,000	184,653,000
Share options and restricted share units (in shares)	796,000	702,000	842,000
Weighted average diluted shares outstanding (in shares)	194,943,000	191,576,000	185,495,000
Basic earnings per unit attributable to common unitholders	$ 0.85	$ 0.89	$ 0.89
Diluted earnings per share attributable to common shareholders (in dollars per share)	$ 0.85	$ 0.88	$ 0.88

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, 2020	Dec. 31, 2019	Dec. 31, 2018
Issuance of Common and Preferred Shares
Net proceeds from sale of common shares	$ 120,727	$ 196,304	$ 131,829
Equity Distribution Agreements \| Maximum
Issuance of Common and Preferred Shares
Number of shares that may be sold	60,000
Common Shares \| Equity Distribution Agreements
Issuance of Common and Preferred Shares
Number of common stock sold (in shares)	3,627	5,899	4,291
Average sales price per common share (in dollars per share)	$ 33.69	$ 33.64	$ 31.09
Net proceeds from sale of common shares	$ 120,727	$ 196,304	$ 131,835
Common shares remained available for issuance	10,900	4,600	10,500

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
INCOME TAXES
Valuation allowance	$ 0	$ 0
Deferred tax assets, net	$ 0.4	$ 0.8

SELECTED QUARTERLY FINANCIAL DA

SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Quarterly financial information
Total revenues	$ 679,177	$ 643,915	$ 597,944
Total operating expenses	421,630	411,846	377,928
Net income	$ 167,611	$ 170,771	$ 165,488
Basic - as reported (in dollars per share)	$ 0.85	$ 0.89	$ 0.89
Diluted - as reported (in dollars per share)	$ 0.85	$ 0.88	$ 0.88

SCHEDULE III REAL ESTATE AND _2

SCHEDULE III REAL ESTATE AND RELATED DEPRECIATION (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)ft²	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	38,543,757
Initial cost
Land	$ 1,062,283
Building and Improvements	4,041,739
Costs Subsequent to Acquisition	379,964
Gross Carrying Amount at year end
Land	1,093,503
Building and Improvements	4,122,995
Total	5,216,498
Total	5,489,754	$ 4,699,844	$ 4,463,455	$ 4,161,715
Accumulated Depreciation	$ 930,371
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	642
Gross Carrying Amount at year end
Land	327
Building and Improvements	1,541
Total	1,868
Accumulated Depreciation	$ 598
Chandler II, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	82,905
Initial cost
Land	$ 1,518
Building and Improvements	7,485
Costs Subsequent to Acquisition	239
Gross Carrying Amount at year end
Land	1,518
Building and Improvements	7,721
Total	9,239
Accumulated Depreciation	$ 1,795
Gilbert, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	57,075
Initial cost
Land	$ 951
Building and Improvements	4,688
Costs Subsequent to Acquisition	212
Gross Carrying Amount at year end
Land	951
Building and Improvements	4,895
Total	5,846
Accumulated Depreciation	$ 1,206
Gilbert II, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	114,530
Initial cost
Land	$ 1,199
Building and Improvements	11,846
Costs Subsequent to Acquisition	180
Gross Carrying Amount at year end
Land	1,199
Building and Improvements	12,026
Total	13,225
Accumulated Depreciation	$ 1,456
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	1,393
Gross Carrying Amount at year end
Land	418
Building and Improvements	3,070
Total	3,488
Accumulated Depreciation	$ 1,636
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	286
Gross Carrying Amount at year end
Land	298
Building and Improvements	1,080
Total	1,378
Accumulated Depreciation	$ 413
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	463
Gross Carrying Amount at year end
Land	921
Building and Improvements	2,756
Total	3,677
Accumulated Depreciation	$ 1,348
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	420
Gross Carrying Amount at year end
Land	731
Building and Improvements	2,267
Total	2,998
Accumulated Depreciation	$ 1,112
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	510
Gross Carrying Amount at year end
Land	706
Building and Improvements	2,228
Total	2,934
Accumulated Depreciation	$ 1,072
Peoria, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	110,780
Initial cost
Land	$ 1,436
Building and Improvements	7,082
Costs Subsequent to Acquisition	263
Gross Carrying Amount at year end
Land	1,436
Building and Improvements	7,344
Total	8,780
Accumulated Depreciation	$ 1,333
Phoenix III, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	121,855
Initial cost
Land	$ 2,115
Building and Improvements	10,429
Costs Subsequent to Acquisition	458
Gross Carrying Amount at year end
Land	2,115
Building and Improvements	10,886
Total	13,001
Accumulated Depreciation	$ 2,361
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	119
Gross Carrying Amount at year end
Land	930
Building and Improvements	12,396
Total	13,326
Accumulated Depreciation	$ 1,486
Queen Creek, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	94,442
Initial cost
Land	$ 1,159
Building and Improvements	5,716
Costs Subsequent to Acquisition	107
Gross Carrying Amount at year end
Land	1,159
Building and Improvements	5,824
Total	6,983
Accumulated Depreciation	$ 1,083
Scottsdale, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	108,240
Initial cost
Land	$ 443
Building and Improvements	4,879
Costs Subsequent to Acquisition	6,283
Gross Carrying Amount at year end
Land	883
Building and Improvements	10,044
Total	10,927
Accumulated Depreciation	$ 3,170
Surprise , AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	72,575
Initial cost
Land	$ 584
Building and Improvements	3,761
Costs Subsequent to Acquisition	192
Gross Carrying Amount at year end
Land	584
Building and Improvements	3,953
Total	4,537
Accumulated Depreciation	$ 641
Tempe I, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	77,543
Initial cost
Land	$ 941
Building and Improvements	3,283
Costs Subsequent to Acquisition	850
Gross Carrying Amount at year end
Land	941
Building and Improvements	3,615
Total	4,556
Accumulated Depreciation	$ 996
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	2,167
Gross Carrying Amount at year end
Land	588
Building and Improvements	5,065
Total	5,653
Accumulated Depreciation	$ 1,475
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	1,167
Gross Carrying Amount at year end
Land	384
Building and Improvements	2,741
Total	3,125
Accumulated Depreciation	$ 1,525
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	1,166
Gross Carrying Amount at year end
Land	391
Building and Improvements	2,759
Total	3,150
Accumulated Depreciation	$ 1,502
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	397
Gross Carrying Amount at year end
Land	533
Building and Improvements	1,811
Total	2,344
Accumulated Depreciation	$ 712
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	455
Gross Carrying Amount at year end
Land	675
Building and Improvements	2,286
Total	2,961
Accumulated Depreciation	$ 910
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	424
Gross Carrying Amount at year end
Land	515
Building and Improvements	1,787
Total	2,302
Accumulated Depreciation	$ 743
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	336
Gross Carrying Amount at year end
Land	430
Building and Improvements	1,506
Total	1,936
Accumulated Depreciation	$ 599
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	443
Gross Carrying Amount at year end
Land	670
Building and Improvements	2,266
Total	2,936
Accumulated Depreciation	$ 923
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	483
Gross Carrying Amount at year end
Land	589
Building and Improvements	2,068
Total	2,657
Accumulated Depreciation	$ 820
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	521
Gross Carrying Amount at year end
Land	725
Building and Improvements	2,424
Total	3,149
Accumulated Depreciation	$ 998
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	391
Gross Carrying Amount at year end
Land	425
Building and Improvements	1,507
Total	1,932
Accumulated Depreciation	$ 606
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	451
Gross Carrying Amount at year end
Land	439
Building and Improvements	1,618
Total	2,057
Accumulated Depreciation	$ 746
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	420
Gross Carrying Amount at year end
Land	672
Building and Improvements	2,231
Total	2,903
Accumulated Depreciation	$ 886
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	376
Gross Carrying Amount at year end
Land	587
Building and Improvements	1,942
Total	2,529
Accumulated Depreciation	$ 811
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	538
Gross Carrying Amount at year end
Land	708
Building and Improvements	2,360
Total	3,068
Accumulated Depreciation	$ 990
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	579
Gross Carrying Amount at year end
Land	2,392
Building and Improvements	5,517
Total	7,909
Accumulated Depreciation	$ 2,083
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	328
Gross Carrying Amount at year end
Land	1,634
Building and Improvements	3,667
Total	5,301
Accumulated Depreciation	$ 1,460
Corona, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	95,474
Initial cost
Land	$ 2,107
Building and Improvements	10,385
Costs Subsequent to Acquisition	421
Gross Carrying Amount at year end
Land	2,107
Building and Improvements	10,805
Total	12,912
Accumulated Depreciation	$ 2,084
Diamond Bar, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	103,488
Initial cost
Land	$ 2,522
Building and Improvements	7,404
Costs Subsequent to Acquisition	395
Gross Carrying Amount at year end
Land	2,524
Building and Improvements	5,647
Total	8,171
Accumulated Depreciation	$ 2,231
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	344
Gross Carrying Amount at year end
Land	3,040
Building and Improvements	9,788
Total	12,828
Accumulated Depreciation	$ 4,082
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	1,975
Gross Carrying Amount at year end
Land	432
Building and Improvements	2,921
Total	3,353
Accumulated Depreciation	$ 1,606
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	199
Gross Carrying Amount at year end
Land	1,158
Building and Improvements	5,911
Total	7,069
Accumulated Depreciation	$ 1,331
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	1,146
Gross Carrying Amount at year end
Land	556
Building and Improvements	2,657
Total	3,213
Accumulated Depreciation	$ 1,273
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	1,151
Gross Carrying Amount at year end
Land	3,138
Building and Improvements	13,583
Total	16,721
Accumulated Depreciation	$ 6,388
Long Beach II, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	71,130
Initial cost
Land	$ 3,424
Building and Improvements	13,987
Costs Subsequent to Acquisition	250
Gross Carrying Amount at year end
Land	3,424
Building and Improvements	14,237
Total	17,661
Accumulated Depreciation	$ 394
Los Angeles, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	77,023
Initial cost
Land	$ 23,289
Building and Improvements	25,867
Costs Subsequent to Acquisition	146
Gross Carrying Amount at year end
Land	23,289
Building and Improvements	26,013
Total	49,302
Accumulated Depreciation	$ 1,566
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	341
Gross Carrying Amount at year end
Land	1,903
Building and Improvements	4,228
Total	6,131
Accumulated Depreciation	$ 1,648
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	692
Gross Carrying Amount at year end
Land	868
Building and Improvements	2,418
Total	3,286
Accumulated Depreciation	$ 957
Ontario, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	93,490
Initial cost
Land	$ 1,705
Building and Improvements	8,401
Costs Subsequent to Acquisition	483
Gross Carrying Amount at year end
Land	1,705
Building and Improvements	8,884
Total	10,589
Accumulated Depreciation	$ 1,787
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	432
Gross Carrying Amount at year end
Land	1,423
Building and Improvements	3,341
Total	4,764
Accumulated Depreciation	$ 1,350
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	623
Gross Carrying Amount at year end
Land	2,799
Building and Improvements	6,424
Total	9,223
Accumulated Depreciation	$ 2,363
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	513
Gross Carrying Amount at year end
Land	1,095
Building and Improvements	2,728
Total	3,823
Accumulated Depreciation	$ 1,073
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	375
Gross Carrying Amount at year end
Land	899
Building and Improvements	3,918
Total	4,817
Accumulated Depreciation	$ 1,820
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	1,894
Gross Carrying Amount at year end
Land	672
Building and Improvements	4,192
Total	4,864
Accumulated Depreciation	$ 2,405
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	675
Gross Carrying Amount at year end
Land	1,351
Building and Improvements	6,026
Total	7,377
Accumulated Depreciation	$ 2,869
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	574
Gross Carrying Amount at year end
Land	1,170
Building and Improvements	5,128
Total	6,298
Accumulated Depreciation	$ 2,411
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	513
Gross Carrying Amount at year end
Land	1,284
Building and Improvements	3,152
Total	4,436
Accumulated Depreciation	$ 1,312
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	527
Gross Carrying Amount at year end
Land	1,152
Building and Improvements	2,865
Total	4,017
Accumulated Depreciation	$ 1,126
Sacramento II, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	111,831
Initial cost
Land	$ 2,085
Building and Improvements	6,750
Costs Subsequent to Acquisition	709
Gross Carrying Amount at year end
Land	2,086
Building and Improvements	6,211
Total	8,297
Accumulated Depreciation	$ 1,640
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	1,219
Gross Carrying Amount at year end
Land	182
Building and Improvements	1,458
Total	1,640
Accumulated Depreciation	$ 793
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	1,439
Gross Carrying Amount at year end
Land	306
Building and Improvements	2,135
Total	2,441
Accumulated Depreciation	$ 1,152
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	1,371
Gross Carrying Amount at year end
Land	242
Building and Improvements	1,963
Total	2,205
Accumulated Depreciation	$ 1,103
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	482
Gross Carrying Amount at year end
Land	1,872
Building and Improvements	4,654
Total	6,526
Accumulated Depreciation	$ 1,817
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	752
Gross Carrying Amount at year end
Land	783
Building and Improvements	3,803
Total	4,586
Accumulated Depreciation	$ 1,798
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	522
Gross Carrying Amount at year end
Land	1,290
Building and Improvements	6,524
Total	7,814
Accumulated Depreciation	$ 3,115
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	766
Gross Carrying Amount at year end
Land	1,692
Building and Improvements	6,554
Total	8,246
Accumulated Depreciation	$ 3,183
San Diego, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	87,287
Initial cost
Land	$ 1,185
Building and Improvements	16,740
Costs Subsequent to Acquisition	301
Gross Carrying Amount at year end
Land	1,186
Building and Improvements	17,040
Total	18,226
Accumulated Depreciation	$ 1,114
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	274
Gross Carrying Amount at year end
Land	776
Building and Improvements	1,869
Total	2,645
Accumulated Depreciation	$ 727
Santa Ana, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	63,931
Initial cost
Land	$ 1,223
Building and Improvements	5,600
Costs Subsequent to Acquisition	542
Gross Carrying Amount at year end
Land	1,223
Building and Improvements	5,348
Total	6,571
Accumulated Depreciation	$ 2,524
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	488
Gross Carrying Amount at year end
Land	791
Building and Improvements	2,060
Total	2,851
Accumulated Depreciation	$ 818
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	1,028
Gross Carrying Amount at year end
Land	1,178
Building and Improvements	5,678
Total	6,856
Accumulated Depreciation	$ 2,695
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	1,310
Gross Carrying Amount at year end
Land	899
Building and Improvements	5,190
Total	6,089
Accumulated Depreciation	$ 2,467
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	1,254
Gross Carrying Amount at year end
Land	3,080
Building and Improvements	6,157
Total	9,237
Accumulated Depreciation	$ 2,368
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	2,508
Gross Carrying Amount at year end
Land	1,118
Building and Improvements	5,245
Total	6,363
Accumulated Depreciation	$ 2,482
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	511
Gross Carrying Amount at year end
Land	4,629
Building and Improvements	10,133
Total	14,762
Accumulated Depreciation	$ 3,838
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	529
Gross Carrying Amount at year end
Land	1,595
Building and Improvements	3,771
Total	5,366
Accumulated Depreciation	$ 1,461
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	275
Gross Carrying Amount at year end
Land	1,222
Building and Improvements	2,792
Total	4,014
Accumulated Depreciation	$ 1,112
Westminster, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	68,293
Initial cost
Land	$ 1,740
Building and Improvements	5,142
Costs Subsequent to Acquisition	401
Gross Carrying Amount at year end
Land	1,743
Building and Improvements	3,932
Total	5,675
Accumulated Depreciation	$ 1,623
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	641
Gross Carrying Amount at year end
Land	1,343
Building and Improvements	2,726
Total	4,069
Accumulated Depreciation	$ 1,075
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	119
Gross Carrying Amount at year end
Land	1,281
Building and Improvements	9,077
Total	10,358
Accumulated Depreciation	$ 1,243
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	554
Gross Carrying Amount at year end
Land	771
Building and Improvements	1,751
Total	2,522
Accumulated Depreciation	$ 709
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	291
Gross Carrying Amount at year end
Land	656
Building and Improvements	2,457
Total	3,113
Accumulated Depreciation	$ 1,198
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	617
Gross Carrying Amount at year end
Land	646
Building and Improvements	2,880
Total	3,526
Accumulated Depreciation	$ 1,314
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	190
Gross Carrying Amount at year end
Land	1,430
Building and Improvements	7,211
Total	8,641
Accumulated Depreciation	$ 1,894
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	99
Gross Carrying Amount at year end
Land	1,828
Building and Improvements	12,208
Total	14,036
Accumulated Depreciation	$ 1,621
Federal Heights, CO
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	54,848
Initial cost
Land	$ 878
Building and Improvements	1,953
Costs Subsequent to Acquisition	359
Gross Carrying Amount at year end
Land	879
Building and Improvements	1,730
Total	2,609
Accumulated Depreciation	$ 714
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	633
Gross Carrying Amount at year end
Land	1,684
Building and Improvements	3,335
Total	5,019
Accumulated Depreciation	$ 1,375
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	435
Gross Carrying Amount at year end
Land	1,268
Building and Improvements	2,483
Total	3,751
Accumulated Depreciation	$ 991
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	609
Gross Carrying Amount at year end
Land	662
Building and Improvements	2,118
Total	2,780
Accumulated Depreciation	$ 823
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	2,439
Gross Carrying Amount at year end
Land	360
Building and Improvements	2,695
Total	3,055
Accumulated Depreciation	$ 1,413
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	1,731
Gross Carrying Amount at year end
Land	504
Building and Improvements	3,451
Total	3,955
Accumulated Depreciation	$ 1,964
Bristol, CT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	53,425
Initial cost
Land	$ 1,819
Building and Improvements	3,161
Costs Subsequent to Acquisition	445
Gross Carrying Amount at year end
Land	1,819
Building and Improvements	2,608
Total	4,427
Accumulated Depreciation	$ 978
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	579
Gross Carrying Amount at year end
Land	744
Building and Improvements	1,381
Total	2,125
Accumulated Depreciation	$ 648
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	512
Gross Carrying Amount at year end
Land	473
Building and Improvements	2,154
Total	2,627
Accumulated Depreciation	$ 1,074
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	1,690
Gross Carrying Amount at year end
Land	489
Building and Improvements	3,660
Total	4,149
Accumulated Depreciation	$ 2,178
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	569
Gross Carrying Amount at year end
Land	563
Building and Improvements	2,666
Total	3,229
Accumulated Depreciation	$ 1,253
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	451
Gross Carrying Amount at year end
Land	996
Building and Improvements	1,579
Total	2,575
Accumulated Depreciation	$ 642
Manchester III, CT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	60,103
Initial cost
Land	$ 671
Building and Improvements	3,308
Costs Subsequent to Acquisition	200
Gross Carrying Amount at year end
Land	671
Building and Improvements	3,508
Total	4,179
Accumulated Depreciation	$ 795
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	1,368
Gross Carrying Amount at year end
Land	274
Building and Improvements	1,914
Total	2,188
Accumulated Depreciation	$ 1,032
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	946
Gross Carrying Amount at year end
Land	2,004
Building and Improvements	3,089
Total	5,093
Accumulated Depreciation	$ 1,296
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	2,198
Gross Carrying Amount at year end
Land	410
Building and Improvements	3,068
Total	3,478
Accumulated Depreciation	$ 1,701
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	315
Gross Carrying Amount at year end
Land	1,059
Building and Improvements	1,547
Total	2,606
Accumulated Depreciation	$ 646
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	372
Gross Carrying Amount at year end
Land	911
Building and Improvements	1,412
Total	2,323
Accumulated Depreciation	$ 593
Norwalk I, CT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	30,166
Initial cost
Land	$ 646
Building and Improvements	3,187
Costs Subsequent to Acquisition	70
Gross Carrying Amount at year end
Land	646
Building and Improvements	3,241
Total	3,887
Accumulated Depreciation	$ 872
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	467
Gross Carrying Amount at year end
Land	1,171
Building and Improvements	15,889
Total	17,060
Accumulated Depreciation	$ 2,104
Old Saybrook I, CT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	86,975
Initial cost
Land	$ 3,092
Building and Improvements	5,374
Costs Subsequent to Acquisition	743
Gross Carrying Amount at year end
Land	3,092
Building and Improvements	4,228
Total	7,320
Accumulated Depreciation	$ 1,753
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	302
Gross Carrying Amount at year end
Land	1,135
Building and Improvements	1,579
Total	2,714
Accumulated Depreciation	$ 678
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	571
Gross Carrying Amount at year end
Land	1,613
Building and Improvements	8,519
Total	10,132
Accumulated Depreciation	$ 2,464
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	1,560
Gross Carrying Amount at year end
Land	272
Building and Improvements	2,281
Total	2,553
Accumulated Depreciation	$ 1,264
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	207
Gross Carrying Amount at year end
Land	1,941
Building and Improvements	2,471
Total	4,412
Accumulated Depreciation	$ 993
Wilton, CT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	84,526
Initial cost
Land	$ 2,409
Building and Improvements	12,261
Costs Subsequent to Acquisition	816
Gross Carrying Amount at year end
Land	2,421
Building and Improvements	13,137
Total	15,558
Accumulated Depreciation	$ 3,664
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	1,045
Gross Carrying Amount at year end
Land	894
Building and Improvements	11,079
Total	11,973
Accumulated Depreciation	$ 4,432
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	469
Gross Carrying Amount at year end
Land	3,154
Building and Improvements	12,305
Total	15,459
Accumulated Depreciation	$ 3,501
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	121
Gross Carrying Amount at year end
Land	4,469
Building and Improvements	15,559
Total	20,028
Accumulated Depreciation	$ 2,248
Washington IV, DC
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	71,948
Initial cost
Land	$ 6,359
Building and Improvements	20,417
Costs Subsequent to Acquisition	274
Gross Carrying Amount at year end
Land	6,369
Building and Improvements	20,681
Total	27,050
Accumulated Depreciation	$ 1,754
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	177
Gross Carrying Amount at year end
Land	13,917
Building and Improvements	18,938
Total	32,855
Accumulated Depreciation	$ 1,408
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	1,677
Gross Carrying Amount at year end
Land	813
Building and Improvements	3,621
Total	4,434
Accumulated Depreciation	$ 1,770
Boynton Beach I, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	61,765
Initial cost
Land	$ 667
Building and Improvements	3,796
Costs Subsequent to Acquisition	2,017
Gross Carrying Amount at year end
Land	958
Building and Improvements	4,472
Total	5,430
Accumulated Depreciation	$ 2,187
Boynton Beach II, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	61,484
Initial cost
Land	$ 1,030
Building and Improvements	2,968
Costs Subsequent to Acquisition	621
Gross Carrying Amount at year end
Land	1,030
Building and Improvements	2,864
Total	3,894
Accumulated Depreciation	$ 1,166
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	320
Gross Carrying Amount at year end
Land	1,225
Building and Improvements	6,358
Total	7,583
Accumulated Depreciation	$ 1,356
Boynton Beach IV, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	76,564
Initial cost
Land	$ 1,455
Building and Improvements	7,171
Costs Subsequent to Acquisition	179
Gross Carrying Amount at year end
Land	1,455
Building and Improvements	7,351
Total	8,806
Accumulated Depreciation	$ 1,287
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	458
Gross Carrying Amount at year end
Land	1,170
Building and Improvements	2,962
Total	4,132
Accumulated Depreciation	$ 1,196
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	1,212
Gross Carrying Amount at year end
Land	1,931
Building and Improvements	5,094
Total	7,025
Accumulated Depreciation	$ 2,189
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	2,650
Gross Carrying Amount at year end
Land	830
Building and Improvements	4,079
Total	4,909
Accumulated Depreciation	$ 2,366
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	115
Gross Carrying Amount at year end
Land	1,093
Building and Improvements	5,502
Total	6,595
Accumulated Depreciation	$ 1,086
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	205
Gross Carrying Amount at year end
Land	1,189
Building and Improvements	6,031
Total	7,220
Accumulated Depreciation	$ 1,597
Coconut Creek II, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	90,137
Initial cost
Land	$ 1,937
Building and Improvements	9,549
Costs Subsequent to Acquisition	214
Gross Carrying Amount at year end
Land	1,937
Building and Improvements	9,764
Total	11,701
Accumulated Depreciation	$ 2,173
Dania Beach, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	180,776
Initial cost
Land	$ 3,584
Building and Improvements	10,324
Costs Subsequent to Acquisition	1,827
Gross Carrying Amount at year end
Land	3,584
Building and Improvements	9,589
Total	13,173
Accumulated Depreciation	$ 4,123
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	1,775
Gross Carrying Amount at year end
Land	481
Building and Improvements	3,143
Total	3,624
Accumulated Depreciation	$ 1,758
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	1,372
Gross Carrying Amount at year end
Land	1,373
Building and Improvements	6,263
Total	7,636
Accumulated Depreciation	$ 2,905
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	2,047
Gross Carrying Amount at year end
Land	1,311
Building and Improvements	4,529
Total	5,840
Accumulated Depreciation	$ 2,453
Delray Beach I, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	67,545
Initial cost
Land	$ 798
Building and Improvements	4,539
Costs Subsequent to Acquisition	855
Gross Carrying Amount at year end
Land	883
Building and Improvements	4,105
Total	4,988
Accumulated Depreciation	$ 2,060
Delray Beach II, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	75,788
Initial cost
Land	$ 957
Building and Improvements	4,718
Costs Subsequent to Acquisition	284
Gross Carrying Amount at year end
Land	957
Building and Improvements	4,996
Total	5,953
Accumulated Depreciation	$ 1,242
Delray Beach III, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	94,210
Initial cost
Land	$ 2,086
Building and Improvements	10,286
Costs Subsequent to Acquisition	190
Gross Carrying Amount at year end
Land	2,086
Building and Improvements	10,477
Total	12,563
Accumulated Depreciation	$ 2,198
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	37
Gross Carrying Amount at year end
Land	2,208
Building and Improvements	14,421
Total	16,629
Accumulated Depreciation	$ 1,346
Edgewater, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	98,375
Initial cost
Land	$ 1,362
Building and Improvements	12,251
Costs Subsequent to Acquisition	1
Gross Carrying Amount at year end
Land	1,362
Building and Improvements	12,252
Total	$ 13,614
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	2,641
Gross Carrying Amount at year end
Land	1,384
Building and Improvements	5,597
Total	6,981
Accumulated Depreciation	$ 2,964
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	112
Gross Carrying Amount at year end
Land	862
Building and Improvements	4,364
Total	5,226
Accumulated Depreciation	$ 985
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	1,012
Gross Carrying Amount at year end
Land	328
Building and Improvements	3,338
Total	3,666
Accumulated Depreciation	$ 1,840
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	189
Gross Carrying Amount at year end
Land	1,030
Building and Improvements	5,269
Total	6,299
Accumulated Depreciation	$ 1,117
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	241
Gross Carrying Amount at year end
Land	1,148
Building and Improvements	5,899
Total	7,047
Accumulated Depreciation	$ 1,238
Ft. Myers IV, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	70,051
Initial cost
Land	$ 992
Building and Improvements	8,287
Costs Subsequent to Acquisition	168
Gross Carrying Amount at year end
Land	992
Building and Improvements	8,455
Total	9,447
Accumulated Depreciation	$ 394
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	129
Gross Carrying Amount at year end
Land	950
Building and Improvements	7,892
Total	8,842
Accumulated Depreciation	$ 366
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	216
Gross Carrying Amount at year end
Land	1,862
Building and Improvements	4,399
Total	6,261
Accumulated Depreciation	$ 1,698
Jacksonville II, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	65,129
Initial cost
Land	$ 950
Building and Improvements	7,004
Costs Subsequent to Acquisition	228
Gross Carrying Amount at year end
Land	950
Building and Improvements	5,675
Total	6,625
Accumulated Depreciation	$ 2,372
Jacksonville III, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	65,780
Initial cost
Land	$ 860
Building and Improvements	7,409
Costs Subsequent to Acquisition	1,081
Gross Carrying Amount at year end
Land	1,670
Building and Improvements	6,078
Total	7,748
Accumulated Depreciation	$ 2,538
Jacksonville IV, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	95,605
Initial cost
Land	$ 870
Building and Improvements	8,049
Costs Subsequent to Acquisition	1,238
Gross Carrying Amount at year end
Land	1,651
Building and Improvements	7,204
Total	8,855
Accumulated Depreciation	$ 2,995
Jacksonville V, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	82,593
Initial cost
Land	$ 1,220
Building and Improvements	8,210
Costs Subsequent to Acquisition	493
Gross Carrying Amount at year end
Land	1,220
Building and Improvements	6,958
Total	8,178
Accumulated Depreciation	$ 2,904
Jacksonville VI, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	70,795
Initial cost
Land	$ 755
Building and Improvements	3,725
Costs Subsequent to Acquisition	170
Gross Carrying Amount at year end
Land	755
Building and Improvements	3,894
Total	4,649
Accumulated Depreciation	$ 777
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	497
Gross Carrying Amount at year end
Land	2,350
Building and Improvements	6,830
Total	9,180
Accumulated Depreciation	$ 2,851
Lake Worth I, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	158,754
Initial cost
Land	$ 183
Building and Improvements	6,597
Costs Subsequent to Acquisition	7,838
Gross Carrying Amount at year end
Land	354
Building and Improvements	11,180
Total	11,534
Accumulated Depreciation	$ 5,963
Lake Worth II, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	86,884
Initial cost
Land	$ 1,552
Building and Improvements	7,654
Costs Subsequent to Acquisition	210
Gross Carrying Amount at year end
Land	1,552
Building and Improvements	7,863
Total	9,415
Accumulated Depreciation	$ 1,693
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	249
Gross Carrying Amount at year end
Land	957
Building and Improvements	4,966
Total	5,923
Accumulated Depreciation	$ 930
Lakeland, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	53,629
Initial cost
Land	$ 81
Building and Improvements	896
Costs Subsequent to Acquisition	1,542
Gross Carrying Amount at year end
Land	256
Building and Improvements	1,846
Total	2,102
Accumulated Depreciation	$ 922
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	277
Gross Carrying Amount at year end
Land	409
Building and Improvements	2,283
Total	2,692
Accumulated Depreciation	$ 609
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	463
Gross Carrying Amount at year end
Land	901
Building and Improvements	2,323
Total	3,224
Accumulated Depreciation	$ 939
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	440
Gross Carrying Amount at year end
Land	992
Building and Improvements	2,546
Total	3,538
Accumulated Depreciation	$ 1,072
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	2,385
Gross Carrying Amount at year end
Land	399
Building and Improvements	3,466
Total	3,865
Accumulated Depreciation	$ 1,995
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	2,215
Gross Carrying Amount at year end
Land	383
Building and Improvements	3,052
Total	3,435
Accumulated Depreciation	$ 1,569
Merritt Island, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	66,996
Initial cost
Land	$ 2,450
Building and Improvements	4,762
Costs Subsequent to Acquisition	722
Gross Carrying Amount at year end
Land	2,575
Building and Improvements	4,522
Total	7,097
Accumulated Depreciation	$ 1,287
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	1,934
Gross Carrying Amount at year end
Land	484
Building and Improvements	2,918
Total	3,402
Accumulated Depreciation	$ 1,631
Miami II, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	66,860
Initial cost
Land	$ 253
Building and Improvements	2,544
Costs Subsequent to Acquisition	1,965
Gross Carrying Amount at year end
Land	561
Building and Improvements	3,670
Total	4,231
Accumulated Depreciation	$ 2,002
Miami III, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	151,420
Initial cost
Land	$ 4,577
Building and Improvements	13,185
Costs Subsequent to Acquisition	1,017
Gross Carrying Amount at year end
Land	4,577
Building and Improvements	11,155
Total	15,732
Accumulated Depreciation	$ 4,485
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	1,051
Gross Carrying Amount at year end
Land	1,963
Building and Improvements	9,983
Total	11,946
Accumulated Depreciation	$ 3,100
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	190
Gross Carrying Amount at year end
Land	1,206
Building and Improvements	6,132
Total	7,338
Accumulated Depreciation	$ 1,475
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	2,788
Gross Carrying Amount at year end
Land	270
Building and Improvements	3,252
Total	3,522
Accumulated Depreciation	$ 1,778
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	4,425
Gross Carrying Amount at year end
Land	558
Building and Improvements	5,377
Total	5,935
Accumulated Depreciation	$ 3,006
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	4,319
Gross Carrying Amount at year end
Land	598
Building and Improvements	4,233
Total	4,831
Accumulated Depreciation	$ 2,387
Naples IV, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	40,725
Initial cost
Land	$ 262
Building and Improvements	2,980
Costs Subsequent to Acquisition	701
Gross Carrying Amount at year end
Land	407
Building and Improvements	3,084
Total	3,491
Accumulated Depreciation	$ 1,750
New Smyrna Beach, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	87,504
Initial cost
Land	$ 1,261
Building and Improvements	6,215
Costs Subsequent to Acquisition	350
Gross Carrying Amount at year end
Land	1,261
Building and Improvements	6,564
Total	7,825
Accumulated Depreciation	$ 1,290
New Smyrna Beach II, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	109,355
Initial cost
Land	$ 1,514
Building and Improvements	11,869
Costs Subsequent to Acquisition	1
Gross Carrying Amount at year end
Land	1,514
Building and Improvements	11,870
Total	$ 13,384
North Palm Beach, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	45,800
Initial cost
Land	$ 1,374
Building and Improvements	7,649
Costs Subsequent to Acquisition	63
Gross Carrying Amount at year end
Land	1,374
Building and Improvements	7,712
Total	9,086
Accumulated Depreciation	$ 1,011
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	59
Gross Carrying Amount at year end
Land	3,007
Building and Improvements	10,204
Total	13,211
Accumulated Depreciation	$ 900
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	344
Gross Carrying Amount at year end
Land	1,286
Building and Improvements	3,188
Total	4,474
Accumulated Depreciation	$ 1,256
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	366
Gross Carrying Amount at year end
Land	1,191
Building and Improvements	2,786
Total	3,977
Accumulated Depreciation	$ 1,168
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	263
Gross Carrying Amount at year end
Land	1,589
Building and Improvements	3,776
Total	5,365
Accumulated Depreciation	$ 1,521
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	975
Gross Carrying Amount at year end
Land	1,209
Building and Improvements	7,355
Total	8,564
Accumulated Depreciation	$ 3,130
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	207
Gross Carrying Amount at year end
Land	633
Building and Improvements	3,290
Total	3,923
Accumulated Depreciation	$ 1,064
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	149
Gross Carrying Amount at year end
Land	950
Building and Improvements	4,780
Total	5,730
Accumulated Depreciation	$ 1,234
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	176
Gross Carrying Amount at year end
Land	640
Building and Improvements	3,330
Total	3,970
Accumulated Depreciation	$ 674
Orlando VII, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	78,610
Initial cost
Land	$ 896
Building and Improvements	9,142
Costs Subsequent to Acquisition	211
Gross Carrying Amount at year end
Land	896
Building and Improvements	9,353
Total	10,249
Accumulated Depreciation	$ 287
Orlando VIII, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	126,225
Initial cost
Land	$ 2,208
Building and Improvements	12,685
Costs Subsequent to Acquisition	1
Gross Carrying Amount at year end
Land	2,208
Building and Improvements	12,686
Total	$ 14,894
Oviedo, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	49,236
Initial cost
Land	$ 440
Building and Improvements	2,824
Costs Subsequent to Acquisition	667
Gross Carrying Amount at year end
Land	440
Building and Improvements	2,814
Total	3,254
Accumulated Depreciation	$ 1,251
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	136
Gross Carrying Amount at year end
Land	555
Building and Improvements	2,871
Total	3,426
Accumulated Depreciation	$ 659
Palm Coast II, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	128,690
Initial cost
Land	$ 1,511
Building and Improvements	7,450
Costs Subsequent to Acquisition	455
Gross Carrying Amount at year end
Land	1,511
Building and Improvements	7,906
Total	9,417
Accumulated Depreciation	$ 1,797
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	420
Gross Carrying Amount at year end
Land	2,387
Building and Improvements	16,668
Total	19,055
Accumulated Depreciation	$ 2,143
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	3,019
Gross Carrying Amount at year end
Land	953
Building and Improvements	5,615
Total	6,568
Accumulated Depreciation	$ 3,111
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	349
Gross Carrying Amount at year end
Land	1,640
Building and Improvements	7,294
Total	8,934
Accumulated Depreciation	$ 3,074
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	245
Gross Carrying Amount at year end
Land	453
Building and Improvements	2,588
Total	3,041
Accumulated Depreciation	$ 1,092
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	255
Gross Carrying Amount at year end
Land	1,003
Building and Improvements	5,198
Total	6,201
Accumulated Depreciation	$ 1,054
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	1,527
Gross Carrying Amount at year end
Land	529
Building and Improvements	3,964
Total	4,493
Accumulated Depreciation	$ 2,102
St. Augustine, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	59,720
Initial cost
Land	$ 135
Building and Improvements	1,515
Costs Subsequent to Acquisition	3,564
Gross Carrying Amount at year end
Land	383
Building and Improvements	4,469
Total	4,852
Accumulated Depreciation	$ 2,532
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	467
Gross Carrying Amount at year end
Land	2,721
Building and Improvements	10,640
Total	13,361
Accumulated Depreciation	$ 1,418
Stuart, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	87,456
Initial cost
Land	$ 324
Building and Improvements	3,625
Costs Subsequent to Acquisition	3,317
Gross Carrying Amount at year end
Land	685
Building and Improvements	5,943
Total	6,628
Accumulated Depreciation	$ 3,364
SW Ranches, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	65,042
Initial cost
Land	$ 1,390
Building and Improvements	7,598
Costs Subsequent to Acquisition	309
Gross Carrying Amount at year end
Land	1,390
Building and Improvements	6,043
Total	7,433
Accumulated Depreciation	$ 2,532
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	311
Gross Carrying Amount at year end
Land	2,670
Building and Improvements	5,207
Total	7,877
Accumulated Depreciation	$ 2,178
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	290
Gross Carrying Amount at year end
Land	2,291
Building and Improvements	10,552
Total	12,843
Accumulated Depreciation	$ 1,363
Tampa III, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	40,125
Initial cost
Land	$ 989
Building and Improvements	7,997
Gross Carrying Amount at year end
Land	988
Building and Improvements	7,998
Total	$ 8,986
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	1,905
Gross Carrying Amount at year end
Land	835
Building and Improvements	4,069
Total	4,904
Accumulated Depreciation	$ 1,954
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	606
Gross Carrying Amount at year end
Land	2,129
Building and Improvements	7,121
Total	9,250
Accumulated Depreciation	$ 3,014
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	148
Gross Carrying Amount at year end
Land	804
Building and Improvements	4,106
Total	4,910
Accumulated Depreciation	$ 1,054
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	362
Gross Carrying Amount at year end
Land	1,499
Building and Improvements	7,753
Total	9,252
Accumulated Depreciation	$ 1,663
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	192
Gross Carrying Amount at year end
Land	866
Building and Improvements	4,459
Total	5,325
Accumulated Depreciation	$ 888
Winter Park II, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	95,938
Initial cost
Land	$ 1,897
Building and Improvements	9,286
Costs Subsequent to Acquisition	176
Gross Carrying Amount at year end
Land	1,897
Building and Improvements	9,462
Total	11,359
Accumulated Depreciation	$ 298
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
Costs Subsequent to Acquisition	163
Gross Carrying Amount at year end
Land	1,248
Building and Improvements	7,422
Total	8,670
Accumulated Depreciation	$ 231
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	1,117
Gross Carrying Amount at year end
Land	917
Building and Improvements	4,126
Total	5,043
Accumulated Depreciation	$ 1,956
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	145
Gross Carrying Amount at year end
Land	822
Building and Improvements	4,182
Total	5,004
Accumulated Depreciation	$ 1,103
Atlanta II, GA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	81,565
Initial cost
Land	$ 1,890
Building and Improvements	11,579
Costs Subsequent to Acquisition	10
Gross Carrying Amount at year end
Land	1,890
Building and Improvements	11,589
Total	13,479
Accumulated Depreciation	$ 492
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	476
Gross Carrying Amount at year end
Land	1,643
Building and Improvements	4,531
Total	6,174
Accumulated Depreciation	$ 1,943
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	586
Gross Carrying Amount at year end
Land	616
Building and Improvements	6,347
Total	6,963
Accumulated Depreciation	$ 3,699
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	652
Gross Carrying Amount at year end
Land	373
Building and Improvements	2,370
Total	2,743
Accumulated Depreciation	$ 607
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	552
Gross Carrying Amount at year end
Land	546
Building and Improvements	3,024
Total	3,570
Accumulated Depreciation	$ 912
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	469
Gross Carrying Amount at year end
Land	719
Building and Improvements	6,049
Total	6,768
Accumulated Depreciation	$ 970
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	1,108
Gross Carrying Amount at year end
Land	632
Building and Improvements	3,104
Total	3,736
Accumulated Depreciation	$ 1,448
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	256
Gross Carrying Amount at year end
Land	366
Building and Improvements	1,989
Total	2,355
Accumulated Depreciation	$ 617
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	109
Gross Carrying Amount at year end
Land	938
Building and Improvements	4,733
Total	5,671
Accumulated Depreciation	$ 1,335
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	149
Gross Carrying Amount at year end
Land	576
Building and Improvements	2,979
Total	3,555
Accumulated Depreciation	$ 795
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	60
Gross Carrying Amount at year end
Land	881
Building and Improvements	3,143
Total	4,024
Accumulated Depreciation	$ 152
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	826
Gross Carrying Amount at year end
Land	529
Building and Improvements	2,572
Total	3,101
Accumulated Depreciation	$ 1,233
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	184
Gross Carrying Amount at year end
Land	398
Building and Improvements	2,144
Total	2,542
Accumulated Depreciation	$ 575
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	375
Gross Carrying Amount at year end
Land	750
Building and Improvements	3,520
Total	4,270
Accumulated Depreciation	$ 1,700
Snellville, GA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	80,050
Initial cost
Land	$ 1,660
Building and Improvements	4,781
Costs Subsequent to Acquisition	437
Gross Carrying Amount at year end
Land	1,660
Building and Improvements	4,554
Total	6,214
Accumulated Depreciation	$ 1,923
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	385
Gross Carrying Amount at year end
Land	1,737
Building and Improvements	4,677
Total	6,414
Accumulated Depreciation	$ 1,971
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	165
Gross Carrying Amount at year end
Land	622
Building and Improvements	5,888
Total	6,510
Accumulated Depreciation	$ 2,457
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	185
Gross Carrying Amount at year end
Land	757
Building and Improvements	5,801
Total	6,558
Accumulated Depreciation	$ 961
Addison, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	31,575
Initial cost
Land	$ 428
Building and Improvements	3,531
Costs Subsequent to Acquisition	626
Gross Carrying Amount at year end
Land	428
Building and Improvements	3,326
Total	3,754
Accumulated Depreciation	$ 1,388
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	308
Gross Carrying Amount at year end
Land	644
Building and Improvements	3,101
Total	3,745
Accumulated Depreciation	$ 1,280
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	445
Gross Carrying Amount at year end
Land	931
Building and Improvements	2,303
Total	3,234
Accumulated Depreciation	$ 943
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	1,197
Gross Carrying Amount at year end
Land	1,012
Building and Improvements	5,219
Total	6,231
Accumulated Depreciation	$ 2,469
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	147
Gross Carrying Amount at year end
Land	633
Building and Improvements	3,267
Total	3,900
Accumulated Depreciation	$ 602
Bolingbrook, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	83,315
Initial cost
Land	$ 1,675
Building and Improvements	8,254
Costs Subsequent to Acquisition	219
Gross Carrying Amount at year end
Land	1,675
Building and Improvements	8,473
Total	10,148
Accumulated Depreciation	$ 1,695
Chicago I, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	95,942
Initial cost
Land	$ 2,667
Building and Improvements	13,118
Costs Subsequent to Acquisition	1,079
Gross Carrying Amount at year end
Land	2,667
Building and Improvements	14,197
Total	16,864
Accumulated Depreciation	$ 2,923
Chicago II, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	79,815
Initial cost
Land	$ 833
Building and Improvements	4,035
Costs Subsequent to Acquisition	109
Gross Carrying Amount at year end
Land	833
Building and Improvements	4,145
Total	4,978
Accumulated Depreciation	$ 820
Chicago III, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	84,825
Initial cost
Land	$ 2,427
Building and Improvements	11,962
Costs Subsequent to Acquisition	862
Gross Carrying Amount at year end
Land	2,427
Building and Improvements	12,823
Total	15,250
Accumulated Depreciation	$ 2,647
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	160
Gross Carrying Amount at year end
Land	1,296
Building and Improvements	6,545
Total	7,841
Accumulated Depreciation	$ 1,203
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	147
Gross Carrying Amount at year end
Land	1,044
Building and Improvements	5,290
Total	6,334
Accumulated Depreciation	$ 967
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	80
Gross Carrying Amount at year end
Land	1,596
Building and Improvements	9,615
Total	11,211
Accumulated Depreciation	$ 1,361
Chicago VII, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	89,904
Initial cost
Building and Improvements	$ 11,191
Costs Subsequent to Acquisition	354
Gross Carrying Amount at year end
Building and Improvements	11,545
Total	11,545
Accumulated Depreciation	$ 1,103
Countryside, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	97,648
Initial cost
Land	$ 2,607
Building and Improvements	12,684
Costs Subsequent to Acquisition	643
Gross Carrying Amount at year end
Land	2,607
Building and Improvements	13,328
Total	15,935
Accumulated Depreciation	$ 2,583
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	893
Gross Carrying Amount at year end
Land	1,564
Building and Improvements	4,179
Total	5,743
Accumulated Depreciation	$ 1,761
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	347
Gross Carrying Amount at year end
Land	1,498
Building and Improvements	13,500
Total	14,998
Accumulated Depreciation	$ 1,909
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	332
Gross Carrying Amount at year end
Land	1,446
Building and Improvements	2,926
Total	4,372
Accumulated Depreciation	$ 1,235
Evanston, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	57,740
Initial cost
Land	$ 1,103
Building and Improvements	5,440
Costs Subsequent to Acquisition	537
Gross Carrying Amount at year end
Land	1,103
Building and Improvements	5,976
Total	7,079
Accumulated Depreciation	$ 1,430
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	626
Gross Carrying Amount at year end
Land	3,740
Building and Improvements	8,560
Total	12,300
Accumulated Depreciation	$ 3,582
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	107
Gross Carrying Amount at year end
Land	725
Building and Improvements	3,251
Total	3,976
Accumulated Depreciation	$ 223
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	455
Gross Carrying Amount at year end
Land	1,521
Building and Improvements	4,548
Total	6,069
Accumulated Depreciation	$ 1,878
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	413
Gross Carrying Amount at year end
Land	1,126
Building and Improvements	2,038
Total	3,164
Accumulated Depreciation	$ 850
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	616
Gross Carrying Amount at year end
Land	869
Building and Improvements	3,348
Total	4,217
Accumulated Depreciation	$ 1,318
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	329
Gross Carrying Amount at year end
Land	547
Building and Improvements	3,937
Total	4,484
Accumulated Depreciation	$ 1,649
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	4,607
Gross Carrying Amount at year end
Land	1,997
Building and Improvements	6,374
Total	8,371
Accumulated Depreciation	$ 1,465
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	1,078
Gross Carrying Amount at year end
Land	1,305
Building and Improvements	3,891
Total	5,196
Accumulated Depreciation	$ 1,602
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	84
Gross Carrying Amount at year end
Land	749
Building and Improvements	3,773
Total	4,522
Accumulated Depreciation	$ 691
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	679
Gross Carrying Amount at year end
Land	1,701
Building and Improvements	3,047
Total	4,748
Accumulated Depreciation	$ 1,299
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	551
Gross Carrying Amount at year end
Land	1,498
Building and Improvements	2,658
Total	4,156
Accumulated Depreciation	$ 1,074
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	880
Gross Carrying Amount at year end
Land	1,073
Building and Improvements	3,107
Total	4,180
Accumulated Depreciation	$ 1,203
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	377
Gross Carrying Amount at year end
Land	1,740
Building and Improvements	1,638
Total	3,378
Accumulated Depreciation	$ 679
Plainfield II, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	52,100
Initial cost
Land	$ 694
Building and Improvements	2,000
Costs Subsequent to Acquisition	349
Gross Carrying Amount at year end
Land	694
Building and Improvements	1,832
Total	2,526
Accumulated Depreciation	$ 713
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	97
Gross Carrying Amount at year end
Land	1,585
Building and Improvements	7,923
Total	9,508
Accumulated Depreciation	$ 1,021
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	342
Gross Carrying Amount at year end
Land	538
Building and Improvements	783
Total	1,321
Accumulated Depreciation	$ 309
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	629
Gross Carrying Amount at year end
Land	1,447
Building and Improvements	1,822
Total	3,269
Accumulated Depreciation	$ 759
Warrenville, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	48,326
Initial cost
Land	$ 1,066
Building and Improvements	3,072
Costs Subsequent to Acquisition	567
Gross Carrying Amount at year end
Land	1,066
Building and Improvements	2,922
Total	3,988
Accumulated Depreciation	$ 1,153
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	690
Gross Carrying Amount at year end
Land	1,198
Building and Improvements	3,988
Total	5,186
Accumulated Depreciation	$ 1,686
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	597
Gross Carrying Amount at year end
Land	1,071
Building and Improvements	2,242
Total	3,313
Accumulated Depreciation	$ 916
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	345
Gross Carrying Amount at year end
Land	1,155
Building and Improvements	3,319
Total	4,474
Accumulated Depreciation	$ 1,384
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	584
Gross Carrying Amount at year end
Land	857
Building and Improvements	2,977
Total	3,834
Accumulated Depreciation	$ 1,227
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	655
Gross Carrying Amount at year end
Land	793
Building and Improvements	3,476
Total	4,269
Accumulated Depreciation	$ 1,440
Woodridge, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	50,252
Initial cost
Land	$ 943
Building and Improvements	3,397
Costs Subsequent to Acquisition	422
Gross Carrying Amount at year end
Land	943
Building and Improvements	3,027
Total	3,970
Accumulated Depreciation	$ 1,235
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	85
Gross Carrying Amount at year end
Land	1,134
Building and Improvements	5,674
Total	6,808
Accumulated Depreciation	$ 1,193
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	295
Gross Carrying Amount at year end
Land	538
Building and Improvements	2,912
Total	3,450
Accumulated Depreciation	$ 947
Boston II, MA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	59,920
Initial cost
Land	$ 1,516
Building and Improvements	8,628
Costs Subsequent to Acquisition	952
Gross Carrying Amount at year end
Land	1,516
Building and Improvements	7,118
Total	8,634
Accumulated Depreciation	$ 3,214
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	835
Gross Carrying Amount at year end
Land	3,211
Building and Improvements	16,664
Total	19,875
Accumulated Depreciation	$ 3,346
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	1,270
Gross Carrying Amount at year end
Land	577
Building and Improvements	5,664
Total	6,241
Accumulated Depreciation	$ 940
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	26
Gross Carrying Amount at year end
Land	1,900
Building and Improvements	3,546
Total	5,446
Accumulated Depreciation	$ 179
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	15
Gross Carrying Amount at year end
Land	1,039
Building and Improvements	4,763
Total	5,802
Accumulated Depreciation	$ 207
Fall River, MA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	75,900
Initial cost
Land	$ 1,794
Building and Improvements	11,684
Costs Subsequent to Acquisition	102
Gross Carrying Amount at year end
Land	1,794
Building and Improvements	11,786
Total	13,580
Accumulated Depreciation	$ 506
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	18
Gross Carrying Amount at year end
Land	2,034
Building and Improvements	5,722
Total	7,756
Accumulated Depreciation	$ 271
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	244
Gross Carrying Amount at year end
Land	669
Building and Improvements	6,854
Total	7,523
Accumulated Depreciation	$ 1,113
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	77
Gross Carrying Amount at year end
Land	1,688
Building and Improvements	8,110
Total	9,798
Accumulated Depreciation	$ 374
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	286
Gross Carrying Amount at year end
Land	585
Building and Improvements	5,023
Total	5,608
Accumulated Depreciation	$ 843
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	2,701
Gross Carrying Amount at year end
Land	338
Building and Improvements	3,572
Total	3,910
Accumulated Depreciation	$ 1,893
Medford, MA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	58,705
Initial cost
Land	$ 1,330
Building and Improvements	7,165
Costs Subsequent to Acquisition	359
Gross Carrying Amount at year end
Land	1,330
Building and Improvements	6,032
Total	7,362
Accumulated Depreciation	$ 2,379
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	7
Gross Carrying Amount at year end
Land	1,222
Building and Improvements	6,645
Total	7,867
Accumulated Depreciation	$ 296
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	47
Gross Carrying Amount at year end
Land	1,653
Building and Improvements	9,997
Total	11,650
Accumulated Depreciation	$ 425
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	324
Gross Carrying Amount at year end
Land	1,558
Building and Improvements	8,003
Total	9,561
Accumulated Depreciation	$ 1,952
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	289
Gross Carrying Amount at year end
Land	1,537
Building and Improvements	7,867
Total	9,404
Accumulated Depreciation	$ 1,686
Walpole, MA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	75,040
Initial cost
Land	$ 634
Building and Improvements	13,069
Costs Subsequent to Acquisition	583
Gross Carrying Amount at year end
Land	634
Building and Improvements	13,652
Total	14,286
Accumulated Depreciation	$ 1,763
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
Costs Subsequent to Acquisition	4
Gross Carrying Amount at year end
Land	2,683
Building and Improvements	14,495
Total	17,178
Accumulated Depreciation	$ 746
Annapolis I, MD
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	92,302
Encumbrances	$ 5,283
Initial cost
Land	2,643
Building and Improvements	13,938
Costs Subsequent to Acquisition	132
Gross Carrying Amount at year end
Land	2,643
Building and Improvements	14,070
Total	16,713
Accumulated Depreciation	$ 1,504
Annapolis II, MD
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	78,331
Initial cost
Land	$ 2,425
Building and Improvements	17,890
Costs Subsequent to Acquisition	55
Gross Carrying Amount at year end
Land	2,425
Building and Improvements	17,945
Total	20,370
Accumulated Depreciation	$ 942
Baltimore, MD
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	96,550
Initial cost
Land	$ 1,050
Building and Improvements	5,997
Costs Subsequent to Acquisition	1,753
Gross Carrying Amount at year end
Land	1,173
Building and Improvements	5,576
Total	6,749
Accumulated Depreciation	$ 2,591
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	183
Gross Carrying Amount at year end
Land	1,268
Building and Improvements	6,471
Total	7,739
Accumulated Depreciation	$ 1,551
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	389
Gross Carrying Amount at year end
Land	1,486
Building and Improvements	3,659
Total	5,145
Accumulated Depreciation	$ 1,507
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	72
Gross Carrying Amount at year end
Land	2,704
Building and Improvements	13,405
Total	16,109
Accumulated Depreciation	$ 2,311
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	172
Gross Carrying Amount at year end
Land	2,182
Building and Improvements	10,925
Total	13,107
Accumulated Depreciation	$ 2,473
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	670
Gross Carrying Amount at year end
Land	1,527
Building and Improvements	7,802
Total	9,329
Accumulated Depreciation	$ 2,306
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	255
Gross Carrying Amount at year end
Land	1,120
Building and Improvements	5,986
Total	7,106
Accumulated Depreciation	$ 1,395
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	642
Gross Carrying Amount at year end
Land	3,124
Building and Improvements	7,533
Total	10,657
Accumulated Depreciation	$ 3,109
Gaithersburg II, MD
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	74,050
Initial cost
Land	$ 2,383
Building and Improvements	11,750
Costs Subsequent to Acquisition	98
Gross Carrying Amount at year end
Land	2,383
Building and Improvements	11,848
Total	14,231
Accumulated Depreciation	$ 2,057
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	159
Gross Carrying Amount at year end
Land	1,113
Building and Improvements	5,621
Total	6,734
Accumulated Depreciation	$ 1,348
Jessup, MD
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	83,908
Initial cost
Land	$ 2,399
Building and Improvements	13,541
Costs Subsequent to Acquisition	66
Gross Carrying Amount at year end
Land	2,399
Building and Improvements	13,607
Total	16,006
Accumulated Depreciation	$ 273
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	4,456
Gross Carrying Amount at year end
Land	1,928
Building and Improvements	9,516
Total	11,444
Accumulated Depreciation	$ 4,348
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	2,759
Gross Carrying Amount at year end
Land	1,800
Building and Improvements	8,990
Total	10,790
Accumulated Depreciation	$ 4,294
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	100
Gross Carrying Amount at year end
Land	2,229
Building and Improvements	11,089
Total	13,318
Accumulated Depreciation	$ 2,442
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	274
Gross Carrying Amount at year end
Land	2,269
Building and Improvements	11,458
Total	13,727
Accumulated Depreciation	$ 2,542
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	163
Gross Carrying Amount at year end
Land	1,309
Building and Improvements	6,598
Total	7,907
Accumulated Depreciation	$ 1,596
Bloomington, MN
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	101,028
Initial cost
Land	$ 1,598
Building and Improvements	12,298
Costs Subsequent to Acquisition	374
Gross Carrying Amount at year end
Land	1,598
Building and Improvements	12,672
Total	14,270
Accumulated Depreciation	$ 1,526
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	1,086
Gross Carrying Amount at year end
Land	451
Building and Improvements	2,461
Total	2,912
Accumulated Depreciation	$ 1,176
Burlington I, NC
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	109,170
Initial cost
Land	$ 498
Building and Improvements	2,837
Costs Subsequent to Acquisition	959
Gross Carrying Amount at year end
Land	498
Building and Improvements	2,978
Total	3,476
Accumulated Depreciation	$ 1,542
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	600
Gross Carrying Amount at year end
Land	340
Building and Improvements	1,882
Total	2,222
Accumulated Depreciation	$ 883
Cary, NC
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	111,650
Initial cost
Land	$ 543
Building and Improvements	3,097
Costs Subsequent to Acquisition	1,003
Gross Carrying Amount at year end
Land	543
Building and Improvements	3,394
Total	3,937
Accumulated Depreciation	$ 1,698
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	1,788
Gross Carrying Amount at year end
Land	1,068
Building and Improvements	4,761
Total	5,829
Accumulated Depreciation	$ 2,130
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	78
Gross Carrying Amount at year end
Land	821
Building and Improvements	8,842
Total	9,663
Accumulated Depreciation	$ 1,018
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	98
Gross Carrying Amount at year end
Land	1,974
Building and Improvements	8,309
Total	10,283
Accumulated Depreciation	$ 596
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	6
Gross Carrying Amount at year end
Land	721
Building and Improvements	1,431
Total	2,152
Accumulated Depreciation	$ 80
Cornelius, NC
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	59,546
Initial cost
Land	$ 2,424
Building and Improvements	4,991
Costs Subsequent to Acquisition	1,133
Gross Carrying Amount at year end
Land	2,424
Building and Improvements	6,124
Total	8,548
Accumulated Depreciation	$ 1,008
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	212
Gross Carrying Amount at year end
Land	2,490
Building and Improvements	9,380
Total	11,870
Accumulated Depreciation	$ 1,538
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	483
Gross Carrying Amount at year end
Land	296
Building and Improvements	2,402
Total	2,698
Accumulated Depreciation	$ 1,329
Bayonne, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	96,938
Initial cost
Building and Improvements	$ 23,007
Costs Subsequent to Acquisition	11
Gross Carrying Amount at year end
Building and Improvements	23,018
Total	23,018
Accumulated Depreciation	$ 1,564
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	204
Gross Carrying Amount at year end
Land	457
Building and Improvements	2,445
Total	2,902
Accumulated Depreciation	$ 639
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	1,769
Gross Carrying Amount at year end
Land	485
Building and Improvements	3,681
Total	4,166
Accumulated Depreciation	$ 2,062
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	254
Gross Carrying Amount at year end
Land	222
Building and Improvements	1,291
Total	1,513
Accumulated Depreciation	$ 402
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	351
Gross Carrying Amount at year end
Land	471
Building and Improvements	2,637
Total	3,108
Accumulated Depreciation	$ 675
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	821
Gross Carrying Amount at year end
Land	4,340
Building and Improvements	10,494
Total	14,834
Accumulated Depreciation	$ 4,050
Cranford, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	90,656
Initial cost
Land	$ 290
Building and Improvements	3,493
Costs Subsequent to Acquisition	3,004
Gross Carrying Amount at year end
Land	779
Building and Improvements	5,301
Total	6,080
Accumulated Depreciation	$ 2,911
East Hanover, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	107,704
Initial cost
Land	$ 504
Building and Improvements	5,763
Costs Subsequent to Acquisition	4,790
Gross Carrying Amount at year end
Land	1,315
Building and Improvements	8,568
Total	9,883
Accumulated Depreciation	$ 4,764
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	200
Gross Carrying Amount at year end
Land	104
Building and Improvements	700
Total	804
Accumulated Depreciation	$ 200
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	482
Gross Carrying Amount at year end
Land	284
Building and Improvements	1,865
Total	2,149
Accumulated Depreciation	$ 601
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	761
Gross Carrying Amount at year end
Land	751
Building and Improvements	2,360
Total	3,111
Accumulated Depreciation	$ 975
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	840
Gross Carrying Amount at year end
Land	246
Building and Improvements	2,978
Total	3,224
Accumulated Depreciation	$ 1,602
Freehold, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	81,470
Initial cost
Land	$ 1,086
Building and Improvements	5,355
Costs Subsequent to Acquisition	415
Gross Carrying Amount at year end
Land	1,086
Building and Improvements	5,731
Total	6,817
Accumulated Depreciation	$ 1,478
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	574
Gross Carrying Amount at year end
Land	1,893
Building and Improvements	5,231
Total	7,124
Accumulated Depreciation	$ 2,232
Hoboken I, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	38,584
Initial cost
Land	$ 1,370
Building and Improvements	3,947
Costs Subsequent to Acquisition	1,002
Gross Carrying Amount at year end
Land	1,370
Building and Improvements	3,808
Total	5,178
Accumulated Depreciation	$ 1,575
Hoboken II, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	85,178
Initial cost
Land	$ 19,854
Building and Improvements	26,529
Costs Subsequent to Acquisition	34
Gross Carrying Amount at year end
Land	19,867
Building and Improvements	26,550
Total	46,417
Accumulated Depreciation	$ 499
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	2,837
Gross Carrying Amount at year end
Land	1,043
Building and Improvements	7,294
Total	8,337
Accumulated Depreciation	$ 4,063
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	332
Gross Carrying Amount at year end
Land	987
Building and Improvements	5,152
Total	6,139
Accumulated Depreciation	$ 1,364
Morris Township, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	77,226
Initial cost
Land	$ 500
Building and Improvements	5,602
Costs Subsequent to Acquisition	3,529
Gross Carrying Amount at year end
Land	1,072
Building and Improvements	7,468
Total	8,540
Accumulated Depreciation	$ 3,964
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	6,293
Gross Carrying Amount at year end
Land	844
Building and Improvements	10,258
Total	11,102
Accumulated Depreciation	$ 4,100
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	752
Gross Carrying Amount at year end
Land	1,486
Building and Improvements	8,079
Total	9,565
Accumulated Depreciation	$ 1,968
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	1,653
Gross Carrying Amount at year end
Land	1,108
Building and Improvements	4,835
Total	5,943
Accumulated Depreciation	$ 2,217
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	460
Gross Carrying Amount at year end
Land	1,810
Building and Improvements	9,385
Total	11,195
Accumulated Depreciation	$ 1,639
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	462
Gross Carrying Amount at year end
Land	1,844
Building and Improvements	10,221
Total	12,065
Accumulated Depreciation	$ 1,667
Sewell, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	59,226
Initial cost
Land	$ 484
Building and Improvements	2,766
Costs Subsequent to Acquisition	1,480
Gross Carrying Amount at year end
Land	706
Building and Improvements	3,168
Total	3,874
Accumulated Depreciation	$ 1,557
Somerset, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	57,335
Initial cost
Land	$ 1,243
Building and Improvements	6,129
Costs Subsequent to Acquisition	624
Gross Carrying Amount at year end
Land	1,243
Building and Improvements	6,751
Total	7,994
Accumulated Depreciation	$ 1,755
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	680
Gross Carrying Amount at year end
Land	2,153
Building and Improvements	11,295
Total	13,448
Accumulated Depreciation	$ 2,714
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	474
Gross Carrying Amount at year end
Land	1,039
Building and Improvements	2,743
Total	3,782
Accumulated Depreciation	$ 1,081
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	447
Gross Carrying Amount at year end
Land	1,163
Building and Improvements	3,020
Total	4,183
Accumulated Depreciation	$ 1,194
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	443
Gross Carrying Amount at year end
Land	664
Building and Improvements	1,860
Total	2,524
Accumulated Depreciation	$ 759
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	144
Gross Carrying Amount at year end
Land	1,246
Building and Improvements	6,286
Total	7,532
Accumulated Depreciation	$ 1,250
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	614
Gross Carrying Amount at year end
Land	1,851
Building and Improvements	3,183
Total	5,034
Accumulated Depreciation	$ 1,743
Las Vegas II, NV
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	71,425
Initial cost
Land	$ 3,354
Building and Improvements	5,411
Costs Subsequent to Acquisition	2,955
Gross Carrying Amount at year end
Land	3,355
Building and Improvements	7,783
Total	11,138
Accumulated Depreciation	$ 2,981
Las Vegas III, NV
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	84,400
Initial cost
Land	$ 1,171
Building and Improvements	10,034
Costs Subsequent to Acquisition	140
Gross Carrying Amount at year end
Land	1,171
Building and Improvements	10,174
Total	11,345
Accumulated Depreciation	$ 1,248
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	398
Gross Carrying Amount at year end
Land	1,116
Building and Improvements	8,973
Total	10,089
Accumulated Depreciation	$ 1,180
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	198
Gross Carrying Amount at year end
Land	1,460
Building and Improvements	9,758
Total	11,218
Accumulated Depreciation	$ 1,164
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	182
Gross Carrying Amount at year end
Land	1,386
Building and Improvements	12,481
Total	13,867
Accumulated Depreciation	$ 1,382
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	216
Gross Carrying Amount at year end
Land	1,575
Building and Improvements	11,699
Total	13,274
Accumulated Depreciation	$ 759
Las Vegas VIII, NV
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	59,565
Initial cost
Land	$ 2,186
Building and Improvements	13,334
Costs Subsequent to Acquisition	1
Gross Carrying Amount at year end
Land	2,186
Building and Improvements	13,335
Total	15,521
Accumulated Depreciation	$ 31
Baldwin, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	61,355
Initial cost
Land	$ 1,559
Building and Improvements	7,685
Costs Subsequent to Acquisition	692
Gross Carrying Amount at year end
Land	1,559
Building and Improvements	8,376
Total	9,935
Accumulated Depreciation	$ 1,499
Brightwaters, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	22,502
Initial cost
Land	$ 2,216
Building and Improvements	4,029
Costs Subsequent to Acquisition	2
Gross Carrying Amount at year end
Land	2,216
Building and Improvements	4,031
Total	6,247
Accumulated Depreciation	$ 11
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	1,443
Gross Carrying Amount at year end
Land	2,014
Building and Improvements	11,260
Total	13,274
Accumulated Depreciation	$ 3,697
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	11,802
Gross Carrying Amount at year end
Land	10,019
Building and Improvements	29,537
Total	39,556
Accumulated Depreciation	$ 8,650
Bronx III, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	105,835
Initial cost
Land	$ 6,459
Building and Improvements	36,180
Costs Subsequent to Acquisition	286
Gross Carrying Amount at year end
Land	6,460
Building and Improvements	32,119
Total	38,579
Accumulated Depreciation	$ 9,342
Bronx IV, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	77,015
Initial cost
Building and Improvements	$ 22,074
Costs Subsequent to Acquisition	179
Gross Carrying Amount at year end
Building and Improvements	19,597
Total	19,597
Accumulated Depreciation	$ 5,716
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	279
Gross Carrying Amount at year end
Building and Improvements	15,724
Total	15,724
Accumulated Depreciation	$ 4,595
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	400
Gross Carrying Amount at year end
Building and Improvements	15,171
Total	15,171
Accumulated Depreciation	$ 4,441
Bronx VII, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	78,700
Initial cost
Building and Improvements	$ 22,512
Costs Subsequent to Acquisition	246
Gross Carrying Amount at year end
Building and Improvements	22,866
Total	22,866
Accumulated Depreciation	$ 6,426
Bronx VIII, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	30,550
Initial cost
Land	$ 1,245
Building and Improvements	6,137
Costs Subsequent to Acquisition	406
Gross Carrying Amount at year end
Land	1,251
Building and Improvements	6,572
Total	7,823
Accumulated Depreciation	$ 1,830
Bronx IX, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	147,810
Encumbrances	$ 21,030
Initial cost
Land	7,967
Building and Improvements	39,279
Costs Subsequent to Acquisition	1,647
Gross Carrying Amount at year end
Land	7,967
Building and Improvements	40,921
Total	48,888
Accumulated Depreciation	$ 11,413
Bronx X, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	159,805
Encumbrances	$ 23,148
Initial cost
Land	9,090
Building and Improvements	44,816
Costs Subsequent to Acquisition	637
Gross Carrying Amount at year end
Land	9,090
Building and Improvements	45,422
Total	54,512
Accumulated Depreciation	$ 12,196
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	391
Gross Carrying Amount at year end
Building and Improvements	17,523
Total	17,523
Accumulated Depreciation	$ 3,181
Bronx XII, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	100,945
Initial cost
Building and Improvements	$ 31,603
Costs Subsequent to Acquisition	114
Gross Carrying Amount at year end
Building and Improvements	31,717
Total	31,717
Accumulated Depreciation	$ 4,716
Bronx XIII NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	199,459
Initial cost
Land	$ 19,622
Building and Improvements	68,378
Costs Subsequent to Acquisition	1,193
Gross Carrying Amount at year end
Land	19,684
Building and Improvements	69,509
Total	89,193
Accumulated Depreciation	$ 6,184
Bronx XIV, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	110,630
Initial cost
Building and Improvements	$ 49,649
Costs Subsequent to Acquisition	1
Gross Carrying Amount at year end
Building and Improvements	49,650
Total	$ 49,650
Brooklyn I, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	64,631
Initial cost
Land	$ 1,795
Building and Improvements	10,172
Costs Subsequent to Acquisition	475
Gross Carrying Amount at year end
Land	1,795
Building and Improvements	9,226
Total	11,021
Accumulated Depreciation	$ 3,004
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	578
Gross Carrying Amount at year end
Land	1,601
Building and Improvements	8,331
Total	9,932
Accumulated Depreciation	$ 2,750
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	208
Gross Carrying Amount at year end
Land	2,772
Building and Improvements	13,860
Total	16,632
Accumulated Depreciation	$ 4,045
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	282
Gross Carrying Amount at year end
Land	2,284
Building and Improvements	11,529
Total	13,813
Accumulated Depreciation	$ 3,364
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	164
Gross Carrying Amount at year end
Land	2,374
Building and Improvements	11,853
Total	14,227
Accumulated Depreciation	$ 3,446
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	180
Gross Carrying Amount at year end
Land	4,211
Building and Improvements	20,925
Total	25,136
Accumulated Depreciation	$ 6,081
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	473
Gross Carrying Amount at year end
Land	5,604
Building and Improvements	28,090
Total	33,694
Accumulated Depreciation	$ 8,151
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	273
Gross Carrying Amount at year end
Land	4,982
Building and Improvements	24,834
Total	29,816
Accumulated Depreciation	$ 5,257
Brooklyn IX, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	46,950
Initial cost
Land	$ 2,966
Building and Improvements	14,620
Costs Subsequent to Acquisition	314
Gross Carrying Amount at year end
Land	2,966
Building and Improvements	14,935
Total	17,901
Accumulated Depreciation	$ 3,158
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	3,154
Gross Carrying Amount at year end
Land	4,885
Building and Improvements	9,710
Total	14,595
Accumulated Depreciation	$ 1,695
Brooklyn XI, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	110,025
Initial cost
Land	$ 10,093
Building and Improvements	35,385
Costs Subsequent to Acquisition	256
Gross Carrying Amount at year end
Land	10,093
Building and Improvements	35,641
Total	45,734
Accumulated Depreciation	$ 5,212
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	43
Gross Carrying Amount at year end
Land	7,250
Building and Improvements	40,272
Total	47,522
Accumulated Depreciation	$ 4,149
Brooklyn XIII, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	89,580
Initial cost
Land	$ 16,159
Building and Improvements	27,974
Costs Subsequent to Acquisition	2
Gross Carrying Amount at year end
Land	16,159
Building and Improvements	27,976
Total	44,135
Accumulated Depreciation	$ 622
Brooklyn XIV, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	77,496
Initial cost
Building and Improvements	$ 22,671
Costs Subsequent to Acquisition	20
Gross Carrying Amount at year end
Building and Improvements	22,691
Total	$ 22,691
Brooklyn XV, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	70,025
Encumbrances	$ 15,713
Initial cost
Land	31,031
Building and Improvements	28,476
Costs Subsequent to Acquisition	21
Gross Carrying Amount at year end
Land	31,031
Building and Improvements	28,497
Total	$ 59,528
College Point, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	131,382
Initial cost
Land	$ 39,273
Building and Improvements	49,781
Costs Subsequent to Acquisition	21
Gross Carrying Amount at year end
Land	39,273
Building and Improvements	49,802
Total	$ 89,075
Flushing I, 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	123
Gross Carrying Amount at year end
Land	17,177
Building and Improvements	17,479
Total	34,656
Accumulated Depreciation	$ 1,018
Flushing II, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	168,069
Encumbrances	$ 54,300
Initial cost
Land	54,458
Building and Improvements	98,876
Costs Subsequent to Acquisition	21
Gross Carrying Amount at year end
Land	54,458
Building and Improvements	98,897
Total	$ 153,355
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	97
Gross Carrying Amount at year end
Land	2,029
Building and Improvements	10,834
Total	12,863
Accumulated Depreciation	$ 1,763
Jamaica I, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	91,483
Initial cost
Land	$ 2,043
Building and Improvements	11,658
Costs Subsequent to Acquisition	3,092
Gross Carrying Amount at year end
Land	2,043
Building and Improvements	12,015
Total	14,058
Accumulated Depreciation	$ 5,543
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	462
Gross Carrying Amount at year end
Land	5,391
Building and Improvements	27,018
Total	32,409
Accumulated Depreciation	$ 7,884
Long Island City I, 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	$ 5,465
Long Island City II, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	66,069
Encumbrances	$ 19,094
Initial cost
Land	23,927
Building and Improvements	30,005
Costs Subsequent to Acquisition	21
Gross Carrying Amount at year end
Land	23,928
Building and Improvements	30,025
Total	$ 53,953
Long Island City III, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	81,430
Encumbrances	$ 19,106
Initial cost
Building and Improvements	42,044
Costs Subsequent to Acquisition	20
Gross Carrying Amount at year end
Building and Improvements	42,064
Total	$ 42,064
Long Island City IV, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	67,855
Encumbrances	$ 12,852
Initial cost
Land	21,389
Building and Improvements	26,622
Costs Subsequent to Acquisition	21
Gross Carrying Amount at year end
Land	21,389
Building and Improvements	26,643
Total	$ 48,032
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	1,242
Gross Carrying Amount at year end
Land	1,673
Building and Improvements	4,958
Total	6,631
Accumulated Depreciation	$ 2,026
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	481
Gross Carrying Amount at year end
Land	3,762
Building and Improvements	18,953
Total	22,715
Accumulated Depreciation	$ 5,311
New York, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	95,050
Encumbrances	$ 29,981
Initial cost
Land	42,022
Building and Improvements	38,753
Costs Subsequent to Acquisition	414
Gross Carrying Amount at year end
Land	42,022
Building and Improvements	39,167
Total	81,189
Accumulated Depreciation	$ 3,796
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	4,271
Gross Carrying Amount at year end
Land	568
Building and Improvements	5,632
Total	6,200
Accumulated Depreciation	$ 3,102
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	1,212
Gross Carrying Amount at year end
Land	5,160
Building and Improvements	13,549
Total	18,709
Accumulated Depreciation	$ 2,419
Queens II, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	90,548
Initial cost
Land	$ 6,208
Building and Improvements	25,815
Costs Subsequent to Acquisition	532
Gross Carrying Amount at year end
Land	6,208
Building and Improvements	26,347
Total	32,555
Accumulated Depreciation	$ 4,478
Queens III, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	87,168
Initial cost
Land	$ 13,663
Building and Improvements	32,025
Costs Subsequent to Acquisition	270
Gross Carrying Amount at year end
Land	13,663
Building and Improvements	32,295
Total	45,958
Accumulated Depreciation	$ 2,347
Riverhead, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	38,690
Initial cost
Land	$ 1,068
Building and Improvements	1,149
Costs Subsequent to Acquisition	240
Gross Carrying Amount at year end
Land	1,068
Building and Improvements	876
Total	1,944
Accumulated Depreciation	$ 366
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	363
Gross Carrying Amount at year end
Land	2,079
Building and Improvements	1,753
Total	3,832
Accumulated Depreciation	$ 738
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	960
Gross Carrying Amount at year end
Land	1,919
Building and Improvements	10,423
Total	12,342
Accumulated Depreciation	$ 2,520
Tuckahoe, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	51,248
Initial cost
Land	$ 2,363
Building and Improvements	17,411
Costs Subsequent to Acquisition	374
Gross Carrying Amount at year end
Land	2,363
Building and Improvements	12,014
Total	14,377
Accumulated Depreciation	$ 3,496
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	283
Gross Carrying Amount at year end
Land	2,237
Building and Improvements	11,276
Total	13,513
Accumulated Depreciation	$ 2,959
White Plains, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	85,894
Initial cost
Land	$ 3,295
Building and Improvements	18,049
Costs Subsequent to Acquisition	1,303
Gross Carrying Amount at year end
Land	3,295
Building and Improvements	16,854
Total	20,149
Accumulated Depreciation	$ 5,142
Woodhaven, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	50,435
Initial cost
Land	$ 2,015
Building and Improvements	11,219
Costs Subsequent to Acquisition	314
Gross Carrying Amount at year end
Land	2,015
Building and Improvements	10,235
Total	12,250
Accumulated Depreciation	$ 2,943
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	453
Gross Carrying Amount at year end
Land	1,961
Building and Improvements	10,081
Total	12,042
Accumulated Depreciation	$ 3,208
Yorktown, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	78,909
Initial cost
Land	$ 2,382
Building and Improvements	11,720
Costs Subsequent to Acquisition	245
Gross Carrying Amount at year end
Land	2,382
Building and Improvements	11,979
Total	14,361
Accumulated Depreciation	$ 3,504
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	400
Gross Carrying Amount at year end
Land	524
Building and Improvements	2,249
Total	2,773
Accumulated Depreciation	$ 876
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	274
Gross Carrying Amount at year end
Land	289
Building and Improvements	1,227
Total	1,516
Accumulated Depreciation	$ 492
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	191
Gross Carrying Amount at year end
Land	1,239
Building and Improvements	2,867
Total	4,106
Accumulated Depreciation	$ 1,396
Columbus II, OH
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	36,809
Initial cost
Land	$ 769
Building and Improvements	3,788
Costs Subsequent to Acquisition	433
Gross Carrying Amount at year end
Land	769
Building and Improvements	4,221
Total	4,990
Accumulated Depreciation	$ 845
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	142
Gross Carrying Amount at year end
Land	326
Building and Improvements	1,750
Total	2,076
Accumulated Depreciation	$ 363
Columbus IV, OH
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	61,150
Initial cost
Land	$ 443
Building and Improvements	2,182
Costs Subsequent to Acquisition	165
Gross Carrying Amount at year end
Land	443
Building and Improvements	2,346
Total	2,789
Accumulated Depreciation	$ 476
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	168
Gross Carrying Amount at year end
Land	838
Building and Improvements	4,296
Total	5,134
Accumulated Depreciation	$ 857
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	280
Gross Carrying Amount at year end
Land	701
Building and Improvements	3,734
Total	4,435
Accumulated Depreciation	$ 726
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	386
Gross Carrying Amount at year end
Land	1,761
Building and Improvements	4,250
Total	6,011
Accumulated Depreciation	$ 1,996
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	376
Gross Carrying Amount at year end
Land	1,366
Building and Improvements	3,364
Total	4,730
Accumulated Depreciation	$ 1,592
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	711
Gross Carrying Amount at year end
Land	405
Building and Improvements	474
Total	879
Accumulated Depreciation	$ 209
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	163
Gross Carrying Amount at year end
Land	1,056
Building and Improvements	5,369
Total	6,425
Accumulated Depreciation	$ 1,076
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	2,481
Gross Carrying Amount at year end
Land	332
Building and Improvements	2,510
Total	2,842
Accumulated Depreciation	$ 1,337
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	1,665
Gross Carrying Amount at year end
Land	214
Building and Improvements	1,861
Total	2,075
Accumulated Depreciation	$ 1,010
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	1,318
Gross Carrying Amount at year end
Land	469
Building and Improvements	1,019
Total	1,488
Accumulated Depreciation	$ 775
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	3,333
Gross Carrying Amount at year end
Land	898
Building and Improvements	4,036
Total	4,934
Accumulated Depreciation	$ 2,047
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	452
Gross Carrying Amount at year end
Land	1,295
Building and Improvements	3,286
Total	4,581
Accumulated Depreciation	$ 1,564
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	460
Gross Carrying Amount at year end
Land	570
Building and Improvements	3,111
Total	3,681
Accumulated Depreciation	$ 1,346
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	3,325
Gross Carrying Amount at year end
Land	935
Building and Improvements	3,468
Total	4,403
Accumulated Depreciation	$ 1,845
Westlake, OH
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	62,700
Initial cost
Land	$ 509
Building and Improvements	2,508
Costs Subsequent to Acquisition	358
Gross Carrying Amount at year end
Land	508
Building and Improvements	2,081
Total	2,589
Accumulated Depreciation	$ 828
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	377
Gross Carrying Amount at year end
Land	1,726
Building and Improvements	8,832
Total	10,558
Accumulated Depreciation	$ 2,301
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	263
Gross Carrying Amount at year end
Land	519
Building and Improvements	2,919
Total	3,438
Accumulated Depreciation	$ 746
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	619
Gross Carrying Amount at year end
Land	1,019
Building and Improvements	5,641
Total	6,660
Accumulated Depreciation	$ 1,479
Levittown, PA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	77,815
Initial cost
Land	$ 926
Building and Improvements	5,296
Costs Subsequent to Acquisition	1,407
Gross Carrying Amount at year end
Land	926
Building and Improvements	4,983
Total	5,909
Accumulated Depreciation	$ 2,402
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	1,976
Gross Carrying Amount at year end
Land	2,959
Building and Improvements	20,115
Total	23,074
Accumulated Depreciation	$ 3,855
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	486
Gross Carrying Amount at year end
Land	975
Building and Improvements	5,233
Total	6,208
Accumulated Depreciation	$ 1,350
Norristown, PA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	74,560
Initial cost
Land	$ 662
Building and Improvements	3,142
Costs Subsequent to Acquisition	2,478
Gross Carrying Amount at year end
Land	638
Building and Improvements	5,750
Total	6,388
Accumulated Depreciation	$ 1,374
Philadelphia I, PA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	96,864
Initial cost
Land	$ 1,461
Building and Improvements	8,334
Costs Subsequent to Acquisition	3,028
Gross Carrying Amount at year end
Land	1,461
Building and Improvements	8,011
Total	9,472
Accumulated Depreciation	$ 3,574
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	333
Gross Carrying Amount at year end
Land	1,012
Building and Improvements	5,323
Total	6,335
Accumulated Depreciation	$ 1,174
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	380
Gross Carrying Amount at year end
Land	547
Building and Improvements	3,077
Total	3,624
Accumulated Depreciation	$ 597
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	166
Gross Carrying Amount at year end
Land	1,061
Building and Improvements	5,395
Total	6,456
Accumulated Depreciation	$ 1,067
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	219
Gross Carrying Amount at year end
Land	823
Building and Improvements	4,278
Total	5,101
Accumulated Depreciation	$ 828
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	181
Gross Carrying Amount at year end
Land	606
Building and Improvements	1,944
Total	2,550
Accumulated Depreciation	$ 100
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	95
Gross Carrying Amount at year end
Land	570
Building and Improvements	2,081
Total	2,651
Accumulated Depreciation	$ 98
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	77
Gross Carrying Amount at year end
Land	771
Building and Improvements	5,384
Total	6,155
Accumulated Depreciation	$ 233
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	139
Gross Carrying Amount at year end
Land	409
Building and Improvements	2,780
Total	3,189
Accumulated Depreciation	$ 111
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	57
Gross Carrying Amount at year end
Land	1,434
Building and Improvements	9,883
Total	11,317
Accumulated Depreciation	$ 435
North Charleston I, SC
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	54,955
Initial cost
Land	$ 755
Building and Improvements	5,349
Costs Subsequent to Acquisition	38
Gross Carrying Amount at year end
Land	755
Building and Improvements	5,387
Total	6,142
Accumulated Depreciation	$ 233
North Charleston II, SC
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	56,895
Initial cost
Land	$ 809
Building and Improvements	2,129
Costs Subsequent to Acquisition	41
Gross Carrying Amount at year end
Land	809
Building and Improvements	2,170
Total	2,979
Accumulated Depreciation	$ 109
North Charleston III, SC
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	54,184
Initial cost
Land	$ 763
Building and Improvements	2,038
Costs Subsequent to Acquisition	94
Gross Carrying Amount at year end
Land	763
Building and Improvements	2,132
Total	2,895
Accumulated Depreciation	$ 107
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	563
Gross Carrying Amount at year end
Land	1,049
Building and Improvements	5,734
Total	6,783
Accumulated Depreciation	$ 1,103
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	464
Gross Carrying Amount at year end
Land	588
Building and Improvements	3,935
Total	4,523
Accumulated Depreciation	$ 1,534
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	1,237
Gross Carrying Amount at year end
Land	405
Building and Improvements	3,569
Total	3,974
Accumulated Depreciation	$ 1,359
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	379
Gross Carrying Amount at year end
Land	593
Building and Improvements	3,962
Total	4,555
Accumulated Depreciation	$ 1,556
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	611
Gross Carrying Amount at year end
Land	416
Building and Improvements	3,744
Total	4,160
Accumulated Depreciation	$ 1,743
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	574
Gross Carrying Amount at year end
Land	992
Building and Improvements	7,603
Total	8,595
Accumulated Depreciation	$ 3,617
Nashville V, TN
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	74,560
Encumbrances	$ 2,261
Initial cost
Land	895
Building and Improvements	4,311
Costs Subsequent to Acquisition	926
Gross Carrying Amount at year end
Land	895
Building and Improvements	5,238
Total	6,133
Accumulated Depreciation	$ 1,149
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	7,702
Costs Subsequent to Acquisition	276
Gross Carrying Amount at year end
Land	2,749
Building and Improvements	7,978
Total	10,727
Accumulated Depreciation	$ 1,304
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	20
Gross Carrying Amount at year end
Land	1,116
Building and Improvements	8,612
Total	9,728
Accumulated Depreciation	$ 378
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	21
Gross Carrying Amount at year end
Land	1,363
Building and Improvements	8,841
Total	10,204
Accumulated Depreciation	$ 391
Allen, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	62,330
Initial cost
Land	$ 714
Building and Improvements	3,519
Costs Subsequent to Acquisition	149
Gross Carrying Amount at year end
Land	714
Building and Improvements	3,656
Total	4,370
Accumulated Depreciation	$ 988
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	344
Gross Carrying Amount at year end
Land	2,239
Building and Improvements	1,787
Total	4,026
Accumulated Depreciation	$ 701
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	580
Gross Carrying Amount at year end
Land	738
Building and Improvements	3,910
Total	4,648
Accumulated Depreciation	$ 1,703
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	377
Gross Carrying Amount at year end
Land	1,035
Building and Improvements	5,139
Total	6,174
Accumulated Depreciation	$ 2,255
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	536
Gross Carrying Amount at year end
Land	862
Building and Improvements	4,786
Total	5,648
Accumulated Depreciation	$ 1,056
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	363
Gross Carrying Amount at year end
Land	1,050
Building and Improvements	5,539
Total	6,589
Accumulated Depreciation	$ 1,137
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	353
Gross Carrying Amount at year end
Land	1,150
Building and Improvements	6,023
Total	7,173
Accumulated Depreciation	$ 1,220
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	380
Gross Carrying Amount at year end
Land	1,429
Building and Improvements	6,642
Total	8,071
Accumulated Depreciation	$ 1,085
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	102
Gross Carrying Amount at year end
Land	2,935
Building and Improvements	7,109
Total	10,044
Accumulated Depreciation	$ 1,205
Austin IX TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	78,505
Initial cost
Land	$ 1,321
Building and Improvements	9,643
Costs Subsequent to Acquisition	63
Gross Carrying Amount at year end
Land	1,321
Building and Improvements	9,706
Total	11,027
Accumulated Depreciation	$ 985
Austin X, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	85,225
Initial cost
Land	$ 1,365
Building and Improvements	8,310
Costs Subsequent to Acquisition	2
Gross Carrying Amount at year end
Land	1,366
Building and Improvements	8,311
Total	9,677
Accumulated Depreciation	$ 44
Carrollton, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	77,430
Initial cost
Land	$ 661
Building and Improvements	3,261
Costs Subsequent to Acquisition	174
Gross Carrying Amount at year end
Land	661
Building and Improvements	3,423
Total	4,084
Accumulated Depreciation	$ 879
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	443
Gross Carrying Amount at year end
Land	3,350
Building and Improvements	8,393
Total	11,743
Accumulated Depreciation	$ 1,372
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	252
Gross Carrying Amount at year end
Land	813
Building and Improvements	709
Total	1,522
Accumulated Depreciation	$ 263
Cypress, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	58,201
Initial cost
Land	$ 360
Building and Improvements	1,773
Costs Subsequent to Acquisition	217
Gross Carrying Amount at year end
Land	360
Building and Improvements	1,968
Total	2,328
Accumulated Depreciation	$ 531
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	533
Gross Carrying Amount at year end
Land	2,475
Building and Improvements	2,034
Total	4,509
Accumulated Depreciation	$ 816
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	263
Gross Carrying Amount at year end
Land	940
Building and Improvements	4,899
Total	5,839
Accumulated Depreciation	$ 1,149
Dallas III, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	82,920
Initial cost
Land	$ 2,608
Building and Improvements	12,857
Costs Subsequent to Acquisition	661
Gross Carrying Amount at year end
Land	2,608
Building and Improvements	13,518
Total	16,126
Accumulated Depreciation	$ 2,590
Dallas IV, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	116,513
Initial cost
Land	$ 2,369
Building and Improvements	11,850
Costs Subsequent to Acquisition	219
Gross Carrying Amount at year end
Land	2,369
Building and Improvements	12,068
Total	14,437
Accumulated Depreciation	$ 2,230
Dallas V, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	54,400
Initial cost
Building and Improvements	$ 11,604
Costs Subsequent to Acquisition	111
Gross Carrying Amount at year end
Building and Improvements	11,717
Total	11,717
Accumulated Depreciation	$ 2,045
Denton, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	64,446
Initial cost
Land	$ 553
Building and Improvements	2,936
Costs Subsequent to Acquisition	711
Gross Carrying Amount at year end
Land	569
Building and Improvements	3,151
Total	3,720
Accumulated Depreciation	$ 1,233
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	382
Gross Carrying Amount at year end
Land	1,253
Building and Improvements	1,146
Total	2,399
Accumulated Depreciation	$ 459
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	457
Gross Carrying Amount at year end
Land	874
Building and Improvements	4,393
Total	5,267
Accumulated Depreciation	$ 1,973
Fort Worth III, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	82,395
Initial cost
Land	$ 1,000
Building and Improvements	4,928
Costs Subsequent to Acquisition	350
Gross Carrying Amount at year end
Land	1,000
Building and Improvements	5,279
Total	6,279
Accumulated Depreciation	$ 978
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	46
Gross Carrying Amount at year end
Land	1,274
Building and Improvements	7,739
Total	9,013
Accumulated Depreciation	$ 1,190
Fort Worth V, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	78,675
Initial cost
Land	$ 1,271
Building and Improvements	5,485
Costs Subsequent to Acquisition	88
Gross Carrying Amount at year end
Land	1,271
Building and Improvements	5,573
Total	6,844
Accumulated Depreciation	$ 191
Frisco I, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	52,894
Initial cost
Land	$ 1,093
Building and Improvements	3,148
Costs Subsequent to Acquisition	267
Gross Carrying Amount at year end
Land	1,093
Building and Improvements	2,666
Total	3,759
Accumulated Depreciation	$ 1,062
Frisco II, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	71,011
Initial cost
Land	$ 1,564
Building and Improvements	4,507
Costs Subsequent to Acquisition	292
Gross Carrying Amount at year end
Land	1,564
Building and Improvements	3,765
Total	5,329
Accumulated Depreciation	$ 1,500
Frisco III, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	76,281
Initial cost
Land	$ 1,147
Building and Improvements	6,088
Costs Subsequent to Acquisition	777
Gross Carrying Amount at year end
Land	1,154
Building and Improvements	6,053
Total	7,207
Accumulated Depreciation	$ 2,659
Frisco IV, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	74,875
Initial cost
Land	$ 719
Building and Improvements	4,072
Costs Subsequent to Acquisition	427
Gross Carrying Amount at year end
Land	719
Building and Improvements	3,903
Total	4,622
Accumulated Depreciation	$ 1,249
Frisco V, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	74,165
Initial cost
Land	$ 1,159
Building and Improvements	5,714
Costs Subsequent to Acquisition	184
Gross Carrying Amount at year end
Land	1,159
Building and Improvements	5,897
Total	7,056
Accumulated Depreciation	$ 1,296
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	182
Gross Carrying Amount at year end
Land	1,064
Building and Improvements	5,429
Total	6,493
Accumulated Depreciation	$ 1,103
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	780
Gross Carrying Amount at year end
Land	767
Building and Improvements	4,169
Total	4,936
Accumulated Depreciation	$ 1,831
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	358
Gross Carrying Amount at year end
Land	862
Building and Improvements	4,338
Total	5,200
Accumulated Depreciation	$ 1,869
Grapevine, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	77,094
Initial cost
Land	$ 1,211
Building and Improvements	8,559
Costs Subsequent to Acquisition	149
Gross Carrying Amount at year end
Land	1,211
Building and Improvements	8,708
Total	9,919
Accumulated Depreciation	$ 1,330
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	545
Gross Carrying Amount at year end
Land	576
Building and Improvements	884
Total	1,460
Accumulated Depreciation	$ 372
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	775
Gross Carrying Amount at year end
Land	961
Building and Improvements	1,342
Total	2,303
Accumulated Depreciation	$ 535
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	2,055
Gross Carrying Amount at year end
Land	991
Building and Improvements	7,427
Total	8,418
Accumulated Depreciation	$ 3,006
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	5,867
Gross Carrying Amount at year end
Land	983
Building and Improvements	5,067
Total	6,050
Accumulated Depreciation	$ 1,549
Houston VII, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	46,981
Initial cost
Land	$ 681
Building and Improvements	3,355
Costs Subsequent to Acquisition	199
Gross Carrying Amount at year end
Land	681
Building and Improvements	3,554
Total	4,235
Accumulated Depreciation	$ 1,024
Houston VIII, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	54,078
Initial cost
Land	$ 1,294
Building and Improvements	6,377
Costs Subsequent to Acquisition	507
Gross Carrying Amount at year end
Land	1,294
Building and Improvements	6,860
Total	8,154
Accumulated Depreciation	$ 1,837
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	215
Gross Carrying Amount at year end
Land	296
Building and Improvements	1,657
Total	1,953
Accumulated Depreciation	$ 449
Houston X, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	95,529
Initial cost
Land	$ 5,267
Building and Improvements	12,667
Costs Subsequent to Acquisition	28
Gross Carrying Amount at year end
Land	5,267
Building and Improvements	12,695
Total	17,962
Accumulated Depreciation	$ 987
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	122
Gross Carrying Amount at year end
Land	5,616
Building and Improvements	15,452
Total	21,068
Accumulated Depreciation	$ 954
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	144
Gross Carrying Amount at year end
Land	706
Building and Improvements	5,871
Total	6,577
Accumulated Depreciation	$ 965
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	103
Gross Carrying Amount at year end
Land	1,329
Building and Improvements	6,656
Total	7,985
Accumulated Depreciation	$ 1,505
Keller, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	89,035
Initial cost
Land	$ 1,330
Building and Improvements	7,960
Costs Subsequent to Acquisition	358
Gross Carrying Amount at year end
Land	1,331
Building and Improvements	7,703
Total	9,034
Accumulated Depreciation	$ 2,329
Lewisville I, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	67,265
Initial cost
Land	$ 476
Building and Improvements	2,525
Costs Subsequent to Acquisition	552
Gross Carrying Amount at year end
Land	492
Building and Improvements	2,638
Total	3,130
Accumulated Depreciation	$ 1,147
Lewisville II, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	128,241
Initial cost
Land	$ 1,464
Building and Improvements	7,217
Costs Subsequent to Acquisition	563
Gross Carrying Amount at year end
Land	1,464
Building and Improvements	7,780
Total	9,244
Accumulated Depreciation	$ 1,849
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	286
Gross Carrying Amount at year end
Land	1,307
Building and Improvements	15,311
Total	16,618
Accumulated Depreciation	$ 2,084
Little Elm I, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	60,165
Initial cost
Land	$ 892
Building and Improvements	5,529
Costs Subsequent to Acquisition	146
Gross Carrying Amount at year end
Land	892
Building and Improvements	5,675
Total	6,567
Accumulated Depreciation	$ 811
Little Elm II, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	96,236
Initial cost
Land	$ 1,219
Building and Improvements	9,864
Costs Subsequent to Acquisition	168
Gross Carrying Amount at year end
Land	1,219
Building and Improvements	10,032
Total	11,251
Accumulated Depreciation	$ 1,411
Mansfield I, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	71,832
Initial cost
Land	$ 837
Building and Improvements	4,443
Costs Subsequent to Acquisition	618
Gross Carrying Amount at year end
Land	843
Building and Improvements	4,477
Total	5,320
Accumulated Depreciation	$ 1,899
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	176
Gross Carrying Amount at year end
Land	662
Building and Improvements	3,425
Total	4,087
Accumulated Depreciation	$ 945
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	253
Gross Carrying Amount at year end
Land	947
Building and Improvements	4,956
Total	5,903
Accumulated Depreciation	$ 647
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	382
Gross Carrying Amount at year end
Land	1,634
Building and Improvements	1,446
Total	3,080
Accumulated Depreciation	$ 539
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	414
Gross Carrying Amount at year end
Land	857
Building and Improvements	4,853
Total	5,710
Accumulated Depreciation	$ 2,141
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	92
Gross Carrying Amount at year end
Land	652
Building and Improvements	3,304
Total	3,956
Accumulated Depreciation	$ 640
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	282
Gross Carrying Amount at year end
Land	2,252
Building and Improvements	1,704
Total	3,956
Accumulated Depreciation	$ 671
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	635
Gross Carrying Amount at year end
Land	450
Building and Improvements	2,838
Total	3,288
Accumulated Depreciation	$ 729
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	270
Gross Carrying Amount at year end
Land	1,437
Building and Improvements	7,354
Total	8,791
Accumulated Depreciation	$ 1,656
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	298
Gross Carrying Amount at year end
Land	1,337
Building and Improvements	1,142
Total	2,479
Accumulated Depreciation	$ 424
San Antonio I, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	73,315
Initial cost
Land	$ 2,895
Building and Improvements	2,635
Costs Subsequent to Acquisition	591
Gross Carrying Amount at year end
Land	2,895
Building and Improvements	2,375
Total	5,270
Accumulated Depreciation	$ 869
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	573
Gross Carrying Amount at year end
Land	1,052
Building and Improvements	5,438
Total	6,490
Accumulated Depreciation	$ 2,241
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	573
Gross Carrying Amount at year end
Land	996
Building and Improvements	5,136
Total	6,132
Accumulated Depreciation	$ 2,107
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	182
Gross Carrying Amount at year end
Land	829
Building and Improvements	4,073
Total	4,902
Accumulated Depreciation	$ 513
San Antonio V, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	74,645
Initial cost
Land	$ 1,066
Building and Improvements	7,411
Costs Subsequent to Acquisition	52
Gross Carrying Amount at year end
Land	1,066
Building and Improvements	7,463
Total	8,529
Accumulated Depreciation	$ 192
Spring, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	78,686
Initial cost
Land	$ 580
Building and Improvements	3,081
Costs Subsequent to Acquisition	586
Gross Carrying Amount at year end
Land	580
Building and Improvements	3,175
Total	3,755
Accumulated Depreciation	$ 1,330
Westworth Village, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	79,955
Initial cost
Land	$ 1,085
Building and Improvements	7,643
Costs Subsequent to Acquisition	8
Gross Carrying Amount at year end
Land	1,085
Building and Improvements	7,651
Total	8,736
Accumulated Depreciation	$ 21
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	614
Gross Carrying Amount at year end
Land	3,847
Building and Improvements	1,246
Total	5,093
Accumulated Depreciation	$ 555
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	742
Gross Carrying Amount at year end
Land	2,147
Building and Improvements	1,048
Total	3,195
Accumulated Depreciation	$ 433
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	626
Gross Carrying Amount at year end
Land	2,696
Building and Improvements	1,037
Total	3,733
Accumulated Depreciation	$ 476
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	484
Gross Carrying Amount at year end
Land	1,937
Building and Improvements	774
Total	2,711
Accumulated Depreciation	$ 354
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	283
Gross Carrying Amount at year end
Land	2,812
Building and Improvements	14,060
Total	16,872
Accumulated Depreciation	$ 3,773
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	102
Gross Carrying Amount at year end
Land	6,836
Building and Improvements	9,946
Total	16,782
Accumulated Depreciation	$ 32
Burke Lake, VA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	91,267
Initial cost
Land	$ 2,093
Building and Improvements	10,940
Costs Subsequent to Acquisition	1,266
Gross Carrying Amount at year end
Land	2,093
Building and Improvements	10,606
Total	12,699
Accumulated Depreciation	$ 3,340
Dumfries, VA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) \| ft²	79,815
Initial cost
Land	$ 1,810
Building and Improvements	13,774
Gross Carrying Amount at year end
Land	1,810
Building and Improvements	13,774
Total	$ 15,584
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	348
Gross Carrying Amount at year end
Land	2,276
Building and Improvements	11,538
Total	13,814
Accumulated Depreciation	$ 3,056
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	479
Gross Carrying Amount at year end
Land	1,680
Building and Improvements	4,198
Total	5,878
Accumulated Depreciation	$ 1,583
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	507
Gross Carrying Amount at year end
Land	1,758
Building and Improvements	4,410
Total	6,168
Accumulated Depreciation	$ 1,699
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	218
Gross Carrying Amount at year end
Land	1,746
Building and Improvements	8,821
Total	10,567
Accumulated Depreciation	$ 2,560
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	380
Gross Carrying Amount at year end
Land	860
Building and Improvements	4,566
Total	5,426
Accumulated Depreciation	$ 1,460
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	271
Gross Carrying Amount at year end
Land	1,482
Building and Improvements	7,515
Total	8,997
Accumulated Depreciation	$ 2,395
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	287
Gross Carrying Amount at year end
Land	2,300
Building and Improvements	11,574
Total	13,874
Accumulated Depreciation	3,022
Divisional Offices
Initial cost
Costs Subsequent to Acquisition	865
Gross Carrying Amount at year end
Building and Improvements	865
Total	865
Accumulated Depreciation	$ 234

SCHEDULE III REAL ESTATE AND _3

SCHEDULE III REAL ESTATE AND RELATED DEPRECIATION (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Activity in Storage facilities
Balance at beginning of year	$ 4,699,844	$ 4,463,455	$ 4,161,715
Acquisitions & improvements	825,247	364,324	381,182
Fully depreciated assets	(83,418)	(81,717)	(26,125)
Dispositions and other	(8,533)	(3,033)	(8,735)
Construction in progress	14,718	(43,185)	(44,582)
Right-of-use assets - finance leases	41,896
Balance at end of year	5,489,754	4,699,844	4,463,455
Activity in Accumulated depreciation
Balance at beginning of year	925,359	862,487	752,925
Depreciation expense	143,952	145,233	138,510
Fully depreciated assets	(83,418)	(81,717)	(26,125)
Dispositions and other	(1,953)	(644)	(2,823)
Balance at end of year	983,940	925,359	862,487
Real Estate Investment Property, Net	4,505,814	$ 3,774,485	$ 3,600,968
Aggregate cost of real estate investments for federal income tax purposes	$ 5,555,300

CONSOLIDATED BALANCE SHEETS (LP

CONSOLIDATED BALANCE SHEETS (LP cube) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
ASSETS
Storage properties	$ 5,489,754	$ 4,699,844
Less: Accumulated depreciation	(983,940)	(925,359)
Storage properties, net (including VIE assets of $119,345 and $92,612, respectively)	4,505,814	3,774,485
Cash and cash equivalents	3,592	54,857
Restricted cash	2,637	3,584
Loan procurement costs, net of amortization	3,275	4,059
Investment in real estate ventures, at equity	92,071	91,117
Other assets, net	170,753	101,443
Total assets	4,778,142	4,029,545
LIABILITIES AND CAPITAL
Unsecured senior notes, net	2,030,372	1,835,725
Revolving credit facility	117,800
Mortgage loans and notes payable, net	216,504	96,040
Accounts payable, accrued expenses and other liabilities	159,140	137,880
Lease liabilities - finance leases	65,599
Distributions payable	68,301	64,688
Deferred revenue	29,087	25,313
Security deposits	1,077	475
Total liabilities	2,687,880	2,160,121
Limited Partnership interests of third parties	249,414	62,088
Commitments and contingencies
Capital
Accumulated other comprehensive loss	(632)	(729)
Total liabilities and equity	4,778,142	4,029,545
Cubesmart, L P and Subsidiaries
ASSETS
Storage properties	5,489,754	4,699,844
Less: Accumulated depreciation	(983,940)	(925,359)
Storage properties, net (including VIE assets of $119,345 and $92,612, respectively)	4,505,814	3,774,485
Cash and cash equivalents	3,592	54,857
Restricted cash	2,637	3,584
Loan procurement costs, net of amortization	3,275	4,059
Investment in real estate ventures, at equity	92,071	91,117
Other assets, net	170,753	101,443
Total assets	4,778,142	4,029,545
LIABILITIES AND CAPITAL
Unsecured senior notes, net	2,030,372	1,835,725
Revolving credit facility	117,800
Mortgage loans and notes payable, net	216,504	96,040
Accounts payable, accrued expenses and other liabilities	159,140	137,880
Lease liabilities - finance leases	65,599
Distributions payable	68,301	64,688
Deferred revenue	29,087	25,313
Security deposits	1,077	475
Total liabilities	2,687,880	2,160,121
Limited Partnership interests of third parties	249,414	62,088
Commitments and contingencies
Capital
Operating Partner	1,832,848	1,800,075
Accumulated other comprehensive loss	(632)	(729)
Total CubeSmart, L.P. capital	1,832,216	1,799,346
Noncontrolling interests in subsidiaries	8,632	7,990
Total capital	1,840,848	1,807,336
Total liabilities and equity	$ 4,778,142	$ 4,029,545

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (Parenthetical) (LP cube) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Storage facilities, net	$ 4,505,814	$ 3,774,485
VIE
Storage facilities, net	119,345	92,612
Cubesmart, L P and Subsidiaries
Storage facilities, net	4,505,814	3,774,485
Cubesmart, L P and Subsidiaries \| VIE
Storage facilities, net	$ 119,345	$ 92,612

CONSOLIDATED STATEMENTS OF OP_2

CONSOLIDATED STATEMENTS OF OPERATIONS (LP cube) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
REVENUES
Rental income	$ 581,009	$ 552,404	$ 517,535
Total revenues	679,177	643,915	597,944
OPERATING EXPENSES
Property operating expenses	223,634	209,739	196,866
Depreciation and amortization	156,573	163,547	143,350
General and administrative	41,423	38,560	37,712
Total operating expenses	421,630	411,846	377,928
Interest:
Interest expense on loans	(75,890)	(72,525)	(62,132)
Loan procurement amortization expense	(2,674)	(2,819)	(2,313)
Loss on early extinguishment of debt	(18,020)
Equity in earnings (losses) of real estate ventures	178	11,122	(865)
Gains from sale of real estate, net	6,710	1,508	10,576
Other	(240)	1,416	206
Total other expense	(89,936)	(61,298)	(54,528)
NET (INCOME) LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS
Operating Partnership interests of third parties	$ (1,825)	$ (1,708)	$ (1,820)
Diluted earnings per share attributable to common shareholders (in dollars per share)	$ 0.85	$ 0.88	$ 0.88
Weighted-average basic units outstanding (in units)	194,147	190,874	184,653
Weighted-average diluted units outstanding (in units)	194,943	191,576	185,495
Other Property Related Income
REVENUES
Property related income	$ 70,723	$ 67,558	$ 60,156
Property Management Fee Income
REVENUES
Property related income	27,445	23,953	20,253
Cubesmart, L P and Subsidiaries
REVENUES
Rental income	581,009	552,404	517,535
Total revenues	679,177	643,915	597,944
OPERATING EXPENSES
Property operating expenses	223,634	209,739	196,866
Depreciation and amortization	156,573	163,547	143,350
General and administrative	41,423	38,560	37,712
Total operating expenses	421,630	411,846	377,928
Interest:
Interest expense on loans	(75,890)	(72,525)	(62,132)
Loan procurement amortization expense	(2,674)	(2,819)	(2,313)
Loss on early extinguishment of debt	(18,020)
Equity in earnings (losses) of real estate ventures	178	11,122	(865)
Gains from sale of real estate, net	6,710	1,508	10,576
Other	(240)	1,416	206
Total other expense	(89,936)	(61,298)	(54,528)
NET INCOME	167,611	170,771	165,488
NET (INCOME) LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS
Noncontrolling interest in subsidiaries	(165)	54	221
NET INCOME ATTRIBUTABLE TO CUBESMART L.P.	167,446	170,825	165,709
Operating Partnership interests of third parties	(1,825)	(1,708)	(1,820)
NET INCOME ATTRIBUTABLE TO COMMON UNITHOLDERS	$ 165,621	$ 169,117	$ 163,889
Basic earnings per unit attributable to common unitholders	$ 0.85	$ 0.89	$ 0.89
Diluted earnings per share attributable to common shareholders (in dollars per share)	$ 0.85	$ 0.88	$ 0.88
Weighted-average basic units outstanding (in units)	194,147	190,874	184,653
Weighted-average diluted units outstanding (in units)	194,943	191,576	185,495
Cubesmart, L P and Subsidiaries \| Other Property Related Income
REVENUES
Property related income	$ 70,723	$ 67,558	$ 60,156
Cubesmart, L P and Subsidiaries \| Property Management Fee Income
REVENUES
Property related income	$ 27,445	$ 23,953	$ 20,253

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (LP cube) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Other comprehensive income (loss):
Unrealized gains (losses) on interest rate swaps		$ 232	$ (979)
Reclassification of realized losses (gains) on interest rate swaps	$ 81	70	(60)
OTHER COMPREHENSIVE INCOME (LOSS)	81	302	(1,039)
COMPREHENSIVE INCOME	167,692	171,073	164,449
Comprehensive income attributable to Operating Partnership interests of third parties	(1,809)	(1,710)	(1,814)
Comprehensive (income) loss attributable to noncontrolling interest in subsidiaries	(165)	54	221
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE COMPANY	165,718	169,417	162,856
Cubesmart, L P and Subsidiaries
NET INCOME	167,611	170,771	165,488
Other comprehensive income (loss):
Unrealized gains (losses) on interest rate swaps		232	(979)
Reclassification of realized losses (gains) on interest rate swaps	81	70	(60)
OTHER COMPREHENSIVE INCOME (LOSS)	81	302	(1,039)
COMPREHENSIVE INCOME	167,692	171,073	164,449
Comprehensive income attributable to Operating Partnership interests of third parties	(1,809)	(1,710)	(1,814)
Comprehensive (income) loss attributable to noncontrolling interest in subsidiaries	(165)	54	221
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE COMPANY	$ 165,718	$ 169,417	$ 162,856

CONSOLIDATED STATEMENTS OF CAPI

CONSOLIDATED STATEMENTS OF CAPITAL (LP cube) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Increase (Decrease) in Partners' Capital
Balance of Noncontrolling Interests in the Operating Partnership	$ 62,088
Contributions from noncontrolling interests in subsidiaries	682	$ 7,376	$ 925
Distributions paid to noncontrolling interests in subsidiaries	(205)	(188)	(169)
Acquisition of noncontrolling interest in subsidiary		(40,605)
Adjustment for Operating Partnership interests of third parties	(4,230)	(5,918)	(299)
Net income (loss)	165,786	169,063	163,668
Other comprehensive income (loss), net	97	300	(627)
Balance of Noncontrolling Interests in the Operating Partnership	249,414	62,088
Noncontrolling Interests in Operating Partnership
Increase (Decrease) in Partners' Capital
Balance of Noncontrolling Interests in the Operating Partnership	62,088	55,819	54,320
Issuance of OP units	186,933	3,576	6,242
Adjustment for Operating Partnership interests of third parties	4,230	5,918	299
Net income (loss)	1,825	1,708	1,820
Other comprehensive income (loss), net	(16)	2	(6)
Balance of Noncontrolling Interests in the Operating Partnership	249,414	62,088	55,819
Cubesmart, L P and Subsidiaries
Increase (Decrease) in Partners' Capital
Balance	1,807,336	1,716,449	1,635,370
Balance of Noncontrolling Interests in the Operating Partnership	62,088
Contributions from noncontrolling interests in subsidiaries	682	7,376	925
Distributions paid to noncontrolling interests in subsidiaries	(205)	(188)	(169)
Issuance of common OP units	120,727	196,304	131,829
Issuance of restricted OP units			1
Acquisition of noncontrolling interest in subsidiary		(40,605)
Conversion from OP units to shares	2,824	2,486	4,404
Exercise of OP unit options	961	3,686	3,835
Amortization of restricted OP units	4,502	4,487	2,570
OP unit compensation expense	1,952	1,786	1,541
Adjustment for Operating Partnership interests of third parties	(4,230)	(5,918)	(299)
Net income (loss)	165,786	169,063	163,668
Other comprehensive income (loss), net	97	300	(627)
Common OP unit distributions	(259,584)	(247,890)	(226,599)
Balance	1,840,848	1,807,336	1,716,449
Balance of Noncontrolling Interests in the Operating Partnership	249,414	62,088
Cubesmart, L P and Subsidiaries \| Noncontrolling Interests in Operating Partnership
Increase (Decrease) in Partners' Capital
Balance of Noncontrolling Interests in the Operating Partnership	62,088	55,819	54,320
Issuance of OP units	186,933	(3,576)	(6,242)
Conversion from OP units to shares	(2,824)	(2,486)	(4,404)
Adjustment for Operating Partnership interests of third parties	4,230	5,918	299
Net income (loss)	1,825	1,708	1,820
Other comprehensive income (loss), net	(16)	2	(6)
Common OP unit distributions	(2,822)	(2,449)	(2,452)
Balance of Noncontrolling Interests in the Operating Partnership	249,414	62,088	55,819
Cubesmart, L P and Subsidiaries \| Total Shareholders' Equity
Increase (Decrease) in Partners' Capital
Balance	1,799,346	1,709,678	1,629,134
Issuance of common OP units	120,727	196,304	131,829
Issuance of restricted OP units			1
Acquisition of noncontrolling interest in subsidiary		(34,690)
Conversion from OP units to shares	2,824	2,486	4,404
Exercise of OP unit options	961	3,686	3,835
Amortization of restricted OP units	4,502	4,487	2,570
OP unit compensation expense	1,952	1,786	1,541
Adjustment for Operating Partnership interests of third parties	(4,230)	(5,918)	(299)
Net income (loss)	165,621	169,117	163,889
Other comprehensive income (loss), net	97	300	(627)
Common OP unit distributions	(259,584)	(247,890)	(226,599)
Balance	1,832,216	1,799,346	1,709,678
Cubesmart, L P and Subsidiaries \| Operating Partner
Increase (Decrease) in Partners' Capital
Balance	$ 1,800,075	$ 1,710,707	$ 1,629,131
Balance (in units)	193,557	187,145	182,216
Issuance of common OP units	$ 120,727	$ 196,304	$ 131,829
Issuance of common OP units (in units)	3,627	5,899	4,291
Issuance of restricted OP units			$ 1
Issuance of restricted OP units (in units)	60	52	86
Acquisition of noncontrolling interest in subsidiary		$ (34,690)
Conversion from OP units to shares	$ 2,824	$ 2,486	$ 4,404
Conversion from OP units to shares (in units)	100	80	147
Exercise of OP unit options	$ 961	$ 3,686	$ 3,835
Exercise of OP unit options (in units)	62	381	405
Amortization of restricted OP units	$ 4,502	$ 4,487	$ 2,570
OP unit compensation expense	1,952	1,786	1,541
Adjustment for Operating Partnership interests of third parties	(4,230)	(5,918)	(299)
Net income (loss)	165,621	169,117	163,889
Other comprehensive income (loss), net			405
Common OP unit distributions	(259,584)	(247,890)	(226,599)
Balance	$ 1,832,848	$ 1,800,075	$ 1,710,707
Balance (in units)	197,406	193,557	187,145
Cubesmart, L P and Subsidiaries \| Accumulated Other Comprehensive (Loss) Income
Increase (Decrease) in Partners' Capital
Balance	$ (729)	$ (1,029)	$ 3
Other comprehensive income (loss), net	97	300	(1,032)
Balance	(632)	(729)	(1,029)
Cubesmart, L P and Subsidiaries \| Noncontrolling Interest in Subsidiaries
Increase (Decrease) in Partners' Capital
Balance	7,990	6,771	6,236
Contributions from noncontrolling interests in subsidiaries	682	7,376	925
Distributions paid to noncontrolling interests in subsidiaries	(205)	(188)	(169)
Acquisition of noncontrolling interest in subsidiary		(5,915)
Net income (loss)	165	(54)	(221)
Balance	$ 8,632	$ 7,990	$ 6,771

CONSOLIDATED STATEMENTS OF EQ_3

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) (LP cube) - $ / shares	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cubesmart, L P and Subsidiaries
Common OP unit distributions (in dollars per share)	$ 1.33	$ 1.29	$ 1.22

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (LP cube) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Operating Activities
Net income	$ 167,611	$ 170,771	$ 165,488
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	159,247	166,366	145,663
Loss on early extinguishment of debt	18,020
Equity in losses (earnings) of real estate ventures	(178)	(11,122)	865
Gain from sale of real estate	(6,710)	(1,508)	(10,576)
Equity compensation expense	7,140	6,694	5,572
Accretion of fair market value adjustment of debt	(259)	(718)	(735)
Changes in other operating accounts:
Other assets	(9,674)	(6,578)	(4,937)
Accounts payable and accrued expenses	13,922	6,042	2,653
Other liabilities	1,914	1,821	342
Net cash provided by operating activities	351,033	331,768	304,335
Investing Activities
Acquisitions of storage properties	(417,988)	(117,998)	(214,510)
Additions and improvements to storage properties	(49,857)	(37,569)	(27,626)
Development costs	(55,286)	(102,826)	(86,002)
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	(7,022)	(10,264)	(19,216)
Cash distributed from real estate ventures	6,246	7,096	8,706
Proceeds from sale of real estate, net	12,466	3,856	16,389
Net cash used in investing activities	(511,441)	(375,664)	(322,259)
Proceeds from:
Unsecured senior notes	445,833	696,426
Revolving credit facility	429,085	859,313	679,535
Principal payments on:
Unsecured senior notes	(250,000)
Revolving credit facility	(311,285)	(1,158,776)	(565,710)
Unsecured term loans		(200,000)
Mortgage loans and notes payable	(46,093)	(11,652)	(9,816)
Loan procurement costs	(3,764)	(6,023)
Debt prepayment costs	(17,584)
Settlement of hedge transactions		(807)
Acquisition of noncontrolling interest in subsidiary, net		(35,777)
Cash paid upon vesting of restricted OP units	(686)	(421)	(1,461)
Contributions from noncontrolling interests in subsidiaries		48	925
Distributions paid to noncontrolling interests in subsidiaries	(205)	(188)	(169)
Distributions paid to common OP unitholders	(256,253)	(243,859)	(221,328)
Net cash provided by financing activities	108,196	95,855	15,248
Change in cash, cash equivalents and restricted cash	(52,212)	51,959	(2,676)
Cash, cash equivalents and restricted cash at beginning of period	58,441	6,482	9,158
Cash, cash equivalents and restricted cash at end of period	6,229	58,441	6,482
Supplemental Cash Flow and Noncash Information
Cash paid for interest, net of interest capitalized	80,792	69,283	66,829
Supplemental disclosure of noncash activities:
Acquisitions of storage properties	(2,623)
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)
Right-of-use assets obtained in exchange for lease liabilities	61,423
Discount on issuance of unsecured senior notes	4,167	3,574
Noncash drawdown on revolving credit facility		(103,938)
Mortgage loan assumptions	169,056		7,166
Repayment of unsecured term loan through noncash drawdown on revolving credit faciltiy		(100,000)
Accretion of put liability	7,917	5,895	24,747
Derivative valuation adjustment	(81)	(302)	633
Loan procurement costs		(3,770)
Issuance of OP units (see Note 4)	186,933	3,576	6,242
Acquisition of noncontrolling interest in subsidiary		(4,828)
Contributions from noncontrolling interests in subsidiaries	682	7,328
Cubesmart, L P and Subsidiaries
Operating Activities
Net income	167,611	170,771	165,488
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	159,247	166,366	145,663
Loss on early extinguishment of debt	18,020
Equity in losses (earnings) of real estate ventures	(178)	(11,122)	865
Gain from sale of real estate	(6,710)	(1,508)	(10,576)
Equity compensation expense	7,140	6,694	5,572
Accretion of fair market value adjustment of debt	(259)	(718)	(735)
Changes in other operating accounts:
Other assets	(9,674)	(6,578)	(4,937)
Accounts payable and accrued expenses	13,922	6,042	2,653
Other liabilities	1,914	1,821	342
Net cash provided by operating activities	351,033	331,768	304,335
Investing Activities
Acquisitions of storage properties	(417,988)	(117,998)	(214,510)
Additions and improvements to storage properties	(49,857)	(37,569)	(27,626)
Development costs	(55,286)	(102,826)	(86,002)
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	(7,022)	(10,264)	(19,216)
Cash distributed from real estate ventures	6,246	7,096	8,706
Proceeds from sale of real estate, net	12,466	3,856	16,389
Net cash used in investing activities	(511,441)	(375,664)	(322,259)
Proceeds from:
Unsecured senior notes	445,833	696,426
Revolving credit facility	429,085	859,313	679,535
Principal payments on:
Unsecured senior notes	(250,000)
Revolving credit facility	(311,285)	(1,158,776)	(565,710)
Unsecured term loans		(200,000)
Mortgage loans and notes payable	(46,093)	(11,652)	(9,816)
Loan procurement costs	(3,764)	(6,023)
Debt prepayment costs	(17,584)
Settlement of hedge transactions		(807)
Acquisition of noncontrolling interest in subsidiary, net		(35,777)
Proceeds from issuance of common OP units	120,727	196,304	131,830
Cash paid upon vesting of restricted OP units	(686)	(421)	(1,461)
Exercise of OP unit options	961	3,686	3,835
Contributions from noncontrolling interests in subsidiaries		48	925
Distributions paid to noncontrolling interests in subsidiaries	(205)	(188)	(169)
Distributions paid to common OP unitholders	(258,793)	(246,278)	(223,721)
Net cash provided by financing activities	108,196	95,855	15,248
Change in cash, cash equivalents and restricted cash	(52,212)	51,959	(2,676)
Cash, cash equivalents and restricted cash at beginning of period	58,441	6,482	9,158
Cash, cash equivalents and restricted cash at end of period	6,229	58,441	6,482
Supplemental Cash Flow and Noncash Information
Cash paid for interest, net of interest capitalized	80,792	69,283	66,829
Supplemental disclosure of noncash activities:
Acquisitions of storage properties	(2,623)
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)
Right-of-use assets obtained in exchange for lease liabilities	61,423
Discount on issuance of unsecured senior notes	4,167	3,574
Noncash drawdown on revolving credit facility		103,938
Mortgage loan assumptions	169,056		7,166
Repayment of unsecured term loan through noncash drawdown on revolving credit faciltiy		(100,000)
Accretion of put liability	7,917	5,895	24,747
Derivative valuation adjustment	81	302	(633)
Loan procurement costs		(3,770)
Issuance of OP units (see Note 4)	186,933	3,576	$ 6,242
Acquisition of noncontrolling interest in subsidiary		(4,828)
Contributions from noncontrolling interests in subsidiaries	$ 682	$ 7,328

STORAGE PROPERTIES - Activity (Details) $ in Thousands	Jun. 06, 2019USD ($)propertyfacility	Dec. 31, 2020USD ($)facility	Dec. 31, 2019USD ($)facility	Dec. 31, 2018USD ($)facility
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) \| property	18
HVP III
STORAGE FACILITIES
Percentage of interest acquired	90.00%
2020 Acquisitions
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) \| facility		21
Purchase Price \| $		$ 735,875
2020 Acquisitions \| Texas Asset February 2020
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) \| facility		1
Purchase Price \| $		$ 9,025
2020 Acquisitions \| Maryland Asset April 2020
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) \| facility		1
Purchase Price \| $		$ 17,200
2020 Acquisitions \| New Jersey Asset April 2020
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) \| facility		1
Purchase Price \| $		$ 48,450
2020 Acquisitions \| Florida Asset November 2020
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) \| facility		1
Purchase Price \| $		$ 3,900
2020 Acquisitions \| Texas Asset, Austin, November 2020
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) \| facility		1
Purchase Price \| $		$ 10,750
2020 Acquisitions \| Texas Asset, Dallas, November 2020
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) \| facility		1
Purchase Price \| $		$ 10,150
2020 Acquisitions \| Nevada Asset December 2020
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) \| facility		1
Purchase Price \| $		$ 16,800
2020 Acquisitions \| New York Asset December 2020
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) \| facility		1
Purchase Price \| $		$ 6,750
2020 Acquisitions \| Storage Deluxe Assets December 2020
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) \| facility		8
Purchase Price \| $		$ 540,000
2020 Acquisitions \| Florida Asset, Orlando, December 2020
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) \| facility		3
Purchase Price \| $		$ 45,500
2020 Acquisitions \| Florida Assets, Tampa, December 2020
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) \| facility		1
Purchase Price \| $		$ 10,000
2020 Acquisitions \| Virginia Asset December 2020
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) \| facility		1
Purchase Price \| $		$ 17,350
2020 Dispositions
STORAGE FACILITIES
Number of Facilities, dispositions (in properties) \| facility		1
Sale Price \| $		$ 12,750
2020 Dispositions \| New York Asset Four
STORAGE FACILITIES
Number of Facilities, dispositions (in properties) \| facility		1
Sale Price \| $		$ 12,750
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 Acquisitions \| HVP III
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) \| facility	18
Purchase Price \| $	$ 128,300
Percentage of interest acquired	90.00%
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