CubeSmart 10-Q 30 Jul 21 2021 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2021	Jul. 28, 2021
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2021
Entity File Number	001-32324
Entity Registrant Name	CUBESMART
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	20-1024732
Entity Address, Address Line One	5 Old Lancaster Rd. Malvern
Entity Address, City or Town	Malvern
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19355
City Area Code	610
Local Phone Number	535-5000
Title of 12(b) Security	Common Shares, $0.01 par value per share, of CubeSmart
Trading Symbol	CUBE
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		201,770,107
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001298675
Amendment Flag	false
Cubesmart, L P and Subsidiaries
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2021
Entity File Number	000-54462
Entity Registrant Name	CUBESMART, L.P.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	34-1837021
Entity Address, Address Line One	5 Old Lancaster Rd.
Entity Address, City or Town	Malvern
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19355
City Area Code	610
Local Phone Number	535-5000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001300485
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
ASSETS
Storage properties	$ 5,536,376	$ 5,489,754
Less: Accumulated depreciation	(1,026,337)	(983,940)
Storage properties, net (including VIE assets of $132,927 and $119,345, respectively)	4,510,039	4,505,814
Cash and cash equivalents	3,989	3,592
Restricted cash	2,238	2,637
Loan procurement costs, net of amortization	2,836	3,275
Investment in real estate ventures, at equity	97,301	92,071
Other assets, net	154,829	170,753
Total assets	4,771,232	4,778,142
LIABILITIES AND EQUITY
Unsecured senior notes, net	2,031,626	2,030,372
Revolving credit facility	24,600	117,800
Mortgage loans and notes payable, net	170,025	216,504
Accounts payable, accrued expenses and other liabilities	176,854	159,140
Lease liabilities - finance leases	65,798	65,599
Distributions payable	71,277	68,301
Deferred revenue	32,519	29,087
Security deposits	1,083	1,077
Total liabilities	2,573,782	2,687,880
Noncontrolling interests in the Operating Partnership	337,417	249,414
Commitments and contingencies
Equity
Common shares $.01 par value, 400,000,000 shares authorized, 201,768,903 and 197,405,989 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively	2,018	1,974
Additional paid-in capital	2,961,696	2,805,673
Accumulated other comprehensive loss	(594)	(632)
Accumulated deficit	(1,116,596)	(974,799)
Total CubeSmart shareholders' equity	1,846,524	1,832,216
Noncontrolling interests in subsidiaries	13,509	8,632
Total equity	1,860,033	1,840,848
Total liabilities and equity	$ 4,771,232	$ 4,778,142

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Storage properties	$ 4,510,039	$ 4,505,814
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	201,768,903	197,405,989
Common shares, shares outstanding	201,768,903	197,405,989
VIE
Storage properties	$ 132,927	$ 119,345

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
REVENUES
Rental income	$ 170,359	$ 140,484	$ 332,835	$ 281,469
Total revenues	199,247	163,798	388,088	327,879
OPERATING EXPENSES
Property operating expenses	63,751	55,345	124,979	111,085
Depreciation and amortization	54,139	39,893	107,949	80,731
General and administrative	11,560	9,543	22,476	19,908
Total operating expenses	129,450	104,781	255,404	211,724
Interest:
Interest expense on loans	(19,112)	(18,702)	(38,346)	(37,383)
Loan procurement amortization expense	(1,012)	(753)	(2,047)	(1,507)
Equity in earnings (losses) of real estate ventures	316	(174)	336	(179)
Other	377	(456)	1,054	163
Total other expense	(19,431)	(20,085)	(39,003)	(38,906)
NET INCOME	50,366	38,932	93,681	77,249
NET (INCOME) LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS
Noncontrolling interests in the Operating Partnership	(1,768)	(389)	(3,317)	(772)
Noncontrolling interest in subsidiaries	154	(38)	120	(76)
NET INCOME ATTRIBUTABLE TO THE COMPANY'S COMMON SHAREHOLDERS	$ 48,752	$ 38,505	$ 90,484	$ 76,401
Basic earnings per share attributable to common shareholders (in dollars per share)	$ 0.24	$ 0.20	$ 0.45	$ 0.39
Diluted earnings per share attributable to common shareholders (in dollars per share)	$ 0.24	$ 0.20	$ 0.45	$ 0.39
Weighted average basic shares outstanding (in shares)	201,414	193,629	200,293	193,605
Weighted average diluted shares outstanding (in shares)	202,809	194,192	201,527	194,231
Other Property Related Income
REVENUES
Property related income	$ 21,218	$ 16,522	$ 40,522	$ 33,424
Property Management Fee Income
REVENUES
Property related income	$ 7,670	$ 6,792	$ 14,731	$ 12,986

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
NET INCOME	$ 50,366	$ 38,932	$ 93,681	$ 77,249
Other comprehensive income (loss):
Reclassification of realized losses on interest rate swaps	20	20	40	40
OTHER COMPREHENSIVE INCOME	20	20	40	40
COMPREHENSIVE INCOME	50,386	38,952	93,721	77,289
Comprehensive income attributable to noncontrolling interests in the Operating Partnership	(1,769)	(389)	(3,319)	(772)
Comprehensive income attributable to noncontrolling interest in subsidiaries	154	(38)	120	(76)
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE COMPANY	$ 48,771	$ 38,525	$ 90,522	$ 76,441

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Thousands, $ in Thousands	Total Shareholders' Equity	Common Shares	Additional Paid-in Capital	Accumulated Other Comprehensive (Loss) Income	Accumulated Deficit	Noncontrolling Interest in Subsidiaries	Noncontrolling Interests in Operating Partnership	Total
Balance at Dec. 31, 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
Increase (Decrease) in Stockholders' Equity
Distributions paid to noncontrolling interests in subsidiaries						(59)		(59)
Issuance of common shares, net	(118)		(118)					(118)
Issuance of restricted shares (in shares)		30
Amortization of restricted shares	710		710					710
Share compensation expense	530		530					530
Adjustment for noncontrolling interest in the Operating Partnership	7,976				7,976		(7,976)	7,976
Net income (loss)	37,896				37,896	38		37,934
Net income (loss)							383
Other comprehensive income (loss), net	20			20				20
Common share distributions	(64,039)				(64,039)		(650)	(64,039)
Balance at Mar. 31, 2020	1,782,321	$ 1,936	2,675,867	(709)	(894,773)	7,969		1,790,290
Balance (in shares) at Mar. 31, 2020		193,587
Balance of Noncontrolling Interests in the Operating Partnership at Mar. 31, 2020							53,845
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
Increase (Decrease) in Stockholders' Equity
Adjustment for noncontrolling interest in the Operating Partnership								(4,200)
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
Balance at Mar. 31, 2020	1,782,321	$ 1,936	2,675,867	(709)	(894,773)	7,969		1,790,290
Balance (in shares) at Mar. 31, 2020		193,587
Balance of Noncontrolling Interests in the Operating Partnership at Mar. 31, 2020							53,845
Increase (Decrease) in Stockholders' Equity
Distributions paid to noncontrolling interests in subsidiaries						(42)		(42)
Issuance of common shares, net	(70)		(70)					(70)
Issuance of restricted shares (in shares)		28
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 (in shares)	135	14	135					135
Amortization of restricted shares	$ 1,249		$ 1,249					$ 1,249
Share compensation expense	464		464					464
Adjustment for noncontrolling interest in the Operating Partnership	(615)				(615)		615	(615)
Net income (loss)	38,505				38,505	38		38,543
Net income (loss)							389
Other comprehensive income (loss), net	20			20				20
Common share distributions	(64,081)				(64,081)		(618)	(64,081)
Balance at Jun. 30, 2020	1,760,752	$ 1,937	2,680,468	(689)	(920,964)	7,965		1,768,717
Balance (in shares) at Jun. 30, 2020		193,729
Balance of Noncontrolling Interests in the Operating Partnership at Jun. 30, 2020							51,407
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
Increase (Decrease) in Stockholders' Equity
Distributions paid to noncontrolling interests in subsidiaries						(69)		(69)
Issuance of common shares, net	99,688	$ 28	99,660					99,688
Issuance of common shares, net (in shares)		2,837
Issuance of restricted shares (in shares)		32
Conversion from units to shares	1,913	$ 1	1,912				(1,913)	1,913
Conversion from units to shares (in shares)		55
Exercise of stock options	1,172	$ 1	1,171					1,172
Exercise of stock options (in shares)		92
Amortization of restricted shares	705		705					705
Share compensation expense	609		609					609
Adjustment for noncontrolling interest in the Operating Partnership	(32,102)				(32,102)		32,102	(32,102)
Net income (loss)	41,732				41,732	34		41,766
Net income (loss)							1,549
Other comprehensive income (loss), net	19			19				19
Other comprehensive income (loss), net							1
Common share distributions	(68,350)				(68,350)		(2,504)	(68,350)
Balance at Mar. 31, 2021	1,877,602	$ 2,004	2,909,730	(613)	(1,033,519)	8,597		1,886,199
Balance (in shares) at Mar. 31, 2021		200,422
Balance of Noncontrolling Interests in the Operating Partnership at Mar. 31, 2021							278,649
Increase (Decrease) in Stockholders' Equity
Contributions from noncontrolling interests in subsidiaries						5,104		5,104
Distributions paid to noncontrolling interests in subsidiaries						(38)		(38)
Issuance of common shares, net	42,429	$ 11	42,418					42,429
Issuance of common shares, net (in shares)		1,046
Issuance of restricted shares (in shares)		31
Conversion from units to shares	3,549	$ 1	3,548				(3,549)	3,549
Conversion from units to shares (in shares)		81
Exercise of stock options	4,075	$ 2	4,073					4,075
Exercise of stock options (in shares)		189
Amortization of restricted shares	1,383		1,383					1,383
Share compensation expense	544		544					544
Adjustment for noncontrolling interest in the Operating Partnership	(63,025)				(63,025)		63,025	(63,025)
Net income (loss)	48,752				48,752	(154)		48,598
Net income (loss)							1,768
Other comprehensive income (loss), net	19			19				19
Other comprehensive income (loss), net							1
Common share distributions	(68,804)				(68,804)		(2,477)	(68,804)
Balance at Jun. 30, 2021	$ 1,846,524	$ 2,018	$ 2,961,696	$ (594)	$ (1,116,596)	$ 13,509		1,860,033
Balance (in shares) at Jun. 30, 2021		201,769
Balance of Noncontrolling Interests in the Operating Partnership at Jun. 30, 2021							$ 337,417	$ 337,417

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	3 Months Ended				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
CONSOLIDATED STATEMENTS OF EQUITY
Common share distributions (in dollars per share)	$ 0.34	$ 0.34	$ 0.33	$ 0.33	$ 0.68	$ 0.66

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Operating Activities
Net income (loss)	$ 93,681	$ 77,249
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	109,996	82,238
Non-cash portion of interest expense related to finance leases	199
Equity in (earnings) losses of real estate ventures	(336)	179
Equity compensation expense	4,043	3,603
Accretion of fair market value adjustment of debt	(1,120)	(354)
Changes in other operating accounts:
Other assets	(11,935)	324
Accounts payable and accrued expenses	19,439	23,940
Other liabilities	3,391	1,336
Net cash provided by operating activities	217,358	188,515
Investing Activities
Acquisitions of storage properties	(31,516)	(72,814)
Additions and improvements to storage properties	(18,506)	(30,772)
Development costs	(33,054)	(18,180)
Investment in real estate ventures	(11,749)	(5,908)
Cash distributed from real estate ventures	6,855	3,149
Net cash used in investing activities	(87,970)	(124,525)
Proceeds from:
Revolving credit facility	422,756	127,217
Principal payments on:
Revolving credit facility	(515,956)	(111,817)
Mortgage loans and notes payable	(45,217)	(1,262)
Proceeds from issuance of common shares, net	142,117	(188)
Cash paid upon vesting of restricted shares	(802)	(650)
Exercise of stock options	5,247	135
Contributions from noncontrolling interests in subsidiaries	1,731
Distributions paid to noncontrolling interests in subsidiaries	(107)	(101)
Distributions paid to common shareholders	(135,722)	(128,074)
Distributions paid to noncontrolling interests in Operating Partnership	(3,437)	(1,299)
Net cash provided by financing activities	(129,390)	(116,039)
Change in cash, cash equivalents and restricted cash	(2)	(52,049)
Cash, cash equivalents and restricted cash at beginning of period	6,229	58,441
Cash, cash equivalents and restricted cash at end of period	6,227
Supplemental Cash Flow and Noncash Information
Cash paid for interest, net of interest capitalized	38,824	37,726
Supplemental disclosure of noncash activities:
Acquisitions of storage properties		(2,623)
Accretion of put liability	4,889	1,792
Derivative valuation adjustment	40	$ 40
Contributions from noncontrolling interests in subsidiaries	$ 3,373

ORGANIZATION AND NATURE OF OPER

ORGANIZATION AND NATURE OF OPERATIONS	6 Months Ended
	Jun. 30, 2021
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 June 30, 2021, the Company owned (or partially owned and consolidated) self-storage properties located in 24 states throughout the United States and the District of Columbia that are presented under one reportable segment: the Company owns, operates, develops, manages and acquires self-storage properties. ​ As of June 30, 2021, the Parent Company owned approximately 96.5% 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”. ​ The Company typically experiences seasonal fluctuations in the occupancy levels of its stores, which are generally slightly higher during the summer months due to increased moving activity. ​

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES ​ Basis of Presentation ​ The accompanying unaudited consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting and, in the opinion of each of the Parent Company’s and Operating Partnership’s respective management, include all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of financial position, results of operations and cash flows for each respective company for the interim periods presented in accordance with generally accepted accounting principles in the United States (“GAAP”). Accordingly, readers of this Quarterly Report on Form 10-Q should refer to the Parent Company’s and the Operating Partnership’s audited financial statements prepared in accordance with GAAP, and the related notes thereto, for the year ended December 31, 2020, which are included in the Parent Company’s and the Operating Partnership’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020 ​ The Operating Partnership meets the criteria as a variable interest entity (“VIE”). The Parent Company’s sole significant asset is its investment in the Operating Partnership. As a result, substantially all of the Parent Company’s assets and liabilities represent those assets and liabilities of the Operating Partnership. All of the Parent Company’s debt is an obligation of the Operating Partnership, and the Parent Company guarantees the unsecured debt obligations of the Operating Partnership. ​ Recent Accounting Pronouncements ​ In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“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 standard is not expected to have a material impact on the Company’s consolidated financial statements.

STORAGE PROPERTIES

STORAGE PROPERTIES	6 Months Ended
	Jun. 30, 2021
STORAGE PROPERTIES
STORAGE FACILITIES	3. STORAGE PROPERTIES ​ The book value of the Company’s real estate assets is summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ 2021 2020 ​ ​ ​ (in thousands) ​ Land ​ $ 1,113,737 ​ $ 1,093,503 ​ Buildings and improvements ​ 4,197,607 ​ 4,122,995 ​ Equipment ​ 123,199 ​ 123,044 ​ Construction in progress ​ 60,419 ​ 108,316 ​ Right-of-use assets - finance leases ​ ​ 41,414 ​ ​ 41,896 ​ Storage properties ​ 5,536,376 ​ 5,489,754 ​ Less: Accumulated depreciation ​ (1,026,337) ​ (983,940) ​ Storage properties, net ​ $ 4,510,039 ​ $ 4,505,814 ​ ​ The following table summarizes the Company’s acquisition and disposition activity during the period beginning on January 1, 2020 through June 30, 2021. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Purchase / Sale Price Asset/Portfolio ​ Metropolitan Statistical Area ​ Transaction Date ​ Stores ​ (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 Acquisitions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Minnesota Asset (1) ​ Minneapolis-St. Paul-Bloomington, MN-WI ​ April 2021 ​ 1 ​ $ 12,000 ​ Maryland Asset ​ Baltimore-Towson, MD ​ June 2021 ​ 1 ​ ​ 22,075 ​ ​ ​ ​ ​ ​ ​ 2 ​ $ 34,075 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ 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 ​ 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 ​ ​ ​ ​ ​ ​ ​ 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Acquired by a consolidated joint venture in which the Company holds a 50% interest.

INVESTMENT ACTIVITY

INVESTMENT ACTIVITY	6 Months Ended
	Jun. 30, 2021
INVESTMENT ACTIVITY
INVESTMENT ACTIVITY	4. INVESTMENT ACTIVITY ​ 2021 Acquisitions ​ During the three and six months ended June 30, 2021, the Company acquired a store in Maryland for a purchase price of approximately $22.1 million. In addition, a consolidated joint venture in which the Company holds a 50% interest acquired a store in Minnesota for a purchase price of $12.0 million (see note 13). 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 $1.6 million at the time of the acquisitions and prior to amortization of such amounts. The estimated life of these in-place leases was 12 months and the amortization expense that was recognized during the three and six months ended June 30, 2021 was approximately $49,000 . ​ As of June 30, 2021, the Company had made aggregate deposits of approximately $0.4 million associated with two stores that were under contract to be acquired for an aggregate acquisition price of $33.0 million (see note 18). The deposits are reflected in Other assets, net on the Company’s consolidated balance sheets. ​ 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 13). 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 and the amortization expense that was recognized during the three and six months ended June 30, 2021 was approximately $12.1 million and $24.3 million, respectively. 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 14). ​ 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 the three and six months ended June 30, 2021 was approximately $2.4 million and $5.2 million, respectively. The amortization expense that was recognized during the three and six months ended June 30, 2020 was $0.4 million and $0.5 million, respectively. ​ Additionally, on July 20, 2020, the Company acquired land underlying a wholly-owned store located in 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 June 30, 2021, the Company had invested in joint ventures to develop three self-storage properties located in Massachusetts, New York and Virginia. Construction for all projects is expected to be completed by the second quarter of 2022 (see note 13). As of June 30, 2021, development costs incurred to date for these projects totaled $48.4 million. Total construction costs for these projects are expected to be $75.0 million. These costs are capitalized to construction in progress while the projects are under development and are reflected in Storage properties on the Company’s consolidated balance sheets. ​ The Company has completed the construction and opened for operation the following stores during the period beginning on January 1, 2020 through June 30, 2021. 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) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ East Meadow, NY (1) ​ 1 ​ Q2 2021 ​ 100% ​ $ 25,900 King of Prussia, PA ​ 1 ​ Q2 2021 ​ 70% ​ ​ 22,800 Arlington, VA (2) ​ 1 ​ Q1 2021 ​ 90% ​ ​ 26,400 Brooklyn, NY (3) ​ 1 ​ Q2 2020 ​ 100% ​ ​ 45,900 ​ ​ 4 ​ ​ ​ ​ ​ $ 121,000 ​ (1) This store was previously owned by a consolidated joint venture, in which the Company held a 51% ownership interest. On June 29, 2021, the noncontrolling member in the venture that owned the store put its 49% interest in the venture to the Company for $6.6 million in cash consideration. ​ (2) This store is located adjacent to an existing consolidated joint venture store. Given their proximity to each other, the stores have been combined in our store count, as well as for operational and reporting purposes (see note 13). ​ (3) This store was previously owned by a consolidated joint venture, in which the Company held a 51% ownership interest. On September 29, 2020, the noncontrolling member in the venture that owned the store put its 49% interest in the venture to the Company for $10.0 million, of which $1.0 million was paid in cash. T he 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 13).

INVESTMENT IN UNCONSOLIDATED RE

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES	6 Months Ended
	Jun. 30, 2021
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES	​ ​ 5. INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES ​ The Company’s investments in unconsolidated real estate ventures, in which it holds common ownership interests, are summarized as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CubeSmart ​ Number of Stores as of ​ Carrying Value of Investment as of ​ ​ Ownership ​ June 30, ​ December 31, ​ June 30, ​ December 31, Unconsolidated Real Estate Ventures Interest ​ 2021 ​ 2020 2021 ​ 2020 191 V CUBE LLC ("HVP V") (1) ​ 20% ​ 2 ​ - ​ $ 7,364 ​ $ - 191 IV CUBE Southeast LLC ("HVPSE") (2) ​ 10% ​ 14 ​ 14 ​ ​ 4,872 ​ ​ 5,015 191 IV CUBE LLC ("HVP IV") (3) ​ 20% ​ 27 ​ 21 ​ ​ 25,141 ​ ​ 21,760 CUBE HHF Northeast Venture LLC ("HHFNE") (4) ​ 10% ​ 13 ​ 13 ​ ​ 1,448 ​ ​ 1,628 CUBE HHF Limited Partnership ("HHF") (5) ​ 50% ​ 35 ​ 35 ​ ​ 58,476 ​ ​ 63,668 ​ ​ ​ ​ 91 ​ 83 ​ $ 97,301 ​ $ 92,071 ​ (1) On March 17, 2021, the Company invested a 20% ownership interest in a newly-formed real estate venture that acquired its initial self-storage property located in Florida. A second self-storage property in Florida was purchased by HVP V on June 29, 2021. HVP V paid an aggregate of $37.0 million for these stores, of which $1.5 million was allocated to the value of the in-place lease intangible. The purchase price was contributed pro-rata by the Company and its unaffiliated joint venture partner. The Company’s total contribution to HVP V related to these acquisitions was $7.4 million. ​ (2) 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. ​ (3) The stores owned by HVP IV are located in Arizona (2) , Connecticut (3) , Florida (4) , Georgia (2) , Illinois (4) , Maryland (2) , Minnesota (1) , Pennsylvania (1) and Texas (8) . The Company’s total contribution to HVP IV in connection with these store acquisitions was $30.6 million. During the three months ended June 30, 2021, HVP IV entered into a new $212.3 million secured loan, which bears interest at LIBOR plus 1.95% per annum, and matures on April 19, 2025. HVP IV used the proceeds from this loan to repay its existing loans (totaling $137.7 million) in full. ​ (4) 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 June 30, 2021, 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. ​ (5) The stores owned by HHF are located in North Carolina (1) and Texas (34) . 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 this loan to repay its existing outstanding $100.0 million loan in full. ​ Based upon the facts and circumstances at formation of HVP V, 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. 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 following is a summary of the financial position of the Ventures as of June 30, 2021 and December 31, 2020. ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ 2021 2020 Assets ​ (in thousands) Storage properties, net ​ $ 780,772 ​ $ 662,833 Other assets ​ 30,537 ​ 18,112 Total assets ​ $ 811,309 ​ $ 680,945 ​ ​ ​ ​ ​ ​ ​ Liabilities and equity ​ ​ ​ ​ ​ ​ Debt ​ $ 439,155 ​ $ 359,985 Other liabilities ​ ​ 22,650 ​ ​ 11,588 Equity ​ ​ ​ ​ ​ ​ CubeSmart ​ 97,301 ​ ​ 92,071 Joint venture partners ​ 252,203 ​ ​ 217,301 Total liabilities and equity ​ $ 811,309 ​ $ 680,945 ​ ​ ​ ​ ​ ​ ​ ​ The following is a summary of results of operations of the Ventures for the three and six months ended June 30, 2021 and 2020. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ 2021 2020 2021 ​ 2020 ​ ​ ​ (in thousands) ​ ​ Total revenues ​ $ 21,240 ​ $ 16,797 ​ $ 40,063 ​ $ 31,402 ​ ​ Operating expenses ​ (9,492) ​ ​ (7,978) ​ (18,097) ​ (14,920) ​ ​ Other expenses ​ ​ (854) ​ ​ (121) ​ ​ (851) ​ ​ (234) ​ ​ Interest expense, net ​ (2,673) ​ ​ (2,985) ​ (6,208) ​ (5,705) ​ ​ Depreciation and amortization ​ (9,008) ​ (9,100) ​ (17,720) ​ (15,523) ​ ​ Net loss ​ $ (787) ​ $ (3,387) ​ $ (2,813) ​ $ (4,980) ​ ​ Company’s share of net income (loss) ​ $ 316 ​ $ (174) ​ $ 336 ​ $ (179) ​ ​ ​ ​ ​ ​

OTHER ASSETS

OTHER ASSETS	6 Months Ended
	Jun. 30, 2021
Other Assets, Unclassified [Abstract]
OTHER ASSETS	​ ​ 6. OTHER ASSETS ​ Other assets are comprised of the following as of June 30, 2021 and December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2021 2020 ​ ​ (in thousands) Intangible assets, net of accumulated amortization of $29,157 and $2,123 ​ $ 29,930 ​ $ 57,820 Accounts receivable, net ​ 5,905 ​ 5,829 Prepaid property taxes ​ 5,497 ​ 6,334 Prepaid property and casualty insurance ​ 5,603 ​ 2,626 Amounts due from affiliates (see note 15) ​ ​ 17,112 ​ ​ 13,130 Assets held in trust related to deferred compensation arrangements ​ ​ 21,141 ​ ​ 17,207 Right-of-use assets - operating leases (see note 14) ​ ​ 54,683 ​ ​ 55,302 Equity investment recorded at cost (1) ​ ​ 5,000 ​ ​ 5,000 Other ​ 9,958 ​ 7,505 Total other assets, net ​ $ 154,829 ​ $ 170,753 ​ (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.

UNSECURED SENIOR NOTES

UNSECURED SENIOR NOTES	6 Months Ended
	Jun. 30, 2021
UNSECURED SENIOR NOTES
UNSECURED SENIOR NOTES	7. UNSECURED SENIOR NOTES ​ The Company’s unsecured senior notes are summarized as follows (collectively referred to as the “Senior Notes”): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, Effective ​ Issuance ​ Maturity Unsecured Senior Notes 2021 2020 Interest Rate ​ Date ​ Date ​ ​ (in thousands) ​ ​ ​ ​ ​ ​ ​ $300M 4.375% Guaranteed Notes due 2023 (1) ​ $ 300,000 ​ $ 300,000 4.33 % ​ Various (1) ​ Dec-23 ​ $300M 4.000% Guaranteed Notes due 2025 (2) ​ 300,000 ​ 300,000 3.99 % ​ Various (2) ​ Nov-25 ​ $300M 3.125% Guaranteed Notes due 2026 ​ ​ 300,000 ​ ​ 300,000 ​ 3.18 % ​ Aug-16 ​ Sep-26 ​ $350M 4.375% Guaranteed Notes due 2029 ​ ​ 350,000 ​ ​ 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 ​ ​ 450,000 ​ 2.10 % ​ Oct-20 ​ Feb-31 ​ Principal balance outstanding ​ ​ 2,050,000 ​ ​ 2,050,000 ​ ​ ​ ​ ​ ​ ​ ​ Less: Discount on issuance of unsecured senior notes, net ​ ​ (7,086) ​ ​ (7,470) ​ ​ ​ ​ ​ ​ ​ ​ Less: Loan procurement costs, net ​ ​ (11,288) ​ ​ (12,158) ​ ​ ​ ​ ​ ​ ​ ​ Total unsecured senior notes, net ​ $ 2,031,626 ​ $ 2,030,372 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) On April 4, 2017, the Operating Partnership issued $50.0 million of its 4.375% senior notes due 2023, which are part of the same series as the $250.0 million principal amount of the Operating Partnership’s 4.375% senior notes due December 15, 2023 issued on December 17, 2013. The $50.0 million and $250.0 million tranches were priced at 105.040% and 98.995% , respectively, of the principal amount to yield 3.495% and 4.501% , respectively, to maturity. The combined weighted average effective interest rate of the 2023 notes is 4.330% . ​ (2) On April 4, 2017, the Operating Partnership issued $50.0 million of its 4.000% senior notes due 2025, which are part of the same series as the $250.0 million principal amount of the Operating Partnership’s 4.000% senior notes due November 15, 2025 issued on October 26, 2015. The $50.0 million and $250.0 million tranches were priced at 101.343% and 99.735% , respectively, of the principal amount to yield 3.811% and 4.032% , respectively, to maturity. The combined weighted average effective interest rate of the 2025 notes is 3.994% . ​ The indenture under which the Senior Notes were issued restricts the ability of the Operating Partnership and its subsidiaries to incur debt unless the Operating Partnership and its consolidated subsidiaries comply with a leverage ratio not to exceed 60% and an interest coverage ratio of more than 1.5 :1.0 after giving effect to the incurrence of the debt. The indenture also restricts the ability of the Operating Partnership and its subsidiaries to incur secured debt unless the Operating Partnership and its consolidated subsidiaries comply with a secured debt leverage ratio not to exceed 40% after giving effect to the incurrence of the debt. The indenture also contains other financial and customary covenants, including a covenant not to own unencumbered assets with a value less than 150% of the unsecured indebtedness of the Operating Partnership and its consolidated subsidiaries. As of June 30, 2021, the Operating Partnership was in compliance with all of the financial covenants under the Senior Notes.

REVOLVING CREDIT FACILITY

REVOLVING CREDIT FACILITY	6 Months Ended
	Jun. 30, 2021
REVOLVING CREDIT FACILITY
REVOLVING CREDIT FACILITY AND UNSECURED TERM LOANS	8. REVOLVING CREDIT FACILITY ​ On December 9, 2011, the Company entered into a credit agreement (the “Credit Facility”). On June 19, 2019, the Company amended and restated, in its entirety, the Credit Facility (the “Amended and Restated Credit Facility”) which, subsequent to the amendment and restatement, is comprised of a $750.0 million unsecured revolving facility (the “Revolver”) maturing on June 19, 2024. Under the Amended and Restated Credit Facility, pricing on the Revolver is dependent upon the Company’s unsecured debt credit ratings. At the Company’s current Baa2/BBB level, amounts drawn under the Revolver are priced at 1.10% over LIBOR, inclusive of a facility fee of 0.15%. ​ As of June 30, 2021, borrowings under the Revolver had an effective interest rate of 1.20%. Additionally, as of June 30, 2021, $724.8 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 June 30, 2021, the Company was in compliance with all of its financial covenants.

MORTGAGE LOANS AND NOTES PAYABL

MORTGAGE LOANS AND NOTES PAYABLE	6 Months Ended
	Jun. 30, 2021
MORTGAGE LOANS AND NOTES PAYABLE
MORTGAGE LOANS AND NOTES PAYABLE	9. MORTGAGE LOANS AND NOTES PAYABLE ​ The Company’s mortgage loans and notes payable are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying Value as of ​ ​ ​ ​ ​ ​ June 30, ​ December 31, Effective ​ Maturity Mortgage Loans and Notes Payable 2021 2020 Interest Rate ​ Date ​ ​ (in thousands) ​ ​ ​ ​ ​ Bronx IX, NY (1) ​ $ — ​ $ 21,030 4.85 % ​ Jun-21 ​ Bronx X, NY (1) ​ — ​ 23,148 4.64 % ​ Jun-21 ​ Nashville V, TN ​ ​ 2,234 ​ ​ 2,261 ​ 3.85 % ​ Jun-23 ​ New York, NY ​ ​ 29,663 ​ ​ 29,981 ​ 3.51 % ​ Jun-23 ​ Annapolis I, MD ​ ​ 5,192 ​ ​ 5,283 ​ 3.78 % ​ May-24 ​ Brooklyn XV, NY ​ ​ 15,581 ​ ​ 15,713 ​ 2.15 % ​ May-24 ​ Long Island City IV, NY ​ ​ 12,728 ​ ​ 12,852 ​ 2.15 % ​ May-24 ​ Long Island City II, NY ​ ​ 18,932 ​ ​ 19,094 ​ 2.25 % ​ Jul-26 ​ Long Island City III, NY ​ ​ 18,921 ​ ​ 19,106 ​ 2.25 % ​ Aug-26 ​ Flushing II, NY ​ ​ 54,300 ​ ​ 54,300 ​ 2.15 % ​ Jul-29 ​ Principal balance outstanding ​ ​ 157,551 ​ ​ 202,768 ​ ​ ​ ​ ​ ​ Plus: Unamortized fair value adjustment ​ ​ 14,375 ​ 15,879 ​ ​ ​ ​ ​ ​ Less: Loan procurement costs, net ​ ​ (1,901) ​ ​ (2,143) ​ ​ ​ ​ ​ ​ Total mortgage loans and notes payable, net ​ $ 170,025 ​ $ 216,504 ​ ​ ​ ​ ​ ​ ​ (1) These mortgage loans were repaid in full on March 1, 2021. ​ As of June 30, 2021 and December 31, 2020, the Company’s mortgage loans payable were secured by certain of its self-storage properties with net book values of approximately $455.0 million and $539.2 million, respectively. The following table represents the future principal payment requirements on the outstanding mortgage loans and notes payable as of June 30, 2021 (in thousands): ​ ​ ​ ​ ​ 2021 $ 1,165 2022 ​ 2,426 2023 ​ 32,591 2024 ​ 32,329 2025 ​ 979 2026 and thereafter ​ 88,061 Total mortgage payments ​ 157,551 Plus: Unamortized fair value adjustment ​ 14,375 Less: Loan procurement costs, net ​ ​ (1,901) Total mortgage loans and notes payable, net ​ $ 170,025 ​

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE LOSS	6 Months Ended
	Jun. 30, 2021
ACCUMULATED OTHER COMPREHENSIVE LOSS
ACCUMULATED OTHER COMPREHENSIVE LOSS	10. ACCUMULATED OTHER COMPREHENSIVE LOSS ​ The following table summarizes the changes in accumulated other comprehensive loss by component for the six months ended June 30, 2021: ​ ​ ​ ​ ​ June 30, ​ 2021 ​ ​ (in thousands) Beginning balance $ (656) Reclassification of realized losses on interest rate swaps (1) ​ 40 Ending balance ​ (616) Less: portion included in noncontrolling interests in the Operating Partnership ​ 22 Total accumulated other comprehensive loss included in equity $ (594) ​ (1) See note 11 for additional information about the effects of the amounts reclassified.

RISK MANAGEMENT AND USE OF FINA

RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS	6 Months Ended
	Jun. 30, 2021
RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS
RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS	11. 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 exposure and not for speculative purposes. The principal objective of such arrangements is to minimize the risks and/or costs associated with the Company’s operating and financial structure, as well as to hedge specific transactions. The counterparties to these arrangements are major financial institutions with which the Company and its subsidiaries may also have other financial relationships. The Company is potentially exposed to credit loss in the event of non-performance by these counterparties. However, because of the high credit ratings of the counterparties, the Company does not anticipate any of the counterparties will fail to meet these obligations as they come due. The Company does not hedge credit or property value market risks. ​ 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 statement of operations realized and unrealized gains and losses with respect to the derivative. As of June 30, 2021 and December 31, 2020, 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 twenty thousand dollars and forty thousand dollars of unrealized losses from accumulated other comprehensive loss as an increase to interest expense during the three and six months ended June 30, 2021, respectively. The Company estimates that $0.1 million will be reclassified as an increase to interest expense in the next 12 months.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Jun. 30, 2021
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS	12. 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 June 30, 2021 or December 31, 2020. ​ The fair values of financial instruments, including cash and cash equivalents, restricted cash, accounts receivable and accounts payable approximate their respective carrying values at June 30, 2021 and December 31, 2020. ​ The following table summarizes the carrying value and estimated fair value of the Company’s debt as of June 30, 2021 and December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 ​ December 31, 2020 ​ ​ (in thousands) Carrying value $ 2,226,251 ​ $ 2,364,676 Fair value ​ 2,363,150 ​ ​ 2,571,300 ​ The fair value of debt estimates were based on a discounted cash flow analysis assuming market interest rates for comparable obligations at June 30, 2021 and December 31, 2020. 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	6 Months Ended
	Jun. 30, 2021
NONCONTROLLING INTERESTS
NONCONTROLLING INTERESTS	13. NONCONTROLLING INTERESTS ​ Interests in Consolidated Joint Ventures ​ Noncontrolling interests in subsidiaries represent the ownership interests of third parties in the Company’s consolidated real estate ventures. The following table summarizes the Company’s consolidated joint ventures, each of which are accounted for as VIEs (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CubeSmart ​ ​ ​ ​ ​ ​ ​ ​ ​ Number ​ ​ ​ Date Opened / ​ Ownership ​ June 30, 2021 ​ Consolidated Joint Ventures of Stores Location Acquired (1) ​ Interest ​ Total Assets ​ Total Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) ​ CS Vienna, LLC ("Vienna") (2) ​ 1 ​ Vienna, VA ​ Q2 2022 (est.) ​ 72% ​ $ 19,802 ​ $ 8,615 ​ CS 750 W Merrick Rd, LLC ("Merrick") (3) ​ 1 ​ Valley Stream, NY ​ Q1 2022 (est.) ​ 51% ​ ​ 20,283 ​ ​ 10,604 ​ CS SDP Newtonville, LLC ("Newton") (4) ​ 1 ​ Newton, MA ​ Q3 2021 (est.) ​ 90% ​ ​ 19,190 ​ ​ 12,674 ​ CS Valley Forge Village Storage, LLC ("VFV") (4) ​ 1 ​ King of Prussia, PA ​ Q2 2021 ​ 70% ​ ​ 21,891 ​ ​ 13,866 ​ CS Lock Up Anoka, LLC ("Anoka") (5) ​ 1 ​ Anoka, MN ​ Q2 2021 ​ 50% ​ ​ 12,214 ​ ​ 5,589 ​ SH3, LLC ("SH3") (6) ​ 1 ​ Arlington, VA Q2 2015/Q1 2021 ​ 90% ​ ​ 39,334 ​ ​ 191 ​ ​ ​ 6 ​ ​ ​ ​ ​ ​ ​ $ 132,714 ​ $ 51,539 ​ ​ (1) Anoka was formed to acquire an existing store that had commenced operations, while all other consolidated joint ventures were formed to develop, own and operate new stores. ​ (2) 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 June 30, 2021, the Company has funded $ 6.7 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. ​ (3) The noncontrolling member of Merrick has the option to put their ownership interest in the venture to the Company for $17.1 million (the “Put Option”) within the two-year period after construction of the 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 member for $17.1 million, 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. The Company is accreting this liability during the development period and, as of June 30, 2021, has accrued $9.8 million. This amount is included in Accounts payable, accrued expenses and other liabilities on the Company’s consolidated balance sheets. ​ (4) The Company has related party loan commitments to VFV and Newton to fund a portion of the construction costs. As of June 30, 2021, the Company has funded $11.3 million of the total $12.4 million loan commitment to VFV and $11.8 million of the 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. ​ (5) On April 16, 2021, the Company contributed $3.4 million in exchange for a 50% ownership interest in Anoka, which acquired a self-storage property located in Minnesota for $12.0 million. In addition, the Company has funded $5.6 million of a $6.1 million related party loan commitment to Anoka, which is included in the total liability amount within the table above. This loan and the related interest were eliminated for consolidation purposes. ​ (6) SH3 owns two stores located in close proximity to each other in Arlington, VA, the first of which was developed and opened for operation in April 2015 (“Shirlington I”) and the second of which was developed and opened for operation in March 2021 (“Shirlington II”). Given their close proximity to each other, the two stores were combined in our store count, as well as for operational and reporting purposes, upon the opening of Shirlington II in March 2021. ​ 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 3.5% and 3.6% of the outstanding OP Units, as of June 30, 2021 and December 31, 2020, respectively, were not owned by CubeSmart, the sole general partner. The interests in the Operating Partnership represented by these OP Units were a component of the consideration that the Operating Partnership paid to acquire certain self-storage properties. The holders of the OP Units are limited partners in the Operating Partnership and have the right to require CubeSmart to redeem all or part of their OP Units for, at the general partner’s option, an equivalent number of common shares of CubeSmart or cash based upon the fair value of an equivalent number of common shares of CubeSmart. However, the partnership agreement contains certain provisions that could result in a settlement outside the control of CubeSmart and the Operating Partnership, as CubeSmart does not have the ability to settle in unregistered shares. Accordingly, consistent with the guidance, the Operating Partnership will record the OP Units owned by third parties outside of permanent capital in the consolidated balance sheets. Net income or loss related to the OP Units owned by third parties is excluded from net income or loss attributable to Operating Partner in the consolidated statements of operations. ​ 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. ​ As of June 30, 2021 and December 31, 2020, 7,284,506 and 7,420,828 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 quarter. Based on the Company’s evaluation of the redemption value of the redeemable noncontrolling interest, the Company has reflected these interests at the greater of the carrying value based on the accumulation of historical cost or the redemption value at June 30, 2021 and December 31, 2020. As of June 30, 2021 and December 31, 2020, the Operating Partnership recorded an increase in the value of OP Units owned by third parties and a corresponding decrease to capital of $63.0 million and $4.2 million, respectively.

LEASES

LEASES	6 Months Ended
	Jun. 30, 2021
LEASES
LEASES	​ ​ 14. 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, subject to such laws and regulations, generally provide for automatic monthly renewals, flexibility to increase rental rates over time as market conditions permit and the collection of contingent fees such as administrative and late fees. None of the self-storage lease agreements contain options that allow the customer to purchase the leased space at any time during, or at the expiration of, the lease term. All self-storage leases in which the Company serves as lessor have been classified as operating leases. Accordingly, storage cubes are carried at historical cost less accumulated depreciation and impairment, if any, and are included in Storage properties on the Company’s consolidated balance sheets. Operating lease income for amounts received under the Company’s self-storage lease agreements is recognized on a straight-line basis which, due to the month-to-month nature of the leases, results in the recognition of income during the initial term and each subsequent monthly renewal using the then-in-place rent amount. Operating lease income is included in Rental income within the Company’s consolidated statements of operations. Variable lease income related to the Company’s self-storage lease agreements consists of administrative and late fees charged to customers. For the three and six months ended June 30, 2021, administrative and late fees totaled $5.0 million and $9.8 million, respectively. For the three and six months ended June 30, 2020, administrative and late fees totaled $4.5 million and $9.9 million, respectively. Administrative and late fees 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 (1) provide for one or more options to renew, with renewal options that can extend the lease 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 operating leases are recognized at the lease commencement date based on the present value of the remaining lease payments over the lease term. As the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available surrounding the Company’s unsecured borrowing rates and implied secured spread at the lease commencement date in determining the present value of lease payments. The right-of-use asset also includes any lease payments made at or before lease commencement less any lease incentives. ​ ​ For the three and six months ended June 30, 2021 and 2020, the Company’s lease cost consists of the following components: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ ​ Six Months Ended June 30, ​ 2021 2020 ​ ​ 2021 2020 ​ ​ (in thousands) Finance lease cost: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization of finance lease right-of-use assets ​ $ 241 ​ $ — ​ ​ $ 482 ​ $ — Interest expense related to finance lease liabilities ​ ​ 533 ​ ​ — ​ ​ ​ 1,060 ​ ​ — Operating lease cost ​ ​ 822 ​ ​ 746 ​ ​ ​ 1,644 ​ ​ 1,492 Short-term lease cost (1) ​ 326 ​ ​ 275 ​ ​ 632 ​ ​ 583 Total lease cost ​ $ 1,922 ​ $ 1,021 ​ ​ $ 3,818 ​ $ 2,075 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash paid for amounts included in measurement of lease liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating cash outflows for finance leases ​ $ 445 ​ $ — ​ ​ $ 861 ​ $ — Operating cash outflows for operating leases ​ ​ 635 ​ ​ 577 ​ ​ ​ 1,253 ​ ​ 1,142 Total cash outflows for lease liability measurement ​ $ 1,080 ​ $ 577 ​ ​ $ 2,114 ​ $ 1,142 ​ (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 June 30, 2021 and December 31, 2020. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ 2021 ​ 2020 ​ ​ ​ (dollars in thousands) ​ Finance Leases ​ ​ ​ ​ ​ ​ ​ Right-of-use assets included in Storage properties, net ​ $ 41,414 ​ $ 41,896 ​ Lease liabilities included in Lease liabilities - finance leases ​ $ 65,798 ​ $ 65,599 ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Leases ​ ​ ​ ​ ​ ​ ​ Right-of-use assets included in Other assets, net ​ $ 54,683 ​ $ 55,302 ​ Lease liabilities included in Accounts payable, accrued expenses and other liabilities ​ $ 53,476 ​ $ 53,595 ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average Lease Term (in years) ​ ​ ​ ​ ​ ​ ​ Finance leases ​ ​ 43.0 ​ ​ 43.5 ​ Operating leases ​ ​ 34.4 ​ ​ 34.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average Discount Rate ​ ​ ​ ​ ​ ​ ​ Finance leases ​ ​ 3.25 % ​ 3.25 % Operating leases ​ ​ 4.47 % ​ 4.46 % ​ ​ The following table represents the future lease liability maturities as of June 30, 2021 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Finance ​ Operating 2021 $ 1,075 $ 1,258 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 ​ 132,780 ​ 110,956 Less: Imputed interest ​ ​ (66,982) ​ ​ (57,480) Present value of lease liabilities ​ $ 65,798 ​ $ 53,476 ​ ​ ​ ​ ​ ​ ​ ​ During the three and six months ended June 30, 2021 and 2020, the Company did not enter into any lease agreements set to commence in the future.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2021
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	15. COMMITMENTS AND CONTINGENCIES ​ The Company is involved in claims from time to time, which arise in the ordinary course of business. In accordance with applicable accounting guidance, management establishes an accrued liability for claim expenses, insurance retention and litigation costs when those matters present loss contingencies that are both probable and reasonably estimable. In such cases, there may be exposure to loss in excess of those amounts accrued. The estimated loss, if any, is based upon currently available information and is subject to significant judgment, a variety of assumptions, and known and unknown uncertainties. In the opinion of management, the Company has made adequate provisions for potential liabilities, arising from any such matters, which are included in Accounts payable, accrued expenses and other liabilities on the Company’s consolidated balance sheets.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2021
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	16. RELATED PARTY TRANSACTIONS ​ The Company provides management services to certain joint ventures and other related parties. Management agreements provide for fee income to the Company based on a percentage of revenues at the managed stores. Total management fees for unconsolidated real estate ventures or other entities in which the Company held an ownership interest for the three and six months ended June 30, 2021 totaled $1.2 million and $2.3 million, respectively, compared to $1.0 million and $1.8 million, respectively, for the same periods in 2020. ​ The management agreements for certain joint ventures, other related parties and third-party stores provide for the reimbursement to the Company for certain expenses incurred to manage the stores. These amounts consist of amounts due for management fees, payroll, and other store expenses. The amounts due to the Company were $17.1 million and $13.1 million as of June 30, 2021 and December 31, 2020, respectively, and are reflected in Other assets, net on the Company’s consolidated balance sheets. Additionally, as discussed in note 13, the Company had outstanding mortgage loans receivable from consolidated joint ventures of $35.4 million and $21.4 million as of June 30, 2021 and December 31, 2020, respectively, which are eliminated for consolidation purposes. The Company believes that all of these related-party receivables are fully collectible. ​ The HVP V, HVPSE, HVP IV and HHFNE operating agreements provide for acquisition, disposition and other fees payable from HVP V, HVPSE, HVP IV and HHFNE to the Company upon the closing of a property transaction by HVP V, HVPSE, HVP IV and HHFNE or any of their subsidiaries and completion of certain measures as defined in the operating agreements. During the three and six months ended June 30, 2021, the Company recognized fees associated with property transactions of $0.5 million and $0.6 million, respectively. During the six months ended June 30, 2020, the Company recognized $0.7 million in fees associated with property transactions. There were no property transaction fees recognized during the three months ended June 30, 2020. Property transaction fees are included in Other income on the consolidated statements of operations. ​

EARNINGS PER SHARE AND UNIT AND

EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL	6 Months Ended
	Jun. 30, 2021
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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ 2021 ​ 2020 ​ 2021 ​ 2020 ​ ​ (dollars and units in thousands, except per share amounts) Net income ​ $ 50,366 ​ $ 38,932 ​ $ 93,681 ​ $ 77,249 Noncontrolling interests in the Operating Partnership ​ (1,768) ​ (389) ​ (3,317) ​ (772) Noncontrolling interest in subsidiaries ​ 154 ​ (38) ​ 120 ​ (76) Net income attributable to the Company’s common shareholders ​ $ 48,752 ​ $ 38,505 ​ $ 90,484 ​ $ 76,401 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average basic shares outstanding ​ 201,414 ​ 193,629 ​ 200,293 ​ 193,605 Share options and restricted share units ​ 1,395 ​ 563 ​ 1,234 ​ 626 Weighted average diluted shares outstanding (1) ​ 202,809 ​ 194,192 ​ 201,527 ​ 194,231 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic earnings per share attributable to common shareholders ​ $ 0.24 ​ $ 0.20 ​ $ 0.45 ​ $ 0.39 Diluted earnings per share attributable to common shareholders (2) ​ $ 0.24 ​ $ 0.20 ​ $ 0.45 ​ $ 0.39 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings per common unit and capital ​ The following is a summary of the elements used in calculating basic and diluted earnings per common unit: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ ​ 2021 ​ 2020 ​ 2021 ​ 2020 ​ ​ ​ (dollars and units in thousands, except per unit amounts) ​ Net income ​ $ 50,366 ​ $ 38,932 ​ $ 93,681 ​ $ 77,249 ​ Operating Partnership interests of third parties ​ (1,768) ​ (389) ​ (3,317) ​ (772) ​ Noncontrolling interest in subsidiaries ​ 154 ​ (38) ​ 120 ​ (76) ​ Net income attributable to common unitholders ​ $ 48,752 ​ $ 38,505 ​ $ 90,484 ​ $ 76,401 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average basic units outstanding ​ 201,414 ​ 193,629 ​ 200,293 ​ 193,605 ​ Unit options and restricted share units ​ 1,395 ​ 563 ​ 1,234 ​ 626 ​ Weighted average diluted units outstanding (1) ​ 202,809 ​ 194,192 ​ 201,527 ​ 194,231 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic earnings per unit attributable to common unitholders ​ $ 0.24 ​ $ 0.20 ​ $ 0.45 ​ $ 0.39 ​ Diluted earnings per unit attributable to common unitholders (2) ​ $ 0.24 ​ $ 0.20 ​ $ 0.45 ​ $ 0.39 ​ ​ (1) For the three and six months ended June 30, 2021, the Company declared cash dividends per common share/unit of $0.34 and $0.68 , respectively, and $0.33 and $0.66 , respectively, for the same periods in 2020. ​ (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 three and six months ended June 30, 2020 were 1.3 million and 1.1 million, respectively. There were no anti-dilutive options for the three and six months ended June 30, 2021. ​ 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 7,284,506 and 1,872,308 as of June 30, 2021 and 2020, respectively. There were 201,768,903 and 193,728,951 common units outstanding as of June 30, 2021 and 2020, respectively. ​

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2021
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	18. SUBSEQUENT EVENTS ​ Subsequent to June 30, 2021, the Company acquired two self-storage properties located in New Jersey and Pennsylvania for an aggregate purchase price of $33.0 million.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) 10K	6 Months Ended
	Jun. 30, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation	Basis of Presentation ​ The accompanying unaudited consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting and, in the opinion of each of the Parent Company’s and Operating Partnership’s respective management, include all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of financial position, results of operations and cash flows for each respective company for the interim periods presented in accordance with generally accepted accounting principles in the United States (“GAAP”). Accordingly, readers of this Quarterly Report on Form 10-Q should refer to the Parent Company’s and the Operating Partnership’s audited financial statements prepared in accordance with GAAP, and the related notes thereto, for the year ended December 31, 2020, which are included in the Parent Company’s and the Operating Partnership’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020 ​ The Operating Partnership meets the criteria as a variable interest entity (“VIE”). The Parent Company’s sole significant asset is its investment in the Operating Partnership. As a result, substantially all of the Parent Company’s assets and liabilities represent those assets and liabilities of the Operating Partnership. All of the Parent Company’s debt is an obligation of the Operating Partnership, and the Parent Company guarantees the unsecured debt obligations of the Operating Partnership.
Recent Accounting Pronouncements	Recent Accounting Pronouncements ​ In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“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 standard is not expected to have a material impact on the Company’s consolidated financial statements.

STORAGE PROPERTIES (Tables)

STORAGE PROPERTIES (Tables)	6 Months Ended
	Jun. 30, 2021
STORAGE PROPERTIES
Summary of real estate assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ 2021 2020 ​ ​ ​ (in thousands) ​ Land ​ $ 1,113,737 ​ $ 1,093,503 ​ Buildings and improvements ​ 4,197,607 ​ 4,122,995 ​ Equipment ​ 123,199 ​ 123,044 ​ Construction in progress ​ 60,419 ​ 108,316 ​ Right-of-use assets - finance leases ​ ​ 41,414 ​ ​ 41,896 ​ Storage properties ​ 5,536,376 ​ 5,489,754 ​ Less: Accumulated depreciation ​ (1,026,337) ​ (983,940) ​ Storage properties, net ​ $ 4,510,039 ​ $ 4,505,814 ​
Schedule of acquisitions and dispositions of real estate assets	The following table summarizes the Company’s acquisition and disposition activity during the period beginning on January 1, 2020 through June 30, 2021. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Purchase / Sale Price Asset/Portfolio ​ Metropolitan Statistical Area ​ Transaction Date ​ Stores ​ (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 Acquisitions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Minnesota Asset (1) ​ Minneapolis-St. Paul-Bloomington, MN-WI ​ April 2021 ​ 1 ​ $ 12,000 ​ Maryland Asset ​ Baltimore-Towson, MD ​ June 2021 ​ 1 ​ ​ 22,075 ​ ​ ​ ​ ​ ​ ​ 2 ​ $ 34,075 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ 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 ​ 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 ​ ​ ​ ​ ​ ​ ​ 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Acquired by a consolidated joint venture in which the Company holds a 50% interest.

INVESTMENT ACTIVITY (Tables)

INVESTMENT ACTIVITY (Tables)	6 Months Ended
	Jun. 30, 2021
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) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ East Meadow, NY (1) ​ 1 ​ Q2 2021 ​ 100% ​ $ 25,900 King of Prussia, PA ​ 1 ​ Q2 2021 ​ 70% ​ ​ 22,800 Arlington, VA (2) ​ 1 ​ Q1 2021 ​ 90% ​ ​ 26,400 Brooklyn, NY (3) ​ 1 ​ Q2 2020 ​ 100% ​ ​ 45,900 ​ ​ 4 ​ ​ ​ ​ ​ $ 121,000 ​ (1) This store was previously owned by a consolidated joint venture, in which the Company held a 51% ownership interest. On June 29, 2021, the noncontrolling member in the venture that owned the store put its 49% interest in the venture to the Company for $6.6 million in cash consideration. ​ (2) This store is located adjacent to an existing consolidated joint venture store. Given their proximity to each other, the stores have been combined in our store count, as well as for operational and reporting purposes (see note 13). ​ (3) This store was previously owned by a consolidated joint venture, in which the Company held a 51% ownership interest. On September 29, 2020, the noncontrolling member in the venture that owned the store put its 49% interest in the venture to the Company for $10.0 million, of which $1.0 million was paid in cash. T he 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 13).

INVESTMENT IN UNCONSOLIDATED _2

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURE (Tables)	6 Months Ended
	Jun. 30, 2021
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 ​ June 30, ​ December 31, ​ June 30, ​ December 31, Unconsolidated Real Estate Ventures Interest ​ 2021 ​ 2020 2021 ​ 2020 191 V CUBE LLC ("HVP V") (1) ​ 20% ​ 2 ​ - ​ $ 7,364 ​ $ - 191 IV CUBE Southeast LLC ("HVPSE") (2) ​ 10% ​ 14 ​ 14 ​ ​ 4,872 ​ ​ 5,015 191 IV CUBE LLC ("HVP IV") (3) ​ 20% ​ 27 ​ 21 ​ ​ 25,141 ​ ​ 21,760 CUBE HHF Northeast Venture LLC ("HHFNE") (4) ​ 10% ​ 13 ​ 13 ​ ​ 1,448 ​ ​ 1,628 CUBE HHF Limited Partnership ("HHF") (5) ​ 50% ​ 35 ​ 35 ​ ​ 58,476 ​ ​ 63,668 ​ ​ ​ ​ 91 ​ 83 ​ $ 97,301 ​ $ 92,071 ​ (1) On March 17, 2021, the Company invested a 20% ownership interest in a newly-formed real estate venture that acquired its initial self-storage property located in Florida. A second self-storage property in Florida was purchased by HVP V on June 29, 2021. HVP V paid an aggregate of $37.0 million for these stores, of which $1.5 million was allocated to the value of the in-place lease intangible. The purchase price was contributed pro-rata by the Company and its unaffiliated joint venture partner. The Company’s total contribution to HVP V related to these acquisitions was $7.4 million. ​ (2) 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. ​ (3) The stores owned by HVP IV are located in Arizona (2) , Connecticut (3) , Florida (4) , Georgia (2) , Illinois (4) , Maryland (2) , Minnesota (1) , Pennsylvania (1) and Texas (8) . The Company’s total contribution to HVP IV in connection with these store acquisitions was $30.6 million. During the three months ended June 30, 2021, HVP IV entered into a new $212.3 million secured loan, which bears interest at LIBOR plus 1.95% per annum, and matures on April 19, 2025. HVP IV used the proceeds from this loan to repay its existing loans (totaling $137.7 million) in full. ​ (4) 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 June 30, 2021, 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. ​ (5) The stores owned by HHF are located in North Carolina (1) and Texas (34) . 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 this loan to repay its existing outstanding $100.0 million loan in full.
Summary of the financial position of the ventures	​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ 2021 2020 Assets ​ (in thousands) Storage properties, net ​ $ 780,772 ​ $ 662,833 Other assets ​ 30,537 ​ 18,112 Total assets ​ $ 811,309 ​ $ 680,945 ​ ​ ​ ​ ​ ​ ​ Liabilities and equity ​ ​ ​ ​ ​ ​ Debt ​ $ 439,155 ​ $ 359,985 Other liabilities ​ ​ 22,650 ​ ​ 11,588 Equity ​ ​ ​ ​ ​ ​ CubeSmart ​ 97,301 ​ ​ 92,071 Joint venture partners ​ 252,203 ​ ​ 217,301 Total liabilities and equity ​ $ 811,309 ​ $ 680,945 ​ ​ ​ ​ ​ ​ ​
Summary of results of operations of the ventures	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ 2021 2020 2021 ​ 2020 ​ ​ ​ (in thousands) ​ ​ Total revenues ​ $ 21,240 ​ $ 16,797 ​ $ 40,063 ​ $ 31,402 ​ ​ Operating expenses ​ (9,492) ​ ​ (7,978) ​ (18,097) ​ (14,920) ​ ​ Other expenses ​ ​ (854) ​ ​ (121) ​ ​ (851) ​ ​ (234) ​ ​ Interest expense, net ​ (2,673) ​ ​ (2,985) ​ (6,208) ​ (5,705) ​ ​ Depreciation and amortization ​ (9,008) ​ (9,100) ​ (17,720) ​ (15,523) ​ ​ Net loss ​ $ (787) ​ $ (3,387) ​ $ (2,813) ​ $ (4,980) ​ ​ Company’s share of net income (loss) ​ $ 316 ​ $ (174) ​ $ 336 ​ $ (179) ​ ​

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	6 Months Ended
	Jun. 30, 2021
Other Assets, Unclassified [Abstract]
Schedule of other assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2021 2020 ​ ​ (in thousands) Intangible assets, net of accumulated amortization of $29,157 and $2,123 ​ $ 29,930 ​ $ 57,820 Accounts receivable, net ​ 5,905 ​ 5,829 Prepaid property taxes ​ 5,497 ​ 6,334 Prepaid property and casualty insurance ​ 5,603 ​ 2,626 Amounts due from affiliates (see note 15) ​ ​ 17,112 ​ ​ 13,130 Assets held in trust related to deferred compensation arrangements ​ ​ 21,141 ​ ​ 17,207 Right-of-use assets - operating leases (see note 14) ​ ​ 54,683 ​ ​ 55,302 Equity investment recorded at cost (1) ​ ​ 5,000 ​ ​ 5,000 Other ​ 9,958 ​ 7,505 Total other assets, net ​ $ 154,829 ​ $ 170,753 ​ (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.

UNSECURED SENIOR NOTES (Tables)

UNSECURED SENIOR NOTES (Tables)	6 Months Ended
	Jun. 30, 2021
Senior Notes
Summary of debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, Effective ​ Issuance ​ Maturity Unsecured Senior Notes 2021 2020 Interest Rate ​ Date ​ Date ​ ​ (in thousands) ​ ​ ​ ​ ​ ​ ​ $300M 4.375% Guaranteed Notes due 2023 (1) ​ $ 300,000 ​ $ 300,000 4.33 % ​ Various (1) ​ Dec-23 ​ $300M 4.000% Guaranteed Notes due 2025 (2) ​ 300,000 ​ 300,000 3.99 % ​ Various (2) ​ Nov-25 ​ $300M 3.125% Guaranteed Notes due 2026 ​ ​ 300,000 ​ ​ 300,000 ​ 3.18 % ​ Aug-16 ​ Sep-26 ​ $350M 4.375% Guaranteed Notes due 2029 ​ ​ 350,000 ​ ​ 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 ​ ​ 450,000 ​ 2.10 % ​ Oct-20 ​ Feb-31 ​ Principal balance outstanding ​ ​ 2,050,000 ​ ​ 2,050,000 ​ ​ ​ ​ ​ ​ ​ ​ Less: Discount on issuance of unsecured senior notes, net ​ ​ (7,086) ​ ​ (7,470) ​ ​ ​ ​ ​ ​ ​ ​ Less: Loan procurement costs, net ​ ​ (11,288) ​ ​ (12,158) ​ ​ ​ ​ ​ ​ ​ ​ Total unsecured senior notes, net ​ $ 2,031,626 ​ $ 2,030,372 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) On April 4, 2017, the Operating Partnership issued $50.0 million of its 4.375% senior notes due 2023, which are part of the same series as the $250.0 million principal amount of the Operating Partnership’s 4.375% senior notes due December 15, 2023 issued on December 17, 2013. The $50.0 million and $250.0 million tranches were priced at 105.040% and 98.995% , respectively, of the principal amount to yield 3.495% and 4.501% , respectively, to maturity. The combined weighted average effective interest rate of the 2023 notes is 4.330% . ​ (2) On April 4, 2017, the Operating Partnership issued $50.0 million of its 4.000% senior notes due 2025, which are part of the same series as the $250.0 million principal amount of the Operating Partnership’s 4.000% senior notes due November 15, 2025 issued on October 26, 2015. The $50.0 million and $250.0 million tranches were priced at 101.343% and 99.735% , respectively, of the principal amount to yield 3.811% and 4.032% , respectively, to maturity. The combined weighted average effective interest rate of the 2025 notes is 3.994% . ​

MORTGAGE LOANS AND NOTES PAYA_2

MORTGAGE LOANS AND NOTES PAYABLE (Tables) - Mortgages	6 Months Ended
	Jun. 30, 2021
Summary of debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying Value as of ​ ​ ​ ​ ​ ​ June 30, ​ December 31, Effective ​ Maturity Mortgage Loans and Notes Payable 2021 2020 Interest Rate ​ Date ​ ​ (in thousands) ​ ​ ​ ​ ​ Bronx IX, NY (1) ​ $ — ​ $ 21,030 4.85 % ​ Jun-21 ​ Bronx X, NY (1) ​ — ​ 23,148 4.64 % ​ Jun-21 ​ Nashville V, TN ​ ​ 2,234 ​ ​ 2,261 ​ 3.85 % ​ Jun-23 ​ New York, NY ​ ​ 29,663 ​ ​ 29,981 ​ 3.51 % ​ Jun-23 ​ Annapolis I, MD ​ ​ 5,192 ​ ​ 5,283 ​ 3.78 % ​ May-24 ​ Brooklyn XV, NY ​ ​ 15,581 ​ ​ 15,713 ​ 2.15 % ​ May-24 ​ Long Island City IV, NY ​ ​ 12,728 ​ ​ 12,852 ​ 2.15 % ​ May-24 ​ Long Island City II, NY ​ ​ 18,932 ​ ​ 19,094 ​ 2.25 % ​ Jul-26 ​ Long Island City III, NY ​ ​ 18,921 ​ ​ 19,106 ​ 2.25 % ​ Aug-26 ​ Flushing II, NY ​ ​ 54,300 ​ ​ 54,300 ​ 2.15 % ​ Jul-29 ​ Principal balance outstanding ​ ​ 157,551 ​ ​ 202,768 ​ ​ ​ ​ ​ ​ Plus: Unamortized fair value adjustment ​ ​ 14,375 ​ 15,879 ​ ​ ​ ​ ​ ​ Less: Loan procurement costs, net ​ ​ (1,901) ​ ​ (2,143) ​ ​ ​ ​ ​ ​ Total mortgage loans and notes payable, net ​ $ 170,025 ​ $ 216,504 ​ ​ ​ ​ ​ ​ ​ (1) These mortgage loans were repaid in full on March 1, 2021. ​
Schedule of the future principal payment requirements on the outstanding mortgage loans and notes payable	The following table represents the future principal payment requirements on the outstanding mortgage loans and notes payable as of June 30, 2021 (in thousands): ​ ​ ​ ​ ​ 2021 $ 1,165 2022 ​ 2,426 2023 ​ 32,591 2024 ​ 32,329 2025 ​ 979 2026 and thereafter ​ 88,061 Total mortgage payments ​ 157,551 Plus: Unamortized fair value adjustment ​ 14,375 Less: Loan procurement costs, net ​ ​ (1,901) Total mortgage loans and notes payable, net ​ $ 170,025

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	6 Months Ended
	Jun. 30, 2021
ACCUMULATED OTHER COMPREHENSIVE LOSS
Summary of changes in accumulated other comprehensive loss by component	The following table summarizes the changes in accumulated other comprehensive loss by component for the six months ended June 30, 2021: ​ ​ ​ ​ ​ June 30, ​ 2021 ​ ​ (in thousands) Beginning balance $ (656) Reclassification of realized losses on interest rate swaps (1) ​ 40 Ending balance ​ (616) Less: portion included in noncontrolling interests in the Operating Partnership ​ 22 Total accumulated other comprehensive loss included in equity $ (594) ​ (1) See note 11 for additional information about the effects of the amounts reclassified.

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Jun. 30, 2021
FAIR VALUE MEASUREMENTS
Schedule of financial assets and liabilities carried at fair value	​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 ​ December 31, 2020 ​ ​ (in thousands) Carrying value $ 2,226,251 ​ $ 2,364,676 Fair value ​ 2,363,150 ​ ​ 2,571,300

NONCONTROLLING INTERESTS (Table

NONCONTROLLING INTERESTS (Tables)	6 Months Ended
	Jun. 30, 2021
NONCONTROLLING INTERESTS
Schedule of noncontrolling interests in subsidiaries	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CubeSmart ​ ​ ​ ​ ​ ​ ​ ​ ​ Number ​ ​ ​ Date Opened / ​ Ownership ​ June 30, 2021 ​ Consolidated Joint Ventures of Stores Location Acquired (1) ​ Interest ​ Total Assets ​ Total Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) ​ CS Vienna, LLC ("Vienna") (2) ​ 1 ​ Vienna, VA ​ Q2 2022 (est.) ​ 72% ​ $ 19,802 ​ $ 8,615 ​ CS 750 W Merrick Rd, LLC ("Merrick") (3) ​ 1 ​ Valley Stream, NY ​ Q1 2022 (est.) ​ 51% ​ ​ 20,283 ​ ​ 10,604 ​ CS SDP Newtonville, LLC ("Newton") (4) ​ 1 ​ Newton, MA ​ Q3 2021 (est.) ​ 90% ​ ​ 19,190 ​ ​ 12,674 ​ CS Valley Forge Village Storage, LLC ("VFV") (4) ​ 1 ​ King of Prussia, PA ​ Q2 2021 ​ 70% ​ ​ 21,891 ​ ​ 13,866 ​ CS Lock Up Anoka, LLC ("Anoka") (5) ​ 1 ​ Anoka, MN ​ Q2 2021 ​ 50% ​ ​ 12,214 ​ ​ 5,589 ​ SH3, LLC ("SH3") (6) ​ 1 ​ Arlington, VA Q2 2015/Q1 2021 ​ 90% ​ ​ 39,334 ​ ​ 191 ​ ​ ​ 6 ​ ​ ​ ​ ​ ​ ​ $ 132,714 ​ $ 51,539 ​ ​ (1) Anoka was formed to acquire an existing store that had commenced operations, while all other consolidated joint ventures were formed to develop, own and operate new stores. ​ (2) 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 June 30, 2021, the Company has funded $ 6.7 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. ​ (3) The noncontrolling member of Merrick has the option to put their ownership interest in the venture to the Company for $17.1 million (the “Put Option”) within the two-year period after construction of the 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 member for $17.1 million, 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. The Company is accreting this liability during the development period and, as of June 30, 2021, has accrued $9.8 million. This amount is included in Accounts payable, accrued expenses and other liabilities on the Company’s consolidated balance sheets. ​ (4) The Company has related party loan commitments to VFV and Newton to fund a portion of the construction costs. As of June 30, 2021, the Company has funded $11.3 million of the total $12.4 million loan commitment to VFV and $11.8 million of the 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. ​ (5) On April 16, 2021, the Company contributed $3.4 million in exchange for a 50% ownership interest in Anoka, which acquired a self-storage property located in Minnesota for $12.0 million. In addition, the Company has funded $5.6 million of a $6.1 million related party loan commitment to Anoka, which is included in the total liability amount within the table above. This loan and the related interest were eliminated for consolidation purposes. ​ (6) SH3 owns two stores located in close proximity to each other in Arlington, VA, the first of which was developed and opened for operation in April 2015 (“Shirlington I”) and the second of which was developed and opened for operation in March 2021 (“Shirlington II”). Given their close proximity to each other, the two stores were combined in our store count, as well as for operational and reporting purposes, upon the opening of Shirlington II in March 2021.

LEASES (Tables)

LEASES (Tables)	6 Months Ended
	Jun. 30, 2021
LEASES
Summary of lease cost	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ ​ Six Months Ended June 30, ​ 2021 2020 ​ ​ 2021 2020 ​ ​ (in thousands) Finance lease cost: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization of finance lease right-of-use assets ​ $ 241 ​ $ — ​ ​ $ 482 ​ $ — Interest expense related to finance lease liabilities ​ ​ 533 ​ ​ — ​ ​ ​ 1,060 ​ ​ — Operating lease cost ​ ​ 822 ​ ​ 746 ​ ​ ​ 1,644 ​ ​ 1,492 Short-term lease cost (1) ​ 326 ​ ​ 275 ​ ​ 632 ​ ​ 583 Total lease cost ​ $ 1,922 ​ $ 1,021 ​ ​ $ 3,818 ​ $ 2,075 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash paid for amounts included in measurement of lease liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating cash outflows for finance leases ​ $ 445 ​ $ — ​ ​ $ 861 ​ $ — Operating cash outflows for operating leases ​ ​ 635 ​ ​ 577 ​ ​ ​ 1,253 ​ ​ 1,142 Total cash outflows for lease liability measurement ​ $ 1,080 ​ $ 577 ​ ​ $ 2,114 ​ $ 1,142 ​ (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	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ 2021 ​ 2020 ​ ​ ​ (dollars in thousands) ​ Finance Leases ​ ​ ​ ​ ​ ​ ​ Right-of-use assets included in Storage properties, net ​ $ 41,414 ​ $ 41,896 ​ Lease liabilities included in Lease liabilities - finance leases ​ $ 65,798 ​ $ 65,599 ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Leases ​ ​ ​ ​ ​ ​ ​ Right-of-use assets included in Other assets, net ​ $ 54,683 ​ $ 55,302 ​ Lease liabilities included in Accounts payable, accrued expenses and other liabilities ​ $ 53,476 ​ $ 53,595 ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average Lease Term (in years) ​ ​ ​ ​ ​ ​ ​ Finance leases ​ ​ 43.0 ​ ​ 43.5 ​ Operating leases ​ ​ 34.4 ​ ​ 34.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average Discount Rate ​ ​ ​ ​ ​ ​ ​ Finance leases ​ ​ 3.25 % ​ 3.25 % Operating leases ​ ​ 4.47 % ​ 4.46 %
Schedule of future operating lease liability maturities	​ The following table represents the future lease liability maturities as of June 30, 2021 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Finance ​ Operating 2021 $ 1,075 $ 1,258 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 ​ 132,780 ​ 110,956 Less: Imputed interest ​ ​ (66,982) ​ ​ (57,480) Present value of lease liabilities ​ $ 65,798 ​ $ 53,476 ​ ​ ​ ​ ​ ​ ​

EARNINGS PER SHARE AND UNIT A_2

EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL (Tables)	6 Months Ended
	Jun. 30, 2021
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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ 2021 ​ 2020 ​ 2021 ​ 2020 ​ ​ (dollars and units in thousands, except per share amounts) Net income ​ $ 50,366 ​ $ 38,932 ​ $ 93,681 ​ $ 77,249 Noncontrolling interests in the Operating Partnership ​ (1,768) ​ (389) ​ (3,317) ​ (772) Noncontrolling interest in subsidiaries ​ 154 ​ (38) ​ 120 ​ (76) Net income attributable to the Company’s common shareholders ​ $ 48,752 ​ $ 38,505 ​ $ 90,484 ​ $ 76,401 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average basic shares outstanding ​ 201,414 ​ 193,629 ​ 200,293 ​ 193,605 Share options and restricted share units ​ 1,395 ​ 563 ​ 1,234 ​ 626 Weighted average diluted shares outstanding (1) ​ 202,809 ​ 194,192 ​ 201,527 ​ 194,231 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic earnings per share attributable to common shareholders ​ $ 0.24 ​ $ 0.20 ​ $ 0.45 ​ $ 0.39 Diluted earnings per share attributable to common shareholders (2) ​ $ 0.24 ​ $ 0.20 ​ $ 0.45 ​ $ 0.39 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings per common unit and capital ​ The following is a summary of the elements used in calculating basic and diluted earnings per common unit: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ ​ 2021 ​ 2020 ​ 2021 ​ 2020 ​ ​ ​ (dollars and units in thousands, except per unit amounts) ​ Net income ​ $ 50,366 ​ $ 38,932 ​ $ 93,681 ​ $ 77,249 ​ Operating Partnership interests of third parties ​ (1,768) ​ (389) ​ (3,317) ​ (772) ​ Noncontrolling interest in subsidiaries ​ 154 ​ (38) ​ 120 ​ (76) ​ Net income attributable to common unitholders ​ $ 48,752 ​ $ 38,505 ​ $ 90,484 ​ $ 76,401 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average basic units outstanding ​ 201,414 ​ 193,629 ​ 200,293 ​ 193,605 ​ Unit options and restricted share units ​ 1,395 ​ 563 ​ 1,234 ​ 626 ​ Weighted average diluted units outstanding (1) ​ 202,809 ​ 194,192 ​ 201,527 ​ 194,231 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic earnings per unit attributable to common unitholders ​ $ 0.24 ​ $ 0.20 ​ $ 0.45 ​ $ 0.39 ​ Diluted earnings per unit attributable to common unitholders (2) ​ $ 0.24 ​ $ 0.20 ​ $ 0.45 ​ $ 0.39 ​ ​ (1) For the three and six months ended June 30, 2021, the Company declared cash dividends per common share/unit of $0.34 and $0.68 , respectively, and $0.33 and $0.66 , respectively, for the same periods in 2020. ​ (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 three and six months ended June 30, 2020 were 1.3 million and 1.1 million, respectively. There were no anti-dilutive options for the three and six months ended June 30, 2021. ​

ORGANIZATION AND NATURE OF OP_2

ORGANIZATION AND NATURE OF OPERATIONS (Details)	6 Months Ended
	Jun. 30, 2021segmentstate
Number of states in which self-storage facilities are located | state	24
Number of reportable segments | segment	1
Common stock, conversion ratio	1
Cubesmart
Percentage of the entity's partnership interest in Operating Partnership	96.50%

STORAGE PROPERTIES - Summary (D

STORAGE PROPERTIES - Summary (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
STORAGE FACILITIES
Storage properties	$ 5,536,376	$ 5,489,754
Less: Accumulated depreciation	(1,026,337)	(983,940)
Storage properties, net (including VIE assets of $132,927 and $119,345, respectively)	4,510,039	4,505,814
Land
STORAGE FACILITIES
Storage properties	1,113,737	1,093,503
Buildings and improvements
STORAGE FACILITIES
Storage properties	4,197,607	4,122,995
Equipment
STORAGE FACILITIES
Storage properties	123,199	123,044
Construction in progress
STORAGE FACILITIES
Storage properties	60,419	108,316
Right-of-use assets - finance leases
STORAGE FACILITIES
Storage properties	$ 41,414	$ 41,896

STORAGE PROPERTIES - Activity (

STORAGE PROPERTIES - Activity (Details) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021USD ($)facility	Dec. 31, 2020USD ($)property
2021 Acquisitions
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility	2
Purchase Price	$ 34,075
2021 Acquisitions | Minnesota Asset April 2021
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility	1
Purchase Price	$ 12,000
2021 Acquisitions | Maryland Asset June 2021
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) | facility	1
Purchase Price	$ 22,075
2020 Acquisitions
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties)	21	13
Purchase Price	$ 735,875	$ 195,900
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 December 2020
STORAGE FACILITIES
Number of Facilities, dispositions (in properties) | facility	1
Sale Price	$ 12,750

INVESTMENT ACTIVITY (Details)

INVESTMENT ACTIVITY (Details)

Jun. 29, 2021USD ($)

Jun. 28, 2021

Dec. 22, 2020USD ($)

Sep. 29, 2020USD ($)shares

Sep. 28, 2020

Jul. 20, 2020USD ($)

Jun. 30, 2021USD ($)propertyfacility

Mar. 31, 2021property

Jun. 30, 2020USD ($)

Jun. 30, 2021USD ($)facilityproperty

Jun. 30, 2020USD ($)

Dec. 31, 2020USD ($)itempropertyfacility

Jun. 30, 2021USD ($)propertyfacility

Self-storage facilities

Number of facilities, construction completed and opened

$ 4

Construction

Self-storage facilities

Total Construction Costs

121,000,000

New York

Self-storage facilities

Aggregate purchase price

$ 9,500,000

Decrease in right-of-use asset

(5,100,000)

Decrease in operating lease liability

$ (5,000,000)

Cash paid for acquisition

$ 1,000,000

Total consideration

$ 10,000,000

Units issued (in shares) | shares

276,497

Units issued

$ 9,000,000

Self-storage facilities under contract

Self-storage facilities

Deposit

$ 400,000

$ 400,000

400,000

Expected aggregate purchase or sales price

$ 33,000,000

$ 33,000,000

$ 33,000,000

Number of facilities under contract | facility

2

2

2

Self storage under construction

Self-storage facilities

Number of facilities under contract | property

3

3

3

Development costs

$ 48,400,000

$ 48,400,000

$ 48,400,000

Expected construction cost

75,000,000

$ 75,000,000

75,000,000

Self-storage facility in East Meadow, NY

Self-storage facilities

Total consideration

$ 6,600,000

Number of facilities, construction completed and opened

1

Self-storage facility in East Meadow, NY | Construction

Self-storage facilities

Total Construction Costs

25,900,000

Self-storage facility in King of Prussia, PA

Self-storage facilities

Number of facilities, construction completed and opened

1

Self-storage facility in King of Prussia, PA | Construction

Self-storage facilities

Total Construction Costs

22,800,000

Self-storage Facility in Brooklyn, NY

Self-storage facilities

Number of facilities, construction completed and opened

1

Self-storage Facility in Brooklyn, NY | Construction

Self-storage facilities

Total Construction Costs

45,900,000

Self-storage Facility in Arlington, VA

Self-storage facilities

Number of facilities, construction completed and opened

1

Self-storage Facility in Arlington, VA | Construction

Self-storage facilities

Total Construction Costs

26,400,000

2021 Acquisitions

Self-storage facilities

Number of self-storage facilities acquired | facility

2

Aggregate purchase price

$ 34,075,000

Intangible value of the in-place leases

1,600,000

$ 1,600,000

$ 1,600,000

Estimated life

12 months

Amortization expense

$ 49,000

2021 Acquisitions | Maryland

Self-storage facilities

Aggregate purchase price

22,100,000

22,100,000

2021 Acquisitions | Self-storage facility in Anoka, MN

Self-storage facilities

Aggregate purchase price

$ 12,000,000

Ownership interest held by the entity (as a percent)

50.00%

2020 Acquisitions

Self-storage facilities

Number of self-storage facilities acquired

21

13

Aggregate purchase price

$ 735,875,000

$ 195,900,000

2020 Acquisitions | Leases, Acquired-in-Place

Self-storage facilities

Intangible value of the in-place leases

$ 11,400,000

Estimated life

12 months

Amortization expense

2,400,000

$ 400,000

5,200,000

$ 500,000

2020 Acquisitions | Texas

Self-storage facilities

Number of self-storage facilities acquired | property

3

2020 Acquisitions | Florida

Self-storage facilities

Number of self-storage facilities acquired | property

5

2020 Acquisitions | New York

Self-storage facilities

Number of self-storage facilities acquired | property

1

2020 Acquisitions | Maryland

Self-storage facilities

Number of self-storage facilities acquired | property

1

2020 Acquisitions | Nevada

Self-storage facilities

Number of self-storage facilities acquired | property

1

2020 Acquisitions | Virginia

Self-storage facilities

Number of self-storage facilities acquired | property

1

2020 Acquisitions | New Jersey

Self-storage facilities

Number of self-storage facilities acquired | property

1

1

2020 Acquisitions | Self-storage facilities located in New York

Self-storage facilities

Number of self-storage facilities acquired | facility

8

Number of real estate property acquisition tranches | item

2

Aggregate purchase price

$ 540,000,000

Intangible value of the in-place leases

48,600,000

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

6

Assumed mortgage debt, at fair value

$ 169,200,000

Outstanding principal balance of mortgage debt assumed on acquisitions

154,400,000

Premium on debt assumed on acquisitions

$ 14,800,000

2020 Acquisitions | Self-storage facilities located in New York | Leases, Acquired-in-Place

Self-storage facilities

Estimated life

12 months

Amortization expense

$ 12,100,000

24,300,000

Number of assumed ground leases | item

3

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

2

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

1

2020 Dispositions

Self-storage facilities

Aggregate sale price

$ 12,750,000

2020 Dispositions | Self-storage facilities located in New York

Self-storage facilities

Aggregate sale price

$ 12,800,000

Gains from sale of real estate, net

$ 6,700,000

Joint Venture | Self-storage facility in East Meadow, NY

Self-storage facilities

Ownership interest held by the entity (as a percent)

51.00%

Minority ownership interest (as a percent)

49.00%

Joint Venture | Self Storage Facility in Bayonne, NJ

Self-storage facilities

Ownership interest held by the entity (as a percent)

51.00%

Joint Venture | Self Storage Facility in Brooklyn, NY I

Self-storage facilities

Total consideration

$ 10,000,000

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

49.00%

Cash portion of put option paid

$ 1,000,000

Units issued (in shares) | shares

276,497

Units issued

$ 9,000,000

Cubesmart

Self-storage facilities

Ownership interest by Parent

96.50%

96.50%

96.50%

Cubesmart | Self-storage facility in East Meadow, NY

Self-storage facilities

Ownership interest by Parent

100.00%

100.00%

100.00%

Cubesmart | Self-storage facility in King of Prussia, PA

Self-storage facilities

Ownership interest by Parent

70.00%

70.00%

70.00%

Cubesmart | Self-storage Facility in Brooklyn, NY

Self-storage facilities

Ownership interest by Parent

100.00%

100.00%

100.00%

Cubesmart | Self-storage Facility in Arlington, VA

Self-storage facilities

Ownership interest by Parent

90.00%

90.00%

90.00%

INVESTMENT IN UNCONSOLIDATED _3

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURE (Details) $ in Thousands	Feb. 05, 2021USD ($)	Mar. 19, 2020USD ($)facility	Sep. 05, 2018USD ($)property	Dec. 15, 2016	Jun. 30, 2021USD ($)property	Jun. 29, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)property	Jun. 30, 2020USD ($)	Mar. 31, 2021USD ($)	Mar. 17, 2021	Jan. 21, 2021USD ($)	Dec. 31, 2020USD ($)property	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Investment in Unconsolidated Real Estate Venture
Investment in real estate entities					$ 97,301			$ 97,301					$ 92,071
Acquisitions of storage facilities								31,516	$ 72,814
Credit facility, outstanding					24,600			24,600					117,800
Investment in joint venture					5,000			5,000					5,000
ASSETS
Storage facilities, net					4,510,039			4,510,039					4,505,814
Total assets					4,771,232			4,771,232					4,778,142
Total revenues					199,247		$ 163,798	388,088	327,879
Equity
CubeSmart					1,846,524			1,846,524					1,832,216
Joint venture partners					13,509			13,509					8,632
Total liabilities and equity					4,771,232			4,771,232					4,778,142
Equity					1,860,033		1,768,717	1,860,033	1,768,717	$ 1,886,199			1,840,848	$ 1,790,290	$ 1,807,336
Net income (loss)					50,366		38,932	93,681	77,249
Company's share of net (loss) income					316		(174)	336	(179)
HVPSE
Investment in Unconsolidated Real Estate Venture
Ownership interest in partnership (as a percent)		10.00%
Number of self-storage facilities acquired | facility		14
Acquisitions of storage facilities		$ 135,300
Intangible value of the in-place leases		7,700
Contribution To Real Estate Venture		$ 5,600
Interest rate (as percentage)		1.60%
HVPSE | Term Loan Facility
Investment in Unconsolidated Real Estate Venture
Proceeds from debt		$ 81,600
HVP IV
Investment in Unconsolidated Real Estate Venture
Amount of debt repaid								137,700
HVP IV | Secured Loan Due May 2021
Investment in Unconsolidated Real Estate Venture
Outstanding debt					212,300			$ 212,300
HVP IV | LIBOR | Secured Loan Due May 2021
Investment in Unconsolidated Real Estate Venture
Interest rate (as percentage)								1.95%
HHFNE
Investment in Unconsolidated Real Estate Venture
Outstanding debt					$ 45,000			$ 45,000
HHFNE | LIBOR
Investment in Unconsolidated Real Estate Venture
Interest rate (as percentage)				1.20%
HHFNE | LIBOR | Secured Debt Due December 2019
Investment in Unconsolidated Real Estate Venture
Interest rate (as percentage)								1.20%
Arizona | HVP IV
Investment in Unconsolidated Real Estate Venture
Number of storage facilities owned by investee | property					2			2
Maryland | HVP IV
Investment in Unconsolidated Real Estate Venture
Number of storage facilities owned by investee | property					2			2
Connecticut | HVP IV
Investment in Unconsolidated Real Estate Venture
Number of storage facilities owned by investee | property					3			3
Connecticut | HHFNE
Investment in Unconsolidated Real Estate Venture
Number of storage facilities owned by investee | property					3			3
Massachusetts | HHFNE
Investment in Unconsolidated Real Estate Venture
Number of storage facilities owned by investee | property					6			6
Minnesota | HVP IV
Investment in Unconsolidated Real Estate Venture
Number of storage facilities owned by investee | property					1			1
Rhode Island | HHFNE
Investment in Unconsolidated Real Estate Venture
Number of storage facilities owned by investee | property					2			2
Vermont | HHFNE
Investment in Unconsolidated Real Estate Venture
Number of storage facilities owned by investee | property					2			2
Illinois | HVP IV
Investment in Unconsolidated Real Estate Venture
Number of storage facilities owned by investee | property					4			4
Florida | HVPSE
Investment in Unconsolidated Real Estate Venture
Number of storage facilities owned by investee | facility		2
Florida | HVP IV
Investment in Unconsolidated Real Estate Venture
Number of storage facilities owned by investee | property					4			4
Texas | HVP IV
Investment in Unconsolidated Real Estate Venture
Number of storage facilities owned by investee | property					8			8
Texas | HHF
Investment in Unconsolidated Real Estate Venture
Number of storage facilities owned by investee | property					34			34
North Carolina | HHF
Investment in Unconsolidated Real Estate Venture
Number of storage facilities owned by investee | property					1			1
South Carolina | HVPSE
Investment in Unconsolidated Real Estate Venture
Number of storage facilities owned by investee | facility		4
Georgia | HVPSE
Investment in Unconsolidated Real Estate Venture
Number of storage facilities owned by investee | facility		8
Georgia | HVP IV
Investment in Unconsolidated Real Estate Venture
Number of storage facilities owned by investee | property					2			2
Pennsylvania | HVP IV
Investment in Unconsolidated Real Estate Venture
Number of storage facilities owned by investee | property					1			1
Ventures
Investment in Unconsolidated Real Estate Venture
Investment in real estate entities					$ 97,301			$ 97,301					$ 92,071
Number of storage facilities owned by investee | property					91			91					83
ASSETS
Storage facilities, net					$ 780,772			$ 780,772					$ 662,833
Other assets					30,537			30,537					18,112
Total assets					811,309			811,309					680,945
Total revenues					21,240		16,797	40,063	31,402
LIABILITIES AND CAPITAL
Debt					439,155			439,155					359,985
Other liabilities					22,650			22,650					11,588
Equity
CubeSmart					97,301			97,301					92,071
Joint venture partners					252,203			252,203					217,301
Total liabilities and equity					811,309			811,309					680,945
Operating expenses					(9,492)		(7,978)	(18,097)	(14,920)
Other expenses					(854)		(121)	(851)	(234)
Interest expense, net					(2,673)		(2,985)	(6,208)	(5,705)
Depreciation and amortization					(9,008)		(9,100)	(17,720)	(15,523)
Net income (loss)					(787)		(3,387)	(2,813)	(4,980)
Company's share of net (loss) income					316		$ (174)	336	$ (179)
HVP V
Investment in Unconsolidated Real Estate Venture
Investment in real estate entities					$ 7,364			$ 7,364
Ownership interest in partnership (as a percent)					20.00%			20.00%			20.00%
Number of storage facilities owned by investee | property					2			2
Acquisitions of storage facilities						$ 37,000
Intangible value of the in-place leases					$ 1,500			$ 1,500
Contribution To Real Estate Venture					7,400			7,400
HVPSE
Investment in Unconsolidated Real Estate Venture
Investment in real estate entities					$ 4,872			$ 4,872					$ 5,015
Ownership interest in partnership (as a percent)					10.00%			10.00%
Number of storage facilities owned by investee | property					14			14					14
HVP IV
Investment in Unconsolidated Real Estate Venture
Investment in real estate entities					$ 25,141			$ 25,141					$ 21,760
Ownership interest in partnership (as a percent)					20.00%			20.00%
Number of storage facilities owned by investee | property					27			27					21
Contribution To Real Estate Venture					$ 30,600			$ 30,600
HHFNE
Investment in Unconsolidated Real Estate Venture
Investment in real estate entities					$ 1,448			$ 1,448					$ 1,628
Ownership interest in partnership (as a percent)					10.00%			10.00%
Number of storage facilities owned by investee | property					13			13					13
Contribution To Real Estate Venture					$ 3,800			$ 3,800
HHF
Investment in Unconsolidated Real Estate Venture
Investment in real estate entities					$ 58,476			$ 58,476					$ 63,668
Ownership interest in partnership (as a percent)					50.00%			50.00%
Number of storage facilities owned by investee | property					35			35					35
Amount of loan obtained												$ 105,000
Interest on real estate venture debt												2.58%
Amount of debt repaid	$ 100,000
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 | property			22
Investment in joint venture			$ 5,000
Series A Preferred shares, percentage			11.00%
Capital Storage Partners, LLC | Florida
Investment in Unconsolidated Real Estate Venture
Number of self-storage facilities acquired | property			4
Capital Storage Partners, LLC | Texas
Investment in Unconsolidated Real Estate Venture
Number of self-storage facilities acquired | property			13
Capital Storage Partners, LLC | Oklahoma
Investment in Unconsolidated Real Estate Venture
Number of self-storage facilities acquired | property			5

OTHER ASSETS (Details)

OTHER ASSETS (Details) $ in Thousands	Sep. 05, 2018USD ($)property	Jun. 30, 2021USD ($)	Dec. 31, 2020USD ($)
Other Assets
Intangible assets, net of accumulated amortization of $16,688 and $2,123		$ 29,930	$ 57,820
Accounts receivable, net		5,905	5,829
Prepaid property taxes		5,497	6,334
Prepaid property and casualty insurance		5,603	2,626
Amounts due from affiliates (see note 15)		17,112	13,130
Assets held in trust related to deferred compensation arrangements		21,141	17,207
Right-of-use assets (see note 14)		54,683	55,302
Equity investment recorded at cost		5,000	5,000
Other		9,958	7,505
Total		154,829	170,753
Accumulated amortization		$ 29,157	$ 2,123
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 | property	22
Series A Preferred shares, percentage	11.00%
Capital Storage Partners, LLC | Florida
Other Assets
Number of self-storage facilities acquired | property	4
Capital Storage Partners, LLC | Oklahoma
Other Assets
Number of self-storage facilities acquired | property	5
Capital Storage Partners, LLC | Texas
Other Assets
Number of self-storage facilities acquired | property	13

UNSECURED SENIOR NOTES (Details

UNSECURED SENIOR NOTES (Details) $ in Thousands	Apr. 04, 2017USD ($)	Oct. 26, 2015USD ($)	Dec. 17, 2013USD ($)	Jun. 30, 2021USD ($)	Dec. 31, 2020USD ($)
Mortgage loans and Notes payable
Less: Loan procurement costs, net				$ (2,836)	$ (3,275)
Total unsecured senior notes, net				2,031,626	2,030,372
Cubesmart, L P and Subsidiaries
Mortgage loans and Notes payable
Less: Loan procurement costs, net				(2,836)	(3,275)
Total unsecured senior notes, net				2,031,626	2,030,372
Senior Notes
Mortgage loans and Notes payable
Senior notes, principal amount				2,050,000	2,050,000
Less: Discount on issuance of notes, net				(7,086)	(7,470)
Less: Loan procurement costs, net				(11,288)	(12,158)
Total unsecured senior notes, net				$ 2,031,626	2,030,372
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 4.375% due 2023
Mortgage loans and Notes payable
Senior notes, principal amount	$ 50,000		$ 250,000	$ 300,000	300,000
Interest rate (as a percent)	4.375%		4.375%	4.375%
Effective interest rate (as a percent)	3.495%		4.501%	4.33%
Effective weighted average interest rate (as a percent)				4.33%
Proceeds from senior notes	$ 50,000		$ 250,000
Debt instrument, redemption percentage	105.04%		98.995%
Senior notes 4.000% due 2025
Mortgage loans and Notes payable
Senior notes, principal amount	$ 50,000	$ 250,000		$ 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
Interest rate (as a percent)				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%
Effective interest rate (as a percent)				2.10%

REVOLVING CREDIT FACILITY (Deta

REVOLVING CREDIT FACILITY (Details) - USD ($) $ in Thousands	Apr. 04, 2017	Oct. 26, 2015	Dec. 17, 2013	Jun. 30, 2021	Dec. 31, 2020	Jun. 19, 2019
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Loan procurement costs, net of amortization				$ 2,836	$ 3,275
Less: Loan procurement costs, net				$ (2,836)	(3,275)
Revolver
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Effective interest rate (as a percent)				1.20%
Remaining borrowing capacity				$ 724,800
Outstanding letter of credit				$ 600
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
Interest rate, basis spread (as a percent)				1.10%
Facility fee (as a percent)				0.15%
Senior notes 4.375% due 2023
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Debt amount	$ 50,000		$ 250,000	$ 300,000	300,000
Proceeds from senior notes	$ 50,000		$ 250,000
Interest rate (as a percent)	4.375%		4.375%	4.375%
Effective interest rate (as a percent)	3.495%		4.501%	4.33%
Effective weighted average interest rate (as a percent)				4.33%
Senior notes 4.000% due 2025
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Debt amount	$ 50,000	$ 250,000		$ 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
Interest rate (as a percent)				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	Jun. 30, 2021	Dec. 31, 2020
Mortgage loans and Notes payable
Less: Loan procurement costs, net	$ (2,836)	$ (3,275)
Total mortgage loans and notes payable	170,025	216,504
Net book value of self-storage facilities	4,510,039	4,505,814
Mortgages
Mortgage loans and Notes payable
Carrying value	157,551	202,768
Plus: Unamortized fair value adjustment	14,375	15,879
Less: Loan procurement costs, net	(1,901)	(2,143)
Total mortgage loans and notes payable	170,025	216,504
Net book value of self-storage facilities	$ 455,000	539,200
Bronx IX, NY | Mortgages
Mortgage loans and Notes payable
Carrying value		21,030
Effective interest rate (as a percent)	4.85%
Bronx X, NY | Mortgages
Mortgage loans and Notes payable
Carrying value		23,148
Effective interest rate (as a percent)	4.64%
Nashville V, TN | Mortgages
Mortgage loans and Notes payable
Carrying value	$ 2,234	2,261
Effective interest rate (as a percent)	3.85%
New York, NY | Mortgages
Mortgage loans and Notes payable
Carrying value	$ 29,663	29,981
Effective interest rate (as a percent)	3.51%
Annapolis I, MD | Mortgages
Mortgage loans and Notes payable
Carrying value	$ 5,192	5,283
Effective interest rate (as a percent)	3.78%
Brooklyn XV, NY | Mortgages
Mortgage loans and Notes payable
Carrying value	$ 15,581	15,713
Effective interest rate (as a percent)	2.15%
Long Island City IV, NY | Mortgages
Mortgage loans and Notes payable
Carrying value	$ 12,728	12,852
Effective interest rate (as a percent)	2.15%
Long Island City II, NY | Mortgages
Mortgage loans and Notes payable
Carrying value	$ 18,932	19,094
Effective interest rate (as a percent)	2.25%
Long Island City III, NY | Mortgages
Mortgage loans and Notes payable
Carrying value	$ 18,921	19,106
Effective interest rate (as a percent)	2.25%
Flushing II, NY | Mortgages
Mortgage loans and Notes payable
Carrying value	$ 54,300	$ 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	Jun. 30, 2021	Dec. 31, 2020
Future principal payment requirements on the outstanding mortgage loans and notes payable at year end
Less: Loan procurement costs, net	$ (2,836)	$ (3,275)
Total mortgage loans and notes payable, net	170,025	216,504
Mortgages
Future principal payment requirements on the outstanding mortgage loans and notes payable at year end
2021	1,165
2022	2,426
2023	32,591
2024	32,329
2025	979
2026 and thereafter	88,061
Total mortgage payments	157,551	202,768
Plus: Unamortized fair value adjustment	14,375	15,879
Less: Loan procurement costs, net	(1,901)	(2,143)
Total mortgage loans and notes payable, net	$ 170,025	$ 216,504

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Changes in accumulated other comprehensive income by component
Balance	$ 1,886,199	$ 1,790,290	$ 1,840,848	$ 1,807,336
Reclassification of realized losses on interest rate swaps	20	20	40	40
Balance	1,860,033	1,768,717	1,860,033	1,768,717
Unrealized losses on interest rate swaps
Changes in accumulated other comprehensive income by component
Unrealized losses on interest rate swaps			40
AOCI Including Portion Attributable to Noncontrolling Interest
Changes in accumulated other comprehensive income by component
Balance			(656)
Balance	(616)		(616)
Accumulated Other Comprehensive (Loss) Income
Changes in accumulated other comprehensive income by component
Balance	(613)	(709)	(632)	(729)
Balance	(594)	$ (689)	(594)	$ (689)
AOCI Attributable to Noncontrolling Interest
Changes in accumulated other comprehensive income by component
Balance	$ 22		$ 22

RISK MANAGEMENT AND USE OF FI_2

RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands	Jan. 24, 2019	Jun. 30, 2021	Jun. 30, 2021	Dec. 24, 2018
Derivative financial instruments
Realized losses reclassified from accumulated other comprehensive loss		$ 20	$ 40
Amount estimated to be reclassified as an increase to interest expense			$ 100
Interest rate swap
Derivative financial instruments
Notional Amount				$ 150,000
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Termination Premium	$ 800
Designated | Cash flow
Derivative financial instruments
Settlement of hedge transactions	$ 800

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Fair value of financial assets and liabilities carried at fair value
Derivative Assets	$ 0	$ 0
Derivative Liabilities	0	0
Level 2
Fair value of financial assets and liabilities carried at fair value
Aggregate carrying value of total debt	2,226,251	2,364,676
Estimated fair value of total debt	$ 2,363,150	$ 2,571,300

NONCONTROLLING INTERESTS - Inte

NONCONTROLLING INTERESTS - Interests in Consolidated Real Estate Joint Ventures (Details) $ in Thousands	Apr. 16, 2021USD ($)	Mar. 31, 2021facility	Jun. 30, 2021USD ($)	Jun. 30, 2021USD ($)facility	Dec. 31, 2020USD ($)
Interests in Consolidated Real Estate Joint Ventures
Assets			$ 4,771,232	$ 4,771,232	$ 4,778,142
Total assets			4,771,232	4,771,232	4,778,142
Liabilities			2,573,782	2,573,782	2,687,880
Total liabilities			2,573,782	2,573,782	2,687,880
Noncontrolling interests in subsidiaries			13,509	$ 13,509	$ 8,632
Reduction to additional paid in capital			5,104
VIE
Interests in Consolidated Real Estate Joint Ventures
Number of self-storage facilities owned and operated | facility				6
Assets			132,714	$ 132,714
Total assets			132,714	132,714
Liabilities			51,539	51,539
Total liabilities			51,539	$ 51,539
CS Vienna LLC | VIE
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%
Assets			19,802	$ 19,802
Total assets			19,802	19,802
Liabilities			8,615	8,615
Total liabilities			8,615	8,615
Carrying amount of mortgage loans			6,700	6,700
Amount of mortgage loan commitment			17,000	$ 17,000
CS 750 W Merrick Rd LLC | VIE
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%
Assets			20,283	$ 20,283
Total assets			20,283	20,283
Liabilities			10,604	10,604
Total liabilities			10,604	10,604
Option to put ownership interest in the venture				$ 17,100
Period of option to call ownership interest of another member				1 year
Period of option to put ownership interest in venture				2 years
Option to call ownership interest of another member				$ 17,100
Initiation period for the call option				12 months
Accretion liability				$ 9,800
CS SDP Newtonville LLC | VIE
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%
Assets			19,190	$ 19,190
Total assets			19,190	19,190
Liabilities			12,674	12,674
Total liabilities			12,674	12,674
Carrying amount of mortgage loans			11,800	11,800
Amount of mortgage loan commitment			12,100	$ 12,100
CS Valley Forge Village Storage LLC | VIE
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%
Assets			21,891	$ 21,891
Total assets			21,891	21,891
Liabilities			13,866	13,866
Total liabilities			13,866	13,866
Carrying amount of mortgage loans			11,300	11,300
Amount of mortgage loan commitment			12,400	$ 12,400
SH3, LLC | VIE
Interests in Consolidated Real Estate Joint Ventures
Number of self-storage facilities owned and operated | facility		2		1
Ownership interest held by the entity (as a percent)				90.00%
Assets			39,334	$ 39,334
Total assets			39,334	39,334
Liabilities			191	191
Total liabilities			191	$ 191
C S Lock Up Anoka LLC | VIE
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)	50.00%			50.00%
Contribution To Real Estate Venture	$ 3,400
Assets			12,214	$ 12,214
Total assets			12,214	12,214
Liabilities			5,589	5,589
Total liabilities			5,589	5,589
Carrying amount of mortgage loans			5,600	5,600
Amount of mortgage loan commitment			$ 6,100	$ 6,100
C S Lock Up Anoka LLC | VIE | Minnesota
Interests in Consolidated Real Estate Joint Ventures
Purchase Price	$ 12,000

NONCONTROLLING INTERESTS - Oper

NONCONTROLLING INTERESTS - Operating Partnership Ownership (Details) $ in Thousands	Sep. 29, 2020USD ($)shares	Jul. 20, 2020USD ($)	Dec. 31, 2020USD ($)itemshares	Jun. 30, 2021USD ($)shares	Mar. 31, 2021USD ($)	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)shares
Operating Partnership Ownership
OP Units outstanding which are not owned by the general partner (as a percent)			3.60%	3.50%				3.60%
OP units outstanding (in shares) | shares			7,420,828	7,284,506				7,420,828
Adjustment for noncontrolling interest in the Operating Partnership				$ (63,025)	$ (32,102)	$ (615)	$ 7,976	$ (4,200)
New York
Operating Partnership Ownership
Purchase Price		$ 9,500
Total consideration	$ 10,000
Cash paid for acquisition	$ 1,000
Units issued (in shares) | shares	276,497
Units issued	$ 9,000
Storage Deluxe assets
Operating Partnership Ownership
Purchase Price			$ 540,000
Number of tranches | item			2
Units issued (in shares) | shares			5,272,023
Units issued			$ 175,100
Cubesmart, L P and Subsidiaries
Operating Partnership Ownership
Adjustment for noncontrolling interest in the Operating Partnership				$ (63,025)	$ (32,102)	$ (615)	$ 7,976

LEASES - Narrative (Details)

LEASES - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
LEASES
Lessor, Administrative and late fees income	$ 5,000	$ 4,500	$ 9,800	$ 9,900
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	54,683		$ 54,683		$ 55,302
Operating lease liabilities	$ 53,476		$ 53,476		$ 53,595
Weighted-average remaining lease term - operating leases	34 years 4 months 24 days		34 years 4 months 24 days		34 years 9 months 18 days
Weighted-average discount rate - operating leases	4.47%		4.47%		4.46%
Operating lease amount paid	$ 635	$ 577	$ 1,253	$ 1,142
Maximum
LEASES
Operating and Finance lease term (in years)			44 years
Operating and Finance lease renewal term (in years)			69 years

LEASES - Lease Cost (Details)

LEASES - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Lease information
Amortization of finance lease right of-of-use assets	$ 241		$ 482
Interest expense related to finance lease liabilities	533		1,060
Operating lease cost	822	$ 746	1,644	$ 1,492
Short-term lease cost	326	275	632	583
Total lease cost	1,922	1,021	3,818	2,075
Operating cash outflows for finance leases	445		861
Operating cash outflows for operating leases	635	577	1,253	1,142
Total cash outflows for lease liability measurement	$ 1,080	$ 577	$ 2,114	$ 1,142
Automobiles
Lease information
Lease term	12 months		12 months

LEASES - Balance Sheet Informat

LEASES - Balance Sheet Information (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Lease information
Finance leases - Right-of-use assets	$ 41,414	$ 41,896
Finance lease liabilities	65,798	65,599
Operating leases - Right-of-use assets	54,683	55,302
Operating lease liabilities	$ 53,476	$ 53,595
Weighted-average remaining lease term - finance leases	43 years	43 years 6 months
Weighted-average remaining lease term - operating leases	34 years 4 months 24 days	34 years 9 months 18 days
Weighted-average discount rate - finance leases	3.25%	3.25%
Weighted-average discount rate - operating leases	4.47%	4.46%

LEASES - Future Operating Lease

LEASES - Future Operating Lease Liability Maturities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Future operating lease liability maturities
2021	$ 1,258		$ 1,258
2022	2,639		2,639
2023	2,690		2,690
2024	2,540		2,540
2025	2,539		2,539
2026 and thereafter	99,290		99,290
Total operating lease payments	110,956		110,956
Less: Imputed interest	(57,480)		(57,480)
Operating lease liabilities	53,476		53,476		$ 53,595
Operating lease amount paid	635	$ 577	1,253	$ 1,142
Finance lease, amount paid	445		861
Future finance lease liability maturities
2021	1,075		1,075
2022	2,183		2,183
2023	2,183		2,183
2024	2,183		2,183
2025	2,224		2,224
2026 and thereafter	122,932		122,932
Total lease payments	132,780		132,780
Less: Imputed interest	(66,982)		(66,982)
Finance lease liabilities	$ 65,798		$ 65,798		$ 65,599

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - Joint ventures related to affiliated real estate investments - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
RELATED PARTY TRANSACTIONS
Management fees	$ 1.2	$ 1	$ 2.3	$ 1.8
Amounts due to the Company from related parties	17.1		17.1		$ 13.1
Mortgage loans receivable from consolidated joint ventures	35.4		35.4		$ 21.4
Ventures
RELATED PARTY TRANSACTIONS
Acquisition fees	$ 0.5	$ 0	$ 0.6	$ 0.7

EARNINGS PER SHARE AND UNIT A_3

EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL - Earnings Per Share and Unit (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Basic and diluted earnings per common share
Net income (loss)	$ 50,366		$ 38,932		$ 93,681	$ 77,249
Noncontrolling interests in the Operating Partnership	(1,768)		(389)		(3,317)	(772)
Noncontrolling interest in subsidiaries	154		(38)		120	(76)
NET INCOME ATTRIBUTABLE TO THE COMPANY'S COMMON SHAREHOLDERS	$ 48,752		$ 38,505		$ 90,484	$ 76,401
Weighted average basic shares outstanding (in shares)	201,414,000		193,629,000		200,293,000	193,605,000
Share options and restricted share units (in shares)	1,395,000		563,000		1,234,000	626,000
Weighted-average diluted shares outstanding (in shares)	202,809,000		194,192,000		201,527,000	194,231,000
Basic earnings per share attributable to common shareholders (in dollars per share)	$ 0.24		$ 0.20		$ 0.45	$ 0.39
Diluted earnings per share attributable to common shareholders (in dollars per share)	$ 0.24		$ 0.20		$ 0.45	$ 0.39
Basic and diluted earnings per common unit
Noncontrolling interests in the Operating Partnership	$ (1,768)		$ (389)		$ (3,317)	$ (772)
Weighted average basic shares outstanding (in shares)	201,414,000		193,629,000		200,293,000	193,605,000
Share options and restricted share units (in shares)	1,395,000		563,000		1,234,000	626,000
Weighted average diluted shares outstanding (in shares)	202,809,000		194,192,000		201,527,000	194,231,000
Diluted earnings per share attributable to common shareholders (in dollars per share)	$ 0.24		$ 0.20		$ 0.45	$ 0.39
Potentially dilutive shares not included in the earnings per share calculation as their effect is antidilutive (in shares)	0		1,300,000		0	1,100,000
Common stock, cash dividends declared (in dollars per share)	$ 0.34	$ 0.34	$ 0.33	$ 0.33	$ 0.68	$ 0.66
Outstanding units of noncontrolling interest in the Operating Partnership (in shares)	7,284,506		1,872,308		7,284,506	1,872,308
Common shares, shares outstanding	201,768,903		193,728,951		201,768,903	193,728,951	197,405,989
Cubesmart, L P and Subsidiaries
Basic and diluted earnings per common share
Net income (loss)					$ 93,681	$ 77,249
Noncontrolling interests in the Operating Partnership	$ (1,768)		$ (389)		$ (3,317)	$ (772)
Weighted average basic shares outstanding (in shares)	201,414,000		193,629,000		200,293,000	193,605,000
Share options and restricted share units (in shares)	1,395,000		563,000		1,234,000	626,000
Weighted-average diluted shares outstanding (in shares)	202,809,000		194,192,000		201,527,000	194,231,000
Diluted earnings per share attributable to common shareholders (in dollars per share)	$ 0.24		$ 0.20		$ 0.45	$ 0.39
Basic and diluted earnings per common unit
Net Income	$ 50,366		$ 38,932		$ 93,681	$ 77,249
Noncontrolling interests in the Operating Partnership	(1,768)		(389)		(3,317)	(772)
Noncontrolling interest in subsidiaries	154		(38)		120	(76)
Net income attributable to common unitholders	$ 48,752		$ 38,505		$ 90,484	$ 76,401
Weighted average basic shares outstanding (in shares)	201,414,000		193,629,000		200,293,000	193,605,000
Share options and restricted share units (in shares)	1,395,000		563,000		1,234,000	626,000
Weighted average diluted shares outstanding (in shares)	202,809,000		194,192,000		201,527,000	194,231,000
Basic earnings per unit attributable to common unitholders	$ 0.24		$ 0.20		$ 0.45	$ 0.39
Diluted earnings per share attributable to common shareholders (in dollars per share)	$ 0.24		$ 0.20		$ 0.45	$ 0.39

EARNINGS PER SHARE AND UNIT A_4

EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL - Common and Preferred Shares (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020
EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL
Net proceeds from sale of common shares	$ 42,429	$ 99,688	$ (70)	$ (118)

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) $ in Millions	Jul. 20, 2020USD ($)	Jul. 29, 2021USD ($)facility
New York
Subsequent Events
Aggregate purchase price	$ 9.5
Subsequent event | Assets in New Jersey and Pennsylvania
Subsequent Events
Number of self-storage facilities acquired | facility		2
Aggregate purchase price		$ 33

CONSOLIDATED BALANCE SHEETS (LP

CONSOLIDATED BALANCE SHEETS (LP cube) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
ASSETS
Storage properties	$ 5,536,376	$ 5,489,754
Less: Accumulated depreciation	(1,026,337)	(983,940)
Storage properties, net (including VIE assets of $132,927 and $119,345, respectively)	4,510,039	4,505,814
Cash and cash equivalents	3,989	3,592
Restricted cash	2,238	2,637
Loan procurement costs, net of amortization	2,836	3,275
Investment in real estate ventures, at equity	97,301	92,071
Other assets, net	154,829	170,753
Total assets	4,771,232	4,778,142
LIABILITIES AND CAPITAL
Unsecured senior notes, net	2,031,626	2,030,372
Revolving credit facility	24,600	117,800
Mortgage loans and notes payable, net	170,025	216,504
Lease liabilities - finance leases	65,798	65,599
Accounts payable, accrued expenses and other liabilities	176,854	159,140
Distributions payable	71,277	68,301
Deferred revenue	32,519	29,087
Security deposits	1,083	1,077
Total liabilities	2,573,782	2,687,880
Limited Partnership interests of third parties	337,417	249,414
Commitments and contingencies
Capital
Accumulated other comprehensive loss	(594)	(632)
Total liabilities and equity	4,771,232	4,778,142
Cubesmart, L P and Subsidiaries
ASSETS
Storage properties	5,536,376	5,489,754
Less: Accumulated depreciation	(1,026,337)	(983,940)
Storage properties, net (including VIE assets of $132,927 and $119,345, respectively)	4,510,039	4,505,814
Cash and cash equivalents	3,989	3,592
Restricted cash	2,238	2,637
Loan procurement costs, net of amortization	2,836	3,275
Investment in real estate ventures, at equity	97,301	92,071
Other assets, net	154,829	170,753
Total assets	4,771,232	4,778,142
LIABILITIES AND CAPITAL
Unsecured senior notes, net	2,031,626	2,030,372
Revolving credit facility	24,600	117,800
Mortgage loans and notes payable, net	170,025	216,504
Lease liabilities - finance leases	65,798	65,599
Accounts payable, accrued expenses and other liabilities	176,854	159,140
Distributions payable	71,277	68,301
Deferred revenue	32,519	29,087
Security deposits	1,083	1,077
Total liabilities	2,573,782	2,687,880
Limited Partnership interests of third parties	337,417	249,414
Commitments and contingencies
Capital
Operating Partner	1,847,118	1,832,848
Accumulated other comprehensive loss	(594)	(632)
Total CubeSmart, L.P. capital	1,846,524	1,832,216
Noncontrolling interests in subsidiaries	13,509	8,632
Total capital	1,860,033	1,840,848
Total liabilities and equity	$ 4,771,232	$ 4,778,142

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (Parenthetical) (LP cube) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Storage facilities, net	$ 4,510,039	$ 4,505,814
VIE
Storage facilities, net	132,927	119,345
Cubesmart, L P and Subsidiaries
Storage facilities, net	4,510,039	4,505,814
Cubesmart, L P and Subsidiaries | VIE
Storage facilities, net	$ 132,927	$ 119,345

CONSOLIDATED STATEMENTS OF OP_2

CONSOLIDATED STATEMENTS OF OPERATIONS (LP cube) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
REVENUES
Rental income	$ 170,359	$ 140,484	$ 332,835	$ 281,469
Total revenues	199,247	163,798	388,088	327,879
OPERATING EXPENSES
Property operating expenses	63,751	55,345	124,979	111,085
Depreciation and amortization	54,139	39,893	107,949	80,731
General and administrative	11,560	9,543	22,476	19,908
Total operating expenses	129,450	104,781	255,404	211,724
Interest:
Interest expense on loans	(19,112)	(18,702)	(38,346)	(37,383)
Loan procurement amortization expense	(1,012)	(753)	(2,047)	(1,507)
Equity in earnings (losses) of real estate ventures	316	(174)	336	(179)
Other	377	(456)	1,054	163
Total other expense	(19,431)	(20,085)	(39,003)	(38,906)
NET (INCOME) LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS
Operating Partnership interests of third parties	$ (1,768)	$ (389)	$ (3,317)	$ (772)
Diluted earnings per share attributable to common shareholders (in dollars per share)	$ 0.24	$ 0.20	$ 0.45	$ 0.39
Weighted-average basic units outstanding (in units)	201,414	193,629	200,293	193,605
Weighted-average diluted units outstanding (in units)	202,809	194,192	201,527	194,231
Other Property Related Income
REVENUES
Property related income	$ 21,218	$ 16,522	$ 40,522	$ 33,424
Property Management Fee Income
REVENUES
Property related income	7,670	6,792	14,731	12,986
Cubesmart, L P and Subsidiaries
REVENUES
Rental income	170,359	140,484	332,835	281,469
Total revenues	199,247	163,798	388,088	327,879
OPERATING EXPENSES
Property operating expenses	63,751	55,345	124,979	111,085
Depreciation and amortization	54,139	39,893	107,949	80,731
General and administrative	11,560	9,543	22,476	19,908
Total operating expenses	129,450	104,781	255,404	211,724
Interest:
Interest expense on loans	(19,112)	(18,702)	(38,346)	(37,383)
Loan procurement amortization expense	(1,012)	(753)	(2,047)	(1,507)
Equity in earnings (losses) of real estate ventures	316	(174)	336	(179)
Other	377	(456)	1,054	163
Total other expense	(19,431)	(20,085)	(39,003)	(38,906)
NET INCOME	50,366	38,932	93,681	77,249
NET (INCOME) LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS
Noncontrolling interest in subsidiaries	154	(38)	120	(76)
NET INCOME ATTRIBUTABLE TO CUBESMART L.P.	50,520	38,894	93,801	77,173
Operating Partnership interests of third parties	(1,768)	(389)	(3,317)	(772)
NET INCOME ATTRIBUTABLE TO COMMON UNITHOLDERS	$ 48,752	$ 38,505	$ 90,484	$ 76,401
Basic earnings per unit attributable to common unitholders	$ 0.24	$ 0.20	$ 0.45	$ 0.39
Diluted earnings per share attributable to common shareholders (in dollars per share)	$ 0.24	$ 0.20	$ 0.45	$ 0.39
Weighted-average basic units outstanding (in units)	201,414	193,629	200,293	193,605
Weighted-average diluted units outstanding (in units)	202,809	194,192	201,527	194,231
Cubesmart, L P and Subsidiaries | Other Property Related Income
REVENUES
Property related income	$ 21,218	$ 16,522	$ 40,522	$ 33,424
Cubesmart, L P and Subsidiaries | Property Management Fee Income
REVENUES
Property related income	$ 7,670	$ 6,792	$ 14,731	$ 12,986

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (LP cube) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Other comprehensive income (loss):
Reclassification of realized losses on interest rate swaps	$ 20	$ 20	$ 40	$ 40
OTHER COMPREHENSIVE INCOME	20	20	40	40
COMPREHENSIVE INCOME	50,386	38,952	93,721	77,289
Comprehensive income attributable to Operating Partnership interests of third parties	(1,769)	(389)	(3,319)	(772)
Comprehensive income attributable to noncontrolling interest in subsidiaries	154	(38)	120	(76)
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE COMPANY	48,771	38,525	90,522	76,441
Cubesmart, L P and Subsidiaries
NET INCOME	50,366	38,932	93,681	77,249
Other comprehensive income (loss):
Reclassification of realized losses on interest rate swaps	20	20	40	40
OTHER COMPREHENSIVE INCOME	20	20	40	40
COMPREHENSIVE INCOME	50,386	38,952	93,721	77,289
Comprehensive income attributable to Operating Partnership interests of third parties	(1,769)	(389)	(3,319)	(772)
Comprehensive income attributable to noncontrolling interest in subsidiaries	154	(38)	120	(76)
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE COMPANY	$ 48,771	$ 38,525	$ 90,522	$ 76,441

CONSOLIDATED STATEMENTS OF CAPI

CONSOLIDATED STATEMENTS OF CAPITAL (LP cube) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended				12 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2020
Increase (Decrease) in Partners' Capital
Balance of Noncontrolling Interests in the Operating Partnership		$ 249,414
Contributions from noncontrolling interests in subsidiaries	$ 5,104
Distributions paid to noncontrolling interests in subsidiaries	(38)	(69)	$ (42)	$ (59)
Adjustment for Operating Partnership interests of third parties	(63,025)	(32,102)	(615)	7,976	$ (4,200)
Net income (loss)	48,598	41,766	38,543	37,934
Other comprehensive income (loss), net	19	19	20	20
Balance of Noncontrolling Interests in the Operating Partnership	337,417				249,414
Noncontrolling Interests in Operating Partnership
Increase (Decrease) in Partners' Capital
Balance of Noncontrolling Interests in the Operating Partnership	278,649	249,414	53,845	62,088	62,088
Adjustment for Operating Partnership interests of third parties	63,025	32,102	615	(7,976)
Net income (loss)	1,768	1,549	389	383
Other comprehensive income (loss), net	1	1
Balance of Noncontrolling Interests in the Operating Partnership	337,417	278,649	51,407	53,845	249,414
Cubesmart, L P and Subsidiaries
Increase (Decrease) in Partners' Capital
Balance	1,886,199	1,840,848	1,790,290	1,807,336	1,807,336
Balance of Noncontrolling Interests in the Operating Partnership		249,414
Contributions from noncontrolling interests in subsidiaries	5,104
Distributions paid to noncontrolling interests in subsidiaries	(38)	(69)	(42)	(59)
Issuance of common OP units	42,429	99,688
Issuance of common OP units			(70)	(118)
Conversion from OP units to shares	3,549	1,913	2,824
Exercise of OP unit options	4,075	1,172	135
Amortization of restricted OP units	1,383	705	1,249	710
OP unit compensation expense	544	609	464	530
Adjustment for Operating Partnership interests of third parties	(63,025)	(32,102)	(615)	7,976
Net income (loss)	48,598	41,766	38,543	37,934
Other comprehensive income (loss), net	19	19	20	20
Common OP unit distributions	(68,804)	(68,350)	(64,081)	(64,039)
Balance	1,860,033	1,886,199	1,768,717	1,790,290	1,840,848
Balance of Noncontrolling Interests in the Operating Partnership	337,417				249,414
Cubesmart, L P and Subsidiaries | Noncontrolling Interests in Operating Partnership
Increase (Decrease) in Partners' Capital
Balance of Noncontrolling Interests in the Operating Partnership	278,649	249,414	53,845	62,088	62,088
Conversion from OP units to shares	(3,549)	(1,913)	(2,824)
Adjustment for Operating Partnership interests of third parties	63,025	32,102	615	(7,976)
Net income (loss)	1,768	1,549	389	383
Other comprehensive income (loss), net	1	1
Common OP unit distributions	(2,477)	(2,504)	(618)	(650)
Balance of Noncontrolling Interests in the Operating Partnership	337,417	278,649	51,407	53,845	249,414
Cubesmart, L P and Subsidiaries | Total Shareholders' Equity
Increase (Decrease) in Partners' Capital
Balance	1,877,602	1,832,216	1,782,321	1,799,346	1,799,346
Issuance of common OP units	42,429	99,688
Issuance of common OP units			(70)	(118)
Conversion from OP units to shares	3,549	1,913	2,824
Exercise of OP unit options	4,075	1,172	135
Amortization of restricted OP units	1,383	705	1,249	710
OP unit compensation expense	544	609	464	530
Adjustment for Operating Partnership interests of third parties	(63,025)	(32,102)	(615)	7,976
Net income (loss)	48,752	41,732	38,505	37,896
Other comprehensive income (loss), net	19	19	20	20
Common OP unit distributions	(68,804)	(68,350)	(64,081)	(64,039)
Balance	1,846,524	1,877,602	1,760,752	1,782,321	1,832,216
Cubesmart, L P and Subsidiaries | Operating Partner
Increase (Decrease) in Partners' Capital
Balance	$ 1,878,215	$ 1,832,848	$ 1,783,030	$ 1,800,075	$ 1,800,075
Balance (in units)	200,422	197,406	193,587	193,557	193,557
Issuance of common OP units	$ 42,429	$ 99,688
Issuance of common OP units (in units)	1,046	2,837
Issuance of restricted OP units (in units)	31	32	28	30
Issuance of common OP units			$ (70)	$ (118)
Conversion from OP units to shares	$ 3,549	$ 1,913	$ 2,824
Conversion from OP units to shares (in units)	81	55	100
Exercise of OP unit options	$ 4,075	$ 1,172	$ 135
Exercise of OP unit options (in units)	189	92	14
Amortization of restricted OP units	$ 1,383	$ 705	$ 1,249	710
OP unit compensation expense	544	609	464	530
Adjustment for Operating Partnership interests of third parties	(63,025)	(32,102)	(615)	7,976
Net income (loss)	48,752	41,732	38,505	37,896
Common OP unit distributions	(68,804)	(68,350)	(64,081)	(64,039)
Balance	$ 1,847,118	$ 1,878,215	$ 1,761,441	$ 1,783,030	$ 1,832,848
Balance (in units)	201,769	200,422	193,729	193,587	197,406
Cubesmart, L P and Subsidiaries | Accumulated Other Comprehensive (Loss) Income
Increase (Decrease) in Partners' Capital
Balance	$ (613)	$ (632)	$ (709)	$ (729)	$ (729)
Other comprehensive income (loss), net	19	19	20	20
Balance	(594)	(613)	(689)	(709)	(632)
Cubesmart, L P and Subsidiaries | Noncontrolling Interest in Subsidiaries
Increase (Decrease) in Partners' Capital
Balance	8,597	8,632	7,969	7,990	7,990
Contributions from noncontrolling interests in subsidiaries	5,104
Distributions paid to noncontrolling interests in subsidiaries	(38)	(69)	(42)	(59)
Net income (loss)	(154)	34	38	38
Balance	$ 13,509	$ 8,597	$ 7,965	$ 7,969	$ 8,632

CONSOLIDATED STATEMENTS OF EQ_3

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) (LP cube) - $ / shares	Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2020	Mar. 31, 2019
Cubesmart, L P and Subsidiaries
Common OP unit distributions (in dollars per share)	$ 0.34	$ 0.33	$ 0.34	$ 0.33

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (LP cube) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Operating Activities
Net income (loss)	$ 93,681	$ 77,249
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	109,996	82,238
Non-cash portion of interest expense related to finance leases	199
Equity in (earnings) losses of real estate ventures	(336)	179
Equity compensation expense	4,043	3,603
Accretion of fair market value adjustment of debt	(1,120)	(354)
Changes in other operating accounts:
Other assets	(11,935)	324
Accounts payable and accrued expenses	19,439	23,940
Other liabilities	3,391	1,336
Net cash provided by operating activities	217,358	188,515
Investing Activities
Acquisitions of storage properties	(31,516)	(72,814)
Additions and improvements to storage properties	(18,506)	(30,772)
Development costs	(33,054)	(18,180)
Investment in real estate ventures	(11,749)	(5,908)
Cash distributed from real estate ventures	6,855	3,149
Net cash used in investing activities	(87,970)	(124,525)
Proceeds from:
Revolving credit facility	422,756	127,217
Principal payments on:
Revolving credit facility	(515,956)	(111,817)
Mortgage loans and notes payable	(45,217)	(1,262)
Cash paid upon vesting of restricted OP units	(802)	(650)
Contributions from noncontrolling interests in subsidiaries	1,731
Distributions paid to noncontrolling interests in subsidiaries	(107)	(101)
Distributions paid to common OP unitholders	(135,722)	(128,074)
Net cash provided by financing activities	(129,390)	(116,039)
Change in cash, cash equivalents and restricted cash	(2)	(52,049)
Cash, cash equivalents and restricted cash at beginning of period	6,229	58,441
Cash, cash equivalents and restricted cash at end of period	6,227
Supplemental Cash Flow and Noncash Information
Cash paid for interest, net of interest capitalized	38,824	37,726
Supplemental disclosure of noncash activities:
Acquisitions of storage properties		(2,623)
Accretion of put liability	4,889	1,792
Derivative valuation adjustment	(40)	(40)
Contributions from noncontrolling interests in subsidiaries	3,373
Cubesmart, L P and Subsidiaries
Operating Activities
Net income (loss)	93,681	77,249
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	109,996	82,238
Non-cash portion of interest expense related to finance leases	199
Equity in (earnings) losses of real estate ventures	(336)	179
Equity compensation expense	4,043	3,603
Accretion of fair market value adjustment of debt	(1,120)	(354)
Changes in other operating accounts:
Other assets	(11,935)	324
Accounts payable and accrued expenses	19,439	23,940
Other liabilities	3,391	1,336
Net cash provided by operating activities	217,358	188,515
Investing Activities
Acquisitions of storage properties	(31,516)	(72,814)
Additions and improvements to storage properties	(18,506)	(30,772)
Development costs	(33,054)	(18,180)
Investment in real estate ventures	(11,749)	(5,908)
Cash distributed from real estate ventures	6,855	3,149
Net cash used in investing activities	(87,970)	(124,525)
Proceeds from:
Revolving credit facility	422,756	127,217
Principal payments on:
Revolving credit facility	(515,956)	(111,817)
Mortgage loans and notes payable	(45,217)	(1,262)
Proceeds from issuance of common OP units	142,117	(188)
Cash paid upon vesting of restricted OP units	(802)	(650)
Exercise of OP unit options	5,247	135
Contributions from noncontrolling interests in subsidiaries	1,731
Distributions paid to noncontrolling interests in subsidiaries	(107)	(101)
Distributions paid to common OP unitholders	(139,159)	(129,373)
Net cash provided by financing activities	(129,390)	(116,039)
Change in cash, cash equivalents and restricted cash	(2)	(52,049)
Cash, cash equivalents and restricted cash at beginning of period	6,229	58,441
Cash, cash equivalents and restricted cash at end of period	6,227	6,392
Supplemental Cash Flow and Noncash Information
Cash paid for interest, net of interest capitalized	38,824	37,726
Supplemental disclosure of noncash activities:
Acquisitions of storage properties		(2,623)
Accretion of put liability	4,889	1,792
Derivative valuation adjustment	40	$ 40
Contributions from noncontrolling interests in subsidiaries	$ 3,373