CubeSmart 10-Q 29 Apr 22 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2022	Apr. 27, 2022
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2022
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		224,437,835
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
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	Mar. 31, 2022
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	2022
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001300485
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
ASSETS
Storage properties	$ 7,232,103	$ 7,183,494
Less: Accumulated depreciation	(1,130,001)	(1,085,824)
Storage properties, net (including VIE assets of $156,775 and $149,467, respectively)	6,102,102	6,097,670
Cash and cash equivalents	7,890	11,140
Restricted cash	2,573	2,178
Loan procurement costs, net of amortization	2,074	2,322
Investment in real estate ventures, at equity	117,025	119,751
Assets held for sale	3,324	49,313
Other assets, net	226,553	265,705
Total assets	6,461,541	6,548,079
LIABILITIES AND EQUITY
Unsecured senior notes, net	2,769,245	2,768,209
Revolving credit facility	185,400	209,900
Mortgage loans and notes payable, net	166,489	167,676
Lease liabilities - finance leases	65,783	65,801
Accounts payable, accrued expenses and other liabilities	197,685	199,985
Distributions payable	97,439	97,417
Deferred revenue	38,493	37,144
Security deposits	1,086	1,065
Liabilities held for sale	475	2,502
Total liabilities	3,522,095	3,549,699
Noncontrolling interests in the Operating Partnership	75,991	108,220
Commitments and contingencies
Equity
Common shares $.01 par value, 400,000,000 shares authorized, 224,433,506 and 223,917,993 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively	2,244	2,239
Additional paid-in capital	4,112,183	4,088,392
Accumulated other comprehensive loss	(551)	(570)
Accumulated deficit	(1,266,804)	(1,218,498)
Total CubeSmart shareholders' equity	2,847,072	2,871,563
Noncontrolling interests in subsidiaries	16,383	18,597
Total equity	2,863,455	2,890,160
Total liabilities and equity	$ 6,461,541	$ 6,548,079

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Storage properties	$ 6,102,102	$ 6,097,670
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	224,433,506	223,917,993
Common shares, shares outstanding	224,433,506	223,917,993
VIE
Storage properties	$ 156,775	$ 149,467

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
REVENUES
Rental income	$ 208,371	$ 162,476
Total revenues	238,565	188,841
OPERATING EXPENSES
Property operating expenses	70,567	61,228
Depreciation and amortization	82,557	53,810
General and administrative	14,525	10,916
Total operating expenses	167,649	125,954
Interest:
Interest expense on loans	(22,824)	(19,234)
Loan procurement amortization expense	(957)	(1,035)
Equity in earnings of real estate ventures	294	20
Other	(9,163)	677
Total other expense	(32,650)	(19,572)
NET INCOME	38,266	43,315
NET (INCOME) LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS
Noncontrolling interests in the Operating Partnership	(292)	(1,549)
Noncontrolling interest in subsidiaries	181	(34)
NET INCOME ATTRIBUTABLE TO THE COMPANY'S COMMON SHAREHOLDERS	$ 38,155	$ 41,732
Basic earnings per share attributable to common shareholders (in dollars per share)	$ 0.17	$ 0.21
Diluted earnings per share attributable to common shareholders (in dollars per share)	$ 0.17	$ 0.21
Weighted average basic shares outstanding (in shares)	224,663	199,160
Weighted average diluted shares outstanding (in shares)	225,737	200,233
Other Property Related Income
REVENUES
Property related income	$ 22,280	$ 19,304
Property Management Fee Income
REVENUES
Property related income	$ 7,914	$ 7,061

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
NET INCOME	$ 38,266	$ 43,315
Other comprehensive income:
Reclassification of realized losses on interest rate swaps	20	20
OTHER COMPREHENSIVE INCOME:	20	20
COMPREHENSIVE INCOME	38,286	43,335
Comprehensive income attributable to noncontrolling interests in the Operating Partnership	(293)	(1,550)
Comprehensive loss (income) attributable to noncontrolling interest in subsidiaries	181	(34)
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE COMPANY	$ 38,174	$ 41,751

CONSOLIDATED STATEMENT OF EQUIT

CONSOLIDATED STATEMENT OF EQUITY - USD ($) shares in Thousands, $ in Thousands	Total Shareholders' Equity	Common Shares	Additional Paid in Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit	Noncontrolling Interest in Subsidiaries	Noncontrolling Interests in the Operating Partnership	Total
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
Increase (Decrease) in Stockholders' Equity
Distributions paid to noncontrolling interest 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 interests 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
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
Increase (Decrease) in Stockholders' Equity
Adjustment for noncontrolling interests in the Operating Partnership								(164,100)
Balance at Dec. 31, 2021	2,871,563	$ 2,239	4,088,392	(570)	(1,218,498)	18,597		2,890,160
Balance (in shares) at Dec. 31, 2021		223,918
Balance of Noncontrolling Interests in the Operating Partnership at Dec. 31, 2021							108,220	108,220
Increase (Decrease) in Stockholders' Equity
Distributions paid to noncontrolling interest in subsidiaries						(2,033)		(2,033)
Issuance of preferred shares, net	(123)		(123)					(123)
Issuance of restricted shares (in shares)		35
Conversion from units to shares	21,538	$ 4	21,534				(21,538)	21,538
Conversion from units to shares (in shares)		441
Exercise of stock options	1,226	$ 1	1,225					1,226
Exercise of stock options (in shares)		40
Amortization of restricted shares	519		519					519
Share compensation expense	636		636					636
Adjustment for noncontrolling interests in the Operating Partnership	10,356				10,356		(10,356)	10,356
Net income (loss)	38,155				38,155	(181)		37,974
Net income (loss)							292
Other comprehensive income (loss), net	19			19				19
Other comprehensive income (loss), net							1
Common share distributions	(96,817)				(96,817)		(628)	(96,817)
Balance at Mar. 31, 2022	$ 2,847,072	$ 2,244	$ 4,112,183	$ (551)	$ (1,266,804)	$ 16,383		2,863,455
Balance (in shares) at Mar. 31, 2022		224,434
Balance of Noncontrolling Interests in the Operating Partnership at Mar. 31, 2022							$ 75,991	$ 75,991

CONSOLIDATED STATEMENT OF EQU_2

CONSOLIDATED STATEMENT OF EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
CONSOLIDATED STATEMENT OF EQUITY
Common share distributions (in dollars per share)	$ 0.43	$ 0.34

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating Activities
Net loss	$ 38,266	$ 43,315
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	83,514	54,845
Non-cash portion of interest expense related to finance leases	(18)	111
Equity in earnings of real estate ventures	(294)	(20)
Equity compensation expense	2,193	2,042
Accretion of fair market value adjustment of debt	(269)	(607)
Changes in other operating accounts:
Other assets	4,085	(1,718)
Accounts payable and accrued expenses	1,911	(1,675)
Other liabilities	1,347	1,889
Net cash provided by operating activities	130,735	98,182
Investing Activities
Acquisitions of storage properties	(39,761)
Additions and improvements to storage properties	(7,755)	(7,894)
Development costs	(7,785)	(10,932)
Investment in real estate ventures	(5)	(6,664)
Cash distributed from real estate ventures	3,025	4,958
Proceeds from sale of real estate, net	43,193
Net cash used in investing activities	(9,088)	(20,532)
Proceeds from:
Revolving credit facility	151,532	268,111
Principal payments on:
Revolving credit facility	(176,032)	(333,111)
Mortgage loans and notes payable	(611)	(44,649)
Proceeds from issuance of common shares, net	(123)	99,688
Cash paid upon vesting of restricted shares	(1,038)	(728)
Exercise of stock options	1,226	1,172
Distributions paid to noncontrolling interests in subsidiaries	(2,033)	(69)
Distributions paid to common shareholders	(96,605)	(67,368)
Distributions paid to noncontrolling interests in Operating Partnership	(818)	(933)
Net cash provided by financing activities	(124,502)	(77,887)
Change in cash, cash equivalents and restricted cash	(2,855)	(237)
Cash, cash equivalents and restricted cash at beginning of period	13,318	6,229
Cash, cash equivalents and restricted cash at end of period	10,463	5,992
Supplemental Cash Flow and Noncash Information
Cash paid for interest, net of interest capitalized	24,725	23,534
Supplemental disclosure of noncash activities:
Acquisitions of storage properties	(700)
Accretion of put liability	1,222	2,823
Derivative valuation adjustment	$ 20	$ 20

ORGANIZATION AND NATURE OF OPER

ORGANIZATION AND NATURE OF OPERATIONS	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022, 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 March 31, 2022, the Parent Company owned approximately 99.4% of the partnership interests (“OP Units”) of the Operating Partnership. The remaining OP Units, consisting exclusively of limited partner interests, are held by persons who contributed their interests in properties to the Operating Partnership in exchange for OP Units. Under the partnership agreement, these persons have the right to tender their OP Units for redemption to the Operating Partnership at any time following a specified restricted period for cash equal to the fair value of an equivalent number of common shares of the Parent Company. In lieu of delivering cash, however, the Parent Company, as the Operating Partnership’s general partner, may, at its option, choose to acquire any OP Units so tendered by issuing common shares in exchange for the tendered OP Units. If the Parent Company so chooses, its common shares will be exchanged for OP Units on a one-for-one basis. This one-for-one exchange ratio is subject to adjustment to prevent dilution. With each such exchange or redemption, the Parent Company’s percentage ownership in the Operating Partnership will increase. In addition, whenever the Parent Company issues common or other classes of its shares, it contributes the net proceeds it receives from the issuance to the Operating Partnership and the Operating Partnership issues to the Parent Company an equal number of OP Units or other partnership interests having preferences and rights that mirror the preferences and rights of the shares issued. This structure is commonly referred to as an umbrella partnership REIT or “UPREIT”. ​ 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	3 Months Ended
	Mar. 31, 2022
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 combined audited financial statements prepared in accordance with GAAP, and the related notes thereto, for the year ended December 31, 2021, which are included in the Parent Company’s and the Operating Partnership’s combined Annual Report on Form 10-K for the fiscal year ended December 31, 2021 ​ 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 was effective on January 1, 2022. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements.

STORAGE PROPERTIES

STORAGE PROPERTIES	3 Months Ended
	Mar. 31, 2022
STORAGE PROPERTIES
STORAGE FACILITIES	3. STORAGE PROPERTIES ​ The book value of the Company’s real estate assets is summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ 2022 2021 ​ ​ ​ (in thousands) ​ Land ​ $ 1,575,446 ​ $ 1,565,463 ​ Buildings and improvements ​ 5,396,489 ​ 5,368,383 ​ Equipment ​ 132,189 ​ 129,531 ​ Construction in progress ​ 86,034 ​ 78,221 ​ Right-of-use assets - finance leases ​ ​ 41,945 ​ ​ 41,896 ​ Storage properties ​ 7,232,103 ​ 7,183,494 ​ Less: Accumulated depreciation ​ (1,130,001) ​ (1,085,824) ​ Storage properties, net ​ $ 6,102,102 ​ $ 6,097,670 ​ ​ The following table summarizes the Company’s acquisition and disposition activity during the period beginning on January 1, 2021 through March 31, 2022. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Purchase / Sale Price Asset/Portfolio ​ Metropolitan Statistical Area ​ Transaction Date ​ Stores ​ (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 Acquisition: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Maryland Asset ​ Washington-Arlington-Alexandria, DC-VA-MD-WV ​ February 2022 ​ 1 ​ $ 32,000 ​ ​ ​ ​ ​ ​ ​ 1 ​ $ 32,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ New Jersey/Pennsylvania Assets ​ Philadelphia-Camden-Wilmington, PA-NJ-DE-MD ​ July 2021 ​ 2 ​ ​ 33,000 ​ Florida Asset ​ Miami-Fort Lauderdale-Pompano Beach, FL ​ November 2021 ​ 1 ​ ​ 14,750 ​ Georgia Asset ​ Atlanta-Sandy Springs-Marietta, GA ​ November 2021 ​ 1 ​ ​ 15,200 ​ Pennsylvania Asset ​ Philadelphia-Camden-Wilmington, PA-NJ-DE-MD ​ November 2021 ​ 1 ​ ​ 24,500 ​ Nevada Asset ​ Las Vegas-Paradise, NV ​ December 2021 ​ 1 ​ ​ 21,000 ​ Storage West Assets ​ Various (see note 4) ​ December 2021 ​ 57 ​ ​ 1,648,426 (2) Illinois Asset ​ Chicago-Naperville-Joliet, IL-IN-WI ​ December 2021 ​ 1 ​ ​ 10,300 ​ ​ ​ ​ ​ ​ ​ 66 ​ $ 1,801,251 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 Dispositions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Colorado/Nevada Assets ​ Denver-Aurora, CO / Las Vegas-Paradise, NV ​ September 2021 ​ 2 ​ $ 16,900 ​ North Carolina Assets ​ Burlington, NC ​ September 2021 ​ 2 ​ ​ 21,700 ​ Texas Asset ​ Houston-Sugar Land-Baytown, TX ​ November 2021 ​ 1 ​ ​ 5,200 ​ ​ ​ ​ ​ ​ ​ 5 ​ $ 43,800 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Acquired by a consolidated joint venture in which the Company holds a 50% interest. ​ (2) Purchase price represents the acquisition of all 167,557 outstanding partnership units of LAACO, Ltd. (“LAACO”) for $9,838 per unit. At the time of the acquisition, LAACO owned 57 storage properties (the “Storage West Assets”) and 50% ownership interests in two separate joint ventures. Through this acquisition, the Company also acquired LAACO’s wholly-owned subsidiaries, the Los Angeles Athletic Club and the California Yacht Club (the “Club Operations”). The Los Angeles Athletic Club was sold by the Company during the three months ended March 31, 2022. The California Yacht Club is classified as held for sale on the Company’s consolidated balance sheets as of March 31, 2022 (see note 4).

INVESTMENT ACTIVITY

INVESTMENT ACTIVITY	3 Months Ended
	Mar. 31, 2022
INVESTMENT ACTIVITY
INVESTMENT ACTIVITY	​ 4. INVESTMENT ACTIVITY ​ 2022 Acquisitions ​ During the three months ended March 31, 2022, the Company acquired one store located in Maryland for a purchase price of $32.0 million. In connection with this transaction, 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 $1.3 million at the time of the acquisition and prior to amortization of such amounts. The estimated life of these in-place leases is 12 months and the amortization expense that was recognized during the three months March 31, 2022 was approximately $0.2 million. ​ Additionally, on February 2, 2022, the Company acquired land underlying a wholly-owned store located in Bronx, New York for $7.5 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 $4.1 million and $5.0 million, respectively, were removed from the Company’s consolidated balance sheets. ​ As of March 31, 2022, the Company had made a deposit of $0.2 million associated with one store that was under contract to be acquired for an acquisition price of $20.0 million. The deposit is reflected in Other assets, net on the Company’s consolidated balance sheets. ​ 2022 Dispositions ​ During the three months ended March 31, 2022, the Company sold the Los Angeles Athletic Club, which it purchased in December 2021 as part of the LAACO acquisition, for $44.0 million. No gain or loss was recognized in conjunction with the sale. ​ LAACO Acquisition ​ On December 9, 2021, the Company acquired all outstanding partnership units of LAACO, the owner of the Storage West Assets and, as a result, LAACO became a wholly-owned subsidiary of the Company. The 57 Storage West Assets are located in Arizona (17), California (20), Nevada (13) and Texas (7). Through its acquisition of LAACO, the Company also acquired a 50% interest in two separate unconsolidated joint ventures, each of which own one storage property in California (see note 5). In addition, through this acquisition, the Company also acquired the Club Operations, which included the Los Angeles Athletic Club (consisting of athletic facilities, food and beverage operations and a hotel) and the California Yacht Club (the “CYC”) (consisting of sports facilities, food and beverage operations and a marina). During the three months ended March 31, 2022, the Company sold the Los Angeles Athletic Club (see above). As of March 31, 2022, the CYC is classified as held for sale on the Company’s consolidated balance sheets. ​ ​ The following summarizes the relevant components contemplated in the acquisition of LAACO: ​ ​ ​ ​ ​ Amount ​ (in thousands) Costs contemplated: ​ ​ Capitalized costs: ​ ​ LAACO partnership units (1) $ 1,648,426 Long-term debt assumed and repaid at closing ​ 40,880 Payments to LAACO management (capitalized) (2) ​ 16,807 Other transaction costs (3) ​ 13,407 Total capitalized costs $ 1,719,520 Payments and anticipated payments to LAACO management (expensed) (2) ​ 25,144 Total costs contemplated $ 1,744,664 ​ ​ ​ Estimated fair value of Club Operations $ 46,800 ​ (1) Represents the acquisition of all 167,557 outstanding partnership units for $9,838 per unit. ​ (2) Upon the acquisition of LAACO, the Company assumed severance obligations payable to certain employees pursuant to pre-existing agreements. Based on the specific details of the arrangements, $16.8 million in costs were capitalized to the basis of the acquired properties while $25.1 million were considered post-combination compensation expenses. Of this $25.1 million, $14.8 million was included in the component of other income (expense) designated as other for the year ended December 31, 2021, $9.2 million was included in the component of other income (expense) designated as other for the three months ended March 31, 2022, with the remainder expected to be expensed during the three months ended June 30, 2022. ​ (3) Includes consulting fees, legal fees, and other costs. ​ The Company accounted for the acquisition of LAACO as an asset acquisition. As a result, the capitalized costs noted above were allocated to LAACO’s real estate assets, intangible assets and real estate venture investments on a relative fair value basis. All other assets acquired and liabilities assumed were recorded at fair value. The following summarizes the accounting for the LAACO acquisition: ​ ​ ​ ​ ​ Amount ​ (in thousands) Storage properties $ 1,517,243 Cash and cash equivalents ​ 18,291 Investment in real estate ventures, at equity ​ 35,737 Assets held for sale ​ 50,435 Other assets, net ​ 143,599 Accounts payable, accrued expenses and other liabilities ​ (38,350) Deferred revenue ​ (3,764) Security deposits ​ (36) Liabilities held for sale ​ (3,635) Total $ 1,719,520 ​ Intangible assets (included above in Other assets, net) consisted of in-place leases, which aggregated to $109.7 million at the time of the acquisition and prior to amortization of such amounts. The estimated life of these in-place leases is 12 months and the amortization expense that was recognized during the three months ended March 31, 2022 was approximately $27.4 million. ​ Other 2021 Acquisitions ​ During the year ended December 31, 2021, the Company also acquired eight additional stores located in Florida ( 1 ), Georgia ( 1 ), Illinois ( 1 ), Maryland ( 1 ), Nevada ( 1 ), New Jersey ( 1 ) and Pennsylvania ( 2 ) for an aggregate purchase price of approximately $140.8 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 $11.9 million at the time of the acquisitions and prior to amortization of such amounts. The estimated life of these in-place leases is 12 months and the amortization expense that was recognized during the three months ended March 31, 2022 was approximately $3.0 million. No amortization expense related to these stores was recognized during the three months ended March 31, 2021. ​ 2021 Dispositions ​ During the year ended December 31, 2021, the Company sold five properties located in Colorado (1), Nevada (1), North Carolina (2) and Texas (1) for an aggregate sales price of $43.8 million. In conjunction with the sales, the Company recorded gains that totaled $32.7 million. ​ Assets Held for Sale ​ As of March 31, 2022, the Company determined that the CYC met the criteria to be classified as held for sale. Accordingly, the assets and liabilities associated with the CYC have been categorized as held for sale within the Company’s March 31, 2022 consolidated balance sheets. As of March 31, 2022, the estimated fair value less selling costs of the CYC was greater than the carrying value of the CYC, and therefore no loss has been recorded in the current period. ​ Development Activity ​ As of March 31, 2022, the Company had investments in joint ventures to develop three self-storage properties located in New York (2) and Virginia (1). Construction for all projects is expected to be completed by the first quarter of 2023 (see note 13). As of March 31, 2022, development costs incurred to date for these projects totaled $74.8 million. Total construction costs for these projects are expected to be $97.3 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, 2021 through March 31, 2022. 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) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Newton, MA (1) ​ 1 ​ Q4 2021 ​ 100% ​ $ 20,800 East Meadow, NY (2) ​ 1 ​ Q2 2021 ​ 100% ​ ​ 25,900 King of Prussia, PA ​ 1 ​ Q2 2021 ​ 70% ​ ​ 22,800 Arlington, VA (3) ​ 1 ​ Q1 2021 ​ 90% ​ ​ 26,400 ​ ​ 4 ​ ​ ​ ​ ​ $ 95,900 ​ (1) During the fourth quarter of 2021, the Company, through a joint venture in which it owned a 90% interest that was previously consolidated, completed the construction of this store and it was opened for operation. On December 14, 2021, the Company acquired the 10% interest of the noncontrolling member in the venture that owned the store for $3.4 million. Prior to this transaction, the noncontrolling member’s interest in the venture was reported in Noncontrolling interests in subsidiaries on the consolidated balance sheets. Since the Company retained its controlling interest in the venture and the store is now wholly owned, this transaction was accounted for as an equity transaction. The carrying amount of the noncontrolling interest was reduced to zero to reflect the purchase and the difference between the purchase price paid by the Company and the carrying amount of the noncontrolling interest of $2.7 million was recorded as an adjustment to equity attributable to the Company, with no gain or loss recorded. The $13.2 million related party loan extended by the Company to the venture that owned the store was repaid in conjunction with the Company’s acquisition of the noncontrolling member’s ownership interest. ​ (2) 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. ​ (3) 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). ​

INVESTMENT IN UNCONSOLIDATED RE

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES	3 Months Ended
	Mar. 31, 2022
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 ​ March 31, ​ December 31, ​ March 31, ​ December 31, Unconsolidated Real Estate Ventures Interest ​ 2022 ​ 2021 2022 ​ 2021 Fontana Self Storage, LLC ("Fontana") (1) ​ 50% ​ 1 ​ 1 ​ $ 14,240 ​ $ 14,225 Rancho Cucamonga Self Storage, LLC ("RCSS") (1) ​ 50% ​ 1 ​ 1 ​ ​ 21,549 ​ ​ 21,536 191 V CUBE LLC ("HVP V") (2) ​ 20% ​ 5 ​ 5 ​ ​ 15,515 ​ ​ 16,080 191 IV CUBE Southeast LLC ("HVPSE") (3) ​ 10% ​ 14 ​ 14 ​ ​ 4,436 ​ ​ 4,541 191 IV CUBE LLC ("HVP IV") (4) ​ 20% ​ 28 ​ 28 ​ ​ 22,177 ​ ​ 23,223 CUBE HHF Northeast Venture LLC ("HHFNE") (5) ​ 10% ​ 13 ​ 13 ​ ​ 1,244 ​ ​ 1,291 CUBE HHF Limited Partnership ("HHF") (6) ​ 50% ​ 28 ​ 28 ​ ​ 37,864 ​ ​ 38,855 ​ ​ ​ ​ 90 ​ 90 ​ $ 117,025 ​ $ 119,751 ​ (1) On December 9, 2021, the Company completed the acquisition of LAACO, which included a 50% interest in Fontana and RCSS , each of which owns one self-storage property in California. As of the date of acquisition, the Company recognized differences between the Company’s equity investment in Fontana and RCSS and the underlying equity reflected at the venture level. As of March 31, 2022, this difference was $13.4 million and $20.0 million for Fontana and RCSS, respectively. These differences are being amortized over the expected useful life of the self-storage properties owned by the ventures. ​ (2) The stores owned by HVP V are located in Florida (2) , New Jersey (2) and New York ( 1 ). HVP V paid an aggregate of $143.7 million for these properties, of which $2.2 million was allocated to the value of the in-place leases. These acquisitions were funded initially through pro-rata contributions by the Company and its unaffiliated joint venture partner. The Company’s total contribution to HVP V related to these acquisitions was $22.6 million. As of March 31, 2022, HVP V had an outstanding $80.6 million secured term loan, which bears interest at SOFR plus 2.05% and matures on September 30, 2025 with an option to extend the maturity date through September 30, 2026, subject to satisfaction of certain conditions and payment of the extension fees as stipulated in the loan agreement. ​ (3) The stores owned by HVPSE are 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 leases. 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. ​ (4) The stores owned by HVP IV are located in Arizona (2) , Connecticut (3) , Florida (4) , Georgia (2) , Illinois (5) , Maryland (2) , Minnesota (1) , Pennsylvania (1) and Texas (8) . The Company’s total contribution to HVP IV in connection with these store acquisitions was $32.0 million. As of March 31, 2022, HVP IV had an outstanding $221.6 million secured loan, which bears interest at LIBOR plus 1.95% per annum, and matures on April 19, 2025. ​ (5) 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 March 31, 2022, 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. ​ (6) The stores owned by HHF are located in North Carolina (1) and Texas (27) . On October 5, 2021, HHF sold seven stores in Texas for an aggregate sales price of approximately $85.0 million. The venture recorded gains which aggregated to approximately $46.9 million in connection with the sale. As of March 31, 2022, HHF had an outstanding $105.0 million secured loan, which bears interest at a fixed rate of 2.58% per annum and matures on February 5, 2028. ​ Based upon the facts and circumstances at acquisition of Fontana and RCSS and 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 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 March 31, 2022 and December 31, 2021. ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ 2022 2021 Assets ​ (in thousands) Storage properties, net ​ $ 843,343 ​ $ 850,250 Other assets ​ 32,067 ​ 34,760 Total assets ​ $ 875,410 ​ $ 885,010 ​ ​ ​ ​ ​ ​ ​ Liabilities and equity ​ ​ ​ ​ ​ ​ Debt ​ $ 527,490 ​ $ 526,972 Other liabilities ​ ​ 15,447 ​ ​ 14,500 Equity ​ ​ ​ ​ ​ ​ CubeSmart ​ 83,675 ​ ​ 86,083 Joint venture partners ​ 248,798 ​ ​ 257,455 Total liabilities and equity ​ $ 875,410 ​ $ 885,010 ​ ​ ​ ​ ​ ​ ​ ​ ​ The following is a summary of results of operations of the Ventures for the three months ended March 31, 2022 and 2021. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2022 2021 ​ ​ (in thousands) ​ Total revenues ​ $ 24,965 ​ $ 18,823 ​ ​ Operating expenses ​ (10,743) ​ ​ (8,605) ​ ​ Other (expenses) income ​ ​ (114) ​ ​ 3 ​ ​ Interest expense, net ​ (3,852) ​ ​ (3,535) ​ ​ Depreciation and amortization ​ (10,388) ​ (8,713) ​ ​ Net loss ​ $ (132) ​ $ (2,027) ​ ​ Company’s share of net income (loss) ​ $ 294 ​ $ 20 ​ ​ ​

OTHER ASSETS

OTHER ASSETS	3 Months Ended
	Mar. 31, 2022
Other Assets, Unclassified [Abstract]
OTHER ASSETS	6. OTHER ASSETS ​ Other assets are comprised of the following as of March 31, 2022 and December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2022 2021 ​ ​ (in thousands) Intangible assets, net of accumulated amortization of $43,365 and $12,760 ​ $ 79,488 ​ $ 108,794 Accounts receivable, net ​ 7,990 ​ 8,145 Prepaid property taxes ​ 5,706 ​ 6,938 Prepaid property and casualty insurance ​ 1,684 ​ 3,352 Amounts due from affiliates (see note 15) ​ ​ 14,481 ​ ​ 15,417 Assets related to deferred compensation arrangements ​ ​ 59,316 ​ ​ 60,297 Right-of-use assets - operating leases ​ ​ 50,309 ​ ​ 54,741 Other ​ 7,579 ​ 8,021 Total other assets, net ​ $ 226,553 ​ $ 265,705 ​

UNSECURED SENIOR NOTES

UNSECURED SENIOR NOTES	3 Months Ended
	Mar. 31, 2022
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”): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, Effective ​ Issuance ​ Maturity Unsecured Senior Notes 2022 2021 Interest Rate ​ Date ​ Date ​ ​ (in thousands) ​ ​ ​ ​ ​ ​ ​ $300M 4.000% Guaranteed Notes due 2025 (1) ​ $ 300,000 ​ $ 300,000 3.99 % ​ Various (1) ​ Nov-25 ​ $300M 3.125% Guaranteed Notes due 2026 ​ ​ 300,000 ​ ​ 300,000 ​ 3.18 % ​ Aug-16 ​ Sep-26 ​ $550M 2.250% Guaranteed Notes due 2028 ​ ​ 550,000 ​ ​ 550,000 ​ 2.33 % ​ Nov-21 ​ Dec-28 ​ $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 ​ $500M 2.500% Guaranteed Notes due 2032 ​ ​ 500,000 ​ ​ 500,000 ​ 2.59 % ​ Nov-21 ​ Feb-32 ​ Principal balance outstanding ​ ​ 2,800,000 ​ ​ 2,800,000 ​ ​ ​ ​ ​ ​ ​ ​ Less: Discount on issuance of unsecured senior notes, net ​ ​ (13,041) ​ ​ (13,455) ​ ​ ​ ​ ​ ​ ​ ​ Less: Loan procurement costs, net ​ ​ (17,714) ​ ​ (18,336) ​ ​ ​ ​ ​ ​ ​ ​ Total unsecured senior notes, net ​ $ 2,769,245 ​ $ 2,768,209 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) 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 March 31, 2022, the Operating Partnership was in compliance with all of the financial covenants under the Senior Notes.

REVOLVING CREDIT FACILITY

REVOLVING CREDIT FACILITY	3 Months Ended
	Mar. 31, 2022
REVOLVING CREDIT FACILITY
REVOLVING CREDIT FACILITY	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 a rate of 1.10% over LIBOR, inclusive of a facility fee of 0.15%. ​ As of March 31, 2022, borrowings under the Revolver had an effective interest rate of 1.55%. Additionally, as of March 31, 2022, $564.0 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 March 31, 2022, the Company was in compliance with all of its financial covenants.

MORTGAGE LOANS AND NOTES PAYABL

MORTGAGE LOANS AND NOTES PAYABLE	3 Months Ended
	Mar. 31, 2022
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 ​ ​ ​ ​ ​ ​ March 31, ​ December 31, Effective ​ Maturity Mortgage Loans and Notes Payable 2022 2021 Interest Rate ​ Date ​ ​ (in thousands) ​ ​ ​ ​ ​ Nashville V, TN ​ $ 2,191 ​ $ 2,206 ​ 3.85 % ​ Jun-23 ​ New York, NY ​ ​ 29,170 ​ ​ 29,340 ​ 3.51 % ​ Jun-23 ​ Annapolis I, MD ​ ​ 5,051 ​ ​ 5,099 ​ 3.78 % ​ May-24 ​ Brooklyn XV, NY ​ ​ 15,339 ​ ​ 15,423 ​ 2.15 % ​ May-24 ​ Long Island City IV, NY ​ ​ 12,502 ​ ​ 12,580 ​ 2.15 % ​ May-24 ​ Long Island City II, NY ​ ​ 18,605 ​ ​ 18,714 ​ 2.25 % ​ Jul-26 ​ Long Island City III, NY ​ ​ 18,614 ​ ​ 18,723 ​ 2.25 % ​ Aug-26 ​ Flushing II, NY ​ ​ 54,300 ​ ​ 54,300 ​ 2.15 % ​ Jul-29 ​ Principal balance outstanding ​ ​ 155,772 ​ ​ 156,385 ​ ​ ​ ​ ​ ​ Plus: Unamortized fair value adjustment ​ ​ 12,299 ​ 12,981 ​ ​ ​ ​ ​ ​ Less: Loan procurement costs, net ​ ​ (1,582) ​ ​ (1,690) ​ ​ ​ ​ ​ ​ Total mortgage loans and notes payable, net ​ $ 166,489 ​ $ 167,676 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of March 31, 2022 and December 31, 2021, the Company’s mortgage loans payable were secured by certain of its self-storage properties with net book values of approximately $448.4 million and $450.7 million, respectively. The following table represents the future principal payment requirements on the outstanding mortgage loans and notes payable as of March 31, 2022 (in thousands): ​ ​ ​ ​ ​ 2022 $ 1,813 2023 ​ 32,591 2024 ​ 32,329 2025 ​ 979 2026 ​ 33,760 2027 and thereafter ​ 54,300 Total mortgage payments ​ 155,772 Plus: Unamortized fair value adjustment ​ 12,299 Less: Loan procurement costs, net ​ ​ (1,582) Total mortgage loans and notes payable, net ​ $ 166,489 ​

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE LOSS	3 Months Ended
	Mar. 31, 2022
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 three months ended March 31, 2022. ​ ​ ​ ​ ​ March 31, ​ 2022 ​ ​ (in thousands) Beginning balance $ (575) Reclassification of realized losses on interest rate swaps (1) ​ 20 Ending balance ​ (555) Less: portion included in noncontrolling interests in the Operating Partnership ​ 4 Total accumulated other comprehensive loss included in equity $ (551) ​ (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	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 and December 31, 2021, 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 its 4.375% senior notes due 2029 (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 of unrealized losses from accumulated other comprehensive loss as an increase to interest expense during the three months ended March 31, 2022. 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	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 or December 31, 2021. ​ The fair values of financial instruments, including cash and cash equivalents, restricted cash, accounts receivable and accounts payable approximate their respective carrying values at March 31, 2022 and December 31, 2021. ​ The following table summarizes the carrying value and estimated fair value of the Company’s debt as of March 31, 2022 and December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ December 31, 2021 ​ ​ (in thousands) Carrying value $ 3,121,134 ​ $ 3,145,785 Fair value ​ 2,978,657 ​ ​ 3,256,128 ​ The fair value of debt estimates were based on a discounted cash flow analysis assuming market interest rates for comparable obligations at March 31, 2022 and December 31, 2021. 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	3 Months Ended
	Mar. 31, 2022
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 ​ March 31, 2022 ​ Consolidated Joint Ventures of Stores Location Acquired (1) ​ Interest ​ Total Assets ​ Total Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) ​ Astoria Investors, LLC ("Astoria") (2) ​ 1 ​ Queens, NY Q1 2023 (est.) ​ 70% ​ $ 21,165 ​ $ 6,559 ​ CS Vienna, LLC ("Vienna") (3) ​ 1 ​ Vienna, VA ​ Q2 2022 (est.) ​ 72% ​ ​ 28,766 ​ ​ 17,765 ​ CS 750 W Merrick Rd, LLC ("Merrick") (4) ​ 1 ​ Valley Stream, NY ​ Q2 2022 (est.) ​ 51% ​ ​ 35,784 ​ ​ 17,544 ​ CS Valley Forge Village Storage, LLC ("VFV") (5) ​ 1 ​ King of Prussia, PA ​ Q2 2021 ​ 70% ​ ​ 20,923 ​ ​ 14,230 ​ CS Lock Up Anoka, LLC ("Anoka") (6) ​ 1 ​ Anoka, MN ​ Q2 2021 ​ 50% ​ ​ 11,511 ​ ​ 5,611 ​ SH3, LLC ("SH3") (7) ​ 1 ​ Arlington, VA Q2 2015/Q1 2021 ​ 90% ​ ​ 38,655 ​ ​ 383 ​ ​ ​ 6 ​ ​ ​ ​ ​ ​ ​ $ 156,804 ​ $ 62,092 ​ ​ (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 August 17, 2021, the Company contributed $14.7 million in exchange for a 70% ownership interest in Astoria, which acquired land for future development of a self-storage property in Queens, NY for $20.0 million. In addition, as of March 31, 2022, the Company has funded $6.6 million of a $27.1 million related party loan commitment to Astoria, which is included in the total liability amount within the table above. This loan and the related interest were eliminated for consolidation purposes. ​ (3) 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 March 31, 2022, the Company has funded $16.1 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. ​ (4) 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 March 31, 2022, has accrued $15.9 million. This amount is included in Accounts payable, accrued expenses and other liabilities on the Company’s consolidated balance sheets. ​ (5) The Company has a related party loan commitment to VFV that was used to fund a portion of the construction costs. As of March 31, 2022, the Company has an outstanding loan of $14.2 million to VFV, which is included in the total liability amounts within the table above. This loan and the related interest were eliminated for consolidation purposes. ​ (6) 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, as of March 31, 2022, the Company has funded $5.5 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. ​ (7) 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 0.6% and 0.8% of the outstanding OP Units, as of March 31, 2022 and December 31, 2021, 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. ​ As of March 31, 2022 and December 31, 2021, 1,460,520 and 1,901,595 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 March 31, 2022 and December 31, 2021. As of March 31, 2022, the Operating Partnership recorded a decrease in the value of OP Units owned by third parties and a corresponding increase to capital of $10.4 million. As of December 31, 2021, the Operating Partnership recorded an increase in the value of OP Units owned by third parties and a corresponding decrease to capital of $164.1 million. ​

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2022
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	14. COMMITMENTS AND CONTINGENCIES ​ The Company is involved in claims from time to time, which arise in the ordinary course of business. In accordance with applicable accounting guidance, management establishes an accrued liability for claim expenses, insurance retention and litigation costs when those matters present loss contingencies that are both probable and reasonably estimable. In such cases, there may be exposure to loss in excess of those amounts accrued. The estimated loss, if any, is based upon currently available information and is subject to significant judgment, a variety of assumptions, and known and unknown uncertainties. In the opinion of management, the Company has made adequate provisions for potential liabilities, arising from any such matters, which are included in Accounts payable, accrued expenses and other liabilities on the Company’s consolidated balance sheets.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2022
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	15. RELATED PARTY TRANSACTIONS ​ The Company provides management services to certain joint ventures and other related parties. Management agreements provide for fee income to the Company based on a percentage of revenues at the managed stores. Total management fees for unconsolidated real estate ventures or other entities in which the Company held an ownership interest for the three months ended March 31, 2022 totaled $1.3 million compared to $1.0 million for the same period in 2021. ​ 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 $14.5 million and $15.4 million as of March 31, 2022 and December 31, 2021, 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 $42.4 million and $32.4 million as of March 31, 2022 and December 31, 2021, 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 months ended March 31, 2021, the Company recognized fees associated with property transactions of $0.2 million. There were no such fees recognized during the three months ended March 31, 2022. Property transaction fees are included in the component of other (expense) income designated as Other on the consolidated statements of operations. ​

EARNINGS PER SHARE AND UNIT AND

EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL	3 Months Ended
	Mar. 31, 2022
EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL
EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL	16. 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 March 31, ​ ​ 2022 ​ 2021 ​ ​ (dollars and units in thousands, except per share amounts) Net income $ 38,266 $ 43,315 Noncontrolling interests in the Operating Partnership ​ (292) ​ (1,549) Noncontrolling interest in subsidiaries ​ 181 ​ (34) Net income attributable to the Company’s common shareholders ​ $ 38,155 ​ $ 41,732 ​ ​ ​ ​ ​ ​ ​ Weighted average basic shares outstanding ​ 224,663 ​ 199,160 Share options and restricted share units ​ 1,074 ​ 1,073 Weighted average diluted shares outstanding (1) ​ 225,737 ​ 200,233 ​ ​ ​ ​ ​ ​ ​ Basic earnings per share attributable to common shareholders ​ $ 0.17 ​ $ 0.21 Diluted earnings per share attributable to common shareholders (2) ​ $ 0.17 ​ $ 0.21 ​ 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 March 31, ​ ​ 2022 ​ 2021 ​ ​ (dollars and units in thousands, except per unit amounts) Net income $ 38,266 $ 43,315 Operating Partnership interests of third parties ​ (292) ​ (1,549) Noncontrolling interest in subsidiaries ​ 181 ​ (34) Net income attributable to common unitholders ​ $ 38,155 ​ $ 41,732 ​ ​ ​ ​ ​ ​ ​ Weighted average basic units outstanding ​ 224,663 ​ 199,160 Unit options and restricted share units ​ 1,074 ​ 1,073 Weighted average diluted units outstanding (1) ​ 225,737 ​ 200,233 ​ ​ ​ ​ ​ ​ ​ Basic earnings per unit attributable to common unitholders ​ $ 0.17 ​ $ 0.21 Diluted earnings per unit attributable to common unitholders (2) ​ $ 0.17 ​ $ 0.21 ​ (1) For the three months ended March 31, 2022 and 2021, the Company declared cash dividends per common share/unit of $0.43 and $0.34 , respectively. ​ (2) The amount of anti-dilutive options that were excluded from the computation of diluted earnings per share/unit for the three months ended March 31, 2022 was 0.3 million. There were no anti-dilutive options for the three months ended March 31, 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 1,460,520 and 7,365,828 as of March 31, 2022 and 2021, respectively.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2022
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 combined audited financial statements prepared in accordance with GAAP, and the related notes thereto, for the year ended December 31, 2021, which are included in the Parent Company’s and the Operating Partnership’s combined Annual Report on Form 10-K for the fiscal year ended December 31, 2021 ​ 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 was effective on January 1, 2022. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements.

STORAGE PROPERTIES (Tables)

STORAGE PROPERTIES (Tables)	3 Months Ended
	Mar. 31, 2022
STORAGE PROPERTIES
Summary of real estate assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ 2022 2021 ​ ​ ​ (in thousands) ​ Land ​ $ 1,575,446 ​ $ 1,565,463 ​ Buildings and improvements ​ 5,396,489 ​ 5,368,383 ​ Equipment ​ 132,189 ​ 129,531 ​ Construction in progress ​ 86,034 ​ 78,221 ​ Right-of-use assets - finance leases ​ ​ 41,945 ​ ​ 41,896 ​ Storage properties ​ 7,232,103 ​ 7,183,494 ​ Less: Accumulated depreciation ​ (1,130,001) ​ (1,085,824) ​ Storage properties, net ​ $ 6,102,102 ​ $ 6,097,670 ​
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, 2021 through March 31, 2022. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Purchase / Sale Price Asset/Portfolio ​ Metropolitan Statistical Area ​ Transaction Date ​ Stores ​ (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 Acquisition: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Maryland Asset ​ Washington-Arlington-Alexandria, DC-VA-MD-WV ​ February 2022 ​ 1 ​ $ 32,000 ​ ​ ​ ​ ​ ​ ​ 1 ​ $ 32,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ New Jersey/Pennsylvania Assets ​ Philadelphia-Camden-Wilmington, PA-NJ-DE-MD ​ July 2021 ​ 2 ​ ​ 33,000 ​ Florida Asset ​ Miami-Fort Lauderdale-Pompano Beach, FL ​ November 2021 ​ 1 ​ ​ 14,750 ​ Georgia Asset ​ Atlanta-Sandy Springs-Marietta, GA ​ November 2021 ​ 1 ​ ​ 15,200 ​ Pennsylvania Asset ​ Philadelphia-Camden-Wilmington, PA-NJ-DE-MD ​ November 2021 ​ 1 ​ ​ 24,500 ​ Nevada Asset ​ Las Vegas-Paradise, NV ​ December 2021 ​ 1 ​ ​ 21,000 ​ Storage West Assets ​ Various (see note 4) ​ December 2021 ​ 57 ​ ​ 1,648,426 (2) Illinois Asset ​ Chicago-Naperville-Joliet, IL-IN-WI ​ December 2021 ​ 1 ​ ​ 10,300 ​ ​ ​ ​ ​ ​ ​ 66 ​ $ 1,801,251 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 Dispositions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Colorado/Nevada Assets ​ Denver-Aurora, CO / Las Vegas-Paradise, NV ​ September 2021 ​ 2 ​ $ 16,900 ​ North Carolina Assets ​ Burlington, NC ​ September 2021 ​ 2 ​ ​ 21,700 ​ Texas Asset ​ Houston-Sugar Land-Baytown, TX ​ November 2021 ​ 1 ​ ​ 5,200 ​ ​ ​ ​ ​ ​ ​ 5 ​ $ 43,800 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Acquired by a consolidated joint venture in which the Company holds a 50% interest. ​ (2) Purchase price represents the acquisition of all 167,557 outstanding partnership units of LAACO, Ltd. (“LAACO”) for $9,838 per unit. At the time of the acquisition, LAACO owned 57 storage properties (the “Storage West Assets”) and 50% ownership interests in two separate joint ventures. Through this acquisition, the Company also acquired LAACO’s wholly-owned subsidiaries, the Los Angeles Athletic Club and the California Yacht Club (the “Club Operations”). The Los Angeles Athletic Club was sold by the Company during the three months ended March 31, 2022. The California Yacht Club is classified as held for sale on the Company’s consolidated balance sheets as of March 31, 2022 (see note 4).

INVESTMENT ACTIVITY (Tables)

INVESTMENT ACTIVITY (Tables)	3 Months Ended
	Mar. 31, 2022
INVESTMENT ACTIVITY
Schedule of relevant components contemplated in the acquisition of LAACO	​ ​ ​ ​ Amount ​ (in thousands) Costs contemplated: ​ ​ Capitalized costs: ​ ​ LAACO partnership units (1) $ 1,648,426 Long-term debt assumed and repaid at closing ​ 40,880 Payments to LAACO management (capitalized) (2) ​ 16,807 Other transaction costs (3) ​ 13,407 Total capitalized costs $ 1,719,520 Payments and anticipated payments to LAACO management (expensed) (2) ​ 25,144 Total costs contemplated $ 1,744,664 ​ ​ ​ Estimated fair value of Club Operations $ 46,800 ​ (1) Represents the acquisition of all 167,557 outstanding partnership units for $9,838 per unit. ​ (2) Upon the acquisition of LAACO, the Company assumed severance obligations payable to certain employees pursuant to pre-existing agreements. Based on the specific details of the arrangements, $16.8 million in costs were capitalized to the basis of the acquired properties while $25.1 million were considered post-combination compensation expenses. Of this $25.1 million, $14.8 million was included in the component of other income (expense) designated as other for the year ended December 31, 2021, $9.2 million was included in the component of other income (expense) designated as other for the three months ended March 31, 2022, with the remainder expected to be expensed during the three months ended June 30, 2022. ​ (3) Includes consulting fees, legal fees, and other costs.
Schedule of accounting for the LAACO acquisition	​ ​ ​ ​ ​ Amount ​ (in thousands) Storage properties $ 1,517,243 Cash and cash equivalents ​ 18,291 Investment in real estate ventures, at equity ​ 35,737 Assets held for sale ​ 50,435 Other assets, net ​ 143,599 Accounts payable, accrued expenses and other liabilities ​ (38,350) Deferred revenue ​ (3,764) Security deposits ​ (36) Liabilities held for sale ​ (3,635) Total $ 1,719,520
Schedule of capitalized costs for investments in storage properties	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CubeSmart ​ ​ ​ ​ ​ Number of ​ ​ ​ Ownership ​ Total Store Location Stores Date Opened ​ Interest ​ Construction Costs ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Newton, MA (1) ​ 1 ​ Q4 2021 ​ 100% ​ $ 20,800 East Meadow, NY (2) ​ 1 ​ Q2 2021 ​ 100% ​ ​ 25,900 King of Prussia, PA ​ 1 ​ Q2 2021 ​ 70% ​ ​ 22,800 Arlington, VA (3) ​ 1 ​ Q1 2021 ​ 90% ​ ​ 26,400 ​ ​ 4 ​ ​ ​ ​ ​ $ 95,900 ​ (1) During the fourth quarter of 2021, the Company, through a joint venture in which it owned a 90% interest that was previously consolidated, completed the construction of this store and it was opened for operation. On December 14, 2021, the Company acquired the 10% interest of the noncontrolling member in the venture that owned the store for $3.4 million. Prior to this transaction, the noncontrolling member’s interest in the venture was reported in Noncontrolling interests in subsidiaries on the consolidated balance sheets. Since the Company retained its controlling interest in the venture and the store is now wholly owned, this transaction was accounted for as an equity transaction. The carrying amount of the noncontrolling interest was reduced to zero to reflect the purchase and the difference between the purchase price paid by the Company and the carrying amount of the noncontrolling interest of $2.7 million was recorded as an adjustment to equity attributable to the Company, with no gain or loss recorded. The $13.2 million related party loan extended by the Company to the venture that owned the store was repaid in conjunction with the Company’s acquisition of the noncontrolling member’s ownership interest. ​ (2) 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. ​ (3) 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).

INVESTMENT IN UNCONSOLIDATED _2

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURE (Tables)	3 Months Ended
	Mar. 31, 2022
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 ​ March 31, ​ December 31, ​ March 31, ​ December 31, Unconsolidated Real Estate Ventures Interest ​ 2022 ​ 2021 2022 ​ 2021 Fontana Self Storage, LLC ("Fontana") (1) ​ 50% ​ 1 ​ 1 ​ $ 14,240 ​ $ 14,225 Rancho Cucamonga Self Storage, LLC ("RCSS") (1) ​ 50% ​ 1 ​ 1 ​ ​ 21,549 ​ ​ 21,536 191 V CUBE LLC ("HVP V") (2) ​ 20% ​ 5 ​ 5 ​ ​ 15,515 ​ ​ 16,080 191 IV CUBE Southeast LLC ("HVPSE") (3) ​ 10% ​ 14 ​ 14 ​ ​ 4,436 ​ ​ 4,541 191 IV CUBE LLC ("HVP IV") (4) ​ 20% ​ 28 ​ 28 ​ ​ 22,177 ​ ​ 23,223 CUBE HHF Northeast Venture LLC ("HHFNE") (5) ​ 10% ​ 13 ​ 13 ​ ​ 1,244 ​ ​ 1,291 CUBE HHF Limited Partnership ("HHF") (6) ​ 50% ​ 28 ​ 28 ​ ​ 37,864 ​ ​ 38,855 ​ ​ ​ ​ 90 ​ 90 ​ $ 117,025 ​ $ 119,751 ​ (1) On December 9, 2021, the Company completed the acquisition of LAACO, which included a 50% interest in Fontana and RCSS , each of which owns one self-storage property in California. As of the date of acquisition, the Company recognized differences between the Company’s equity investment in Fontana and RCSS and the underlying equity reflected at the venture level. As of March 31, 2022, this difference was $13.4 million and $20.0 million for Fontana and RCSS, respectively. These differences are being amortized over the expected useful life of the self-storage properties owned by the ventures. ​ (2) The stores owned by HVP V are located in Florida (2) , New Jersey (2) and New York ( 1 ). HVP V paid an aggregate of $143.7 million for these properties, of which $2.2 million was allocated to the value of the in-place leases. These acquisitions were funded initially through pro-rata contributions by the Company and its unaffiliated joint venture partner. The Company’s total contribution to HVP V related to these acquisitions was $22.6 million. As of March 31, 2022, HVP V had an outstanding $80.6 million secured term loan, which bears interest at SOFR plus 2.05% and matures on September 30, 2025 with an option to extend the maturity date through September 30, 2026, subject to satisfaction of certain conditions and payment of the extension fees as stipulated in the loan agreement. ​ (3) The stores owned by HVPSE are 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 leases. 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. ​ (4) The stores owned by HVP IV are located in Arizona (2) , Connecticut (3) , Florida (4) , Georgia (2) , Illinois (5) , Maryland (2) , Minnesota (1) , Pennsylvania (1) and Texas (8) . The Company’s total contribution to HVP IV in connection with these store acquisitions was $32.0 million. As of March 31, 2022, HVP IV had an outstanding $221.6 million secured loan, which bears interest at LIBOR plus 1.95% per annum, and matures on April 19, 2025. ​ (5) 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 March 31, 2022, 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. ​ (6) The stores owned by HHF are located in North Carolina (1) and Texas (27) . On October 5, 2021, HHF sold seven stores in Texas for an aggregate sales price of approximately $85.0 million. The venture recorded gains which aggregated to approximately $46.9 million in connection with the sale. As of March 31, 2022, HHF had an outstanding $105.0 million secured loan, which bears interest at a fixed rate of 2.58% per annum and matures on February 5, 2028.
Summary of the financial position of the ventures	​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ 2022 2021 Assets ​ (in thousands) Storage properties, net ​ $ 843,343 ​ $ 850,250 Other assets ​ 32,067 ​ 34,760 Total assets ​ $ 875,410 ​ $ 885,010 ​ ​ ​ ​ ​ ​ ​ Liabilities and equity ​ ​ ​ ​ ​ ​ Debt ​ $ 527,490 ​ $ 526,972 Other liabilities ​ ​ 15,447 ​ ​ 14,500 Equity ​ ​ ​ ​ ​ ​ CubeSmart ​ 83,675 ​ ​ 86,083 Joint venture partners ​ 248,798 ​ ​ 257,455 Total liabilities and equity ​ $ 875,410 ​ $ 885,010 ​ ​ ​ ​ ​ ​ ​
Summary of results of operations of the ventures	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2022 2021 ​ ​ (in thousands) ​ Total revenues ​ $ 24,965 ​ $ 18,823 ​ ​ Operating expenses ​ (10,743) ​ ​ (8,605) ​ ​ Other (expenses) income ​ ​ (114) ​ ​ 3 ​ ​ Interest expense, net ​ (3,852) ​ ​ (3,535) ​ ​ Depreciation and amortization ​ (10,388) ​ (8,713) ​ ​ Net loss ​ $ (132) ​ $ (2,027) ​ ​ Company’s share of net income (loss) ​ $ 294 ​ $ 20 ​ ​

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	3 Months Ended
	Mar. 31, 2022
Other Assets, Unclassified [Abstract]
Schedule of other assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2022 2021 ​ ​ (in thousands) Intangible assets, net of accumulated amortization of $43,365 and $12,760 ​ $ 79,488 ​ $ 108,794 Accounts receivable, net ​ 7,990 ​ 8,145 Prepaid property taxes ​ 5,706 ​ 6,938 Prepaid property and casualty insurance ​ 1,684 ​ 3,352 Amounts due from affiliates (see note 15) ​ ​ 14,481 ​ ​ 15,417 Assets related to deferred compensation arrangements ​ ​ 59,316 ​ ​ 60,297 Right-of-use assets - operating leases ​ ​ 50,309 ​ ​ 54,741 Other ​ 7,579 ​ 8,021 Total other assets, net ​ $ 226,553 ​ $ 265,705

UNSECURED SENIOR NOTES (Tables)

UNSECURED SENIOR NOTES (Tables)	3 Months Ended
	Mar. 31, 2022
Senior Notes
Summary of debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, Effective ​ Issuance ​ Maturity Unsecured Senior Notes 2022 2021 Interest Rate ​ Date ​ Date ​ ​ (in thousands) ​ ​ ​ ​ ​ ​ ​ $300M 4.000% Guaranteed Notes due 2025 (1) ​ $ 300,000 ​ $ 300,000 3.99 % ​ Various (1) ​ Nov-25 ​ $300M 3.125% Guaranteed Notes due 2026 ​ ​ 300,000 ​ ​ 300,000 ​ 3.18 % ​ Aug-16 ​ Sep-26 ​ $550M 2.250% Guaranteed Notes due 2028 ​ ​ 550,000 ​ ​ 550,000 ​ 2.33 % ​ Nov-21 ​ Dec-28 ​ $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 ​ $500M 2.500% Guaranteed Notes due 2032 ​ ​ 500,000 ​ ​ 500,000 ​ 2.59 % ​ Nov-21 ​ Feb-32 ​ Principal balance outstanding ​ ​ 2,800,000 ​ ​ 2,800,000 ​ ​ ​ ​ ​ ​ ​ ​ Less: Discount on issuance of unsecured senior notes, net ​ ​ (13,041) ​ ​ (13,455) ​ ​ ​ ​ ​ ​ ​ ​ Less: Loan procurement costs, net ​ ​ (17,714) ​ ​ (18,336) ​ ​ ​ ​ ​ ​ ​ ​ Total unsecured senior notes, net ​ $ 2,769,245 ​ $ 2,768,209 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) 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) - Mortgage Loans	3 Months Ended
	Mar. 31, 2022
Summary of debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying Value as of ​ ​ ​ ​ ​ ​ March 31, ​ December 31, Effective ​ Maturity Mortgage Loans and Notes Payable 2022 2021 Interest Rate ​ Date ​ ​ (in thousands) ​ ​ ​ ​ ​ Nashville V, TN ​ $ 2,191 ​ $ 2,206 ​ 3.85 % ​ Jun-23 ​ New York, NY ​ ​ 29,170 ​ ​ 29,340 ​ 3.51 % ​ Jun-23 ​ Annapolis I, MD ​ ​ 5,051 ​ ​ 5,099 ​ 3.78 % ​ May-24 ​ Brooklyn XV, NY ​ ​ 15,339 ​ ​ 15,423 ​ 2.15 % ​ May-24 ​ Long Island City IV, NY ​ ​ 12,502 ​ ​ 12,580 ​ 2.15 % ​ May-24 ​ Long Island City II, NY ​ ​ 18,605 ​ ​ 18,714 ​ 2.25 % ​ Jul-26 ​ Long Island City III, NY ​ ​ 18,614 ​ ​ 18,723 ​ 2.25 % ​ Aug-26 ​ Flushing II, NY ​ ​ 54,300 ​ ​ 54,300 ​ 2.15 % ​ Jul-29 ​ Principal balance outstanding ​ ​ 155,772 ​ ​ 156,385 ​ ​ ​ ​ ​ ​ Plus: Unamortized fair value adjustment ​ ​ 12,299 ​ 12,981 ​ ​ ​ ​ ​ ​ Less: Loan procurement costs, net ​ ​ (1,582) ​ ​ (1,690) ​ ​ ​ ​ ​ ​ Total mortgage loans and notes payable, net ​ $ 166,489 ​ $ 167,676 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
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 March 31, 2022 (in thousands): ​ ​ ​ ​ ​ 2022 $ 1,813 2023 ​ 32,591 2024 ​ 32,329 2025 ​ 979 2026 ​ 33,760 2027 and thereafter ​ 54,300 Total mortgage payments ​ 155,772 Plus: Unamortized fair value adjustment ​ 12,299 Less: Loan procurement costs, net ​ ​ (1,582) Total mortgage loans and notes payable, net ​ $ 166,489

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	3 Months Ended
	Mar. 31, 2022
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 three months ended March 31, 2022. ​ ​ ​ ​ ​ March 31, ​ 2022 ​ ​ (in thousands) Beginning balance $ (575) Reclassification of realized losses on interest rate swaps (1) ​ 20 Ending balance ​ (555) Less: portion included in noncontrolling interests in the Operating Partnership ​ 4 Total accumulated other comprehensive loss included in equity $ (551) ​ (1) See note 11 for additional information about the effects of the amounts reclassified.

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Mar. 31, 2022
FAIR VALUE MEASUREMENTS
Schedule of financial assets and liabilities carried at fair value	​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ December 31, 2021 ​ ​ (in thousands) Carrying value $ 3,121,134 ​ $ 3,145,785 Fair value ​ 2,978,657 ​ ​ 3,256,128

NONCONTROLLING INTERESTS (Table

NONCONTROLLING INTERESTS (Tables)	3 Months Ended
	Mar. 31, 2022
NONCONTROLLING INTERESTS
Schedule of noncontrolling interests in subsidiaries	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CubeSmart ​ ​ ​ ​ ​ ​ ​ ​ ​ Number ​ ​ ​ Date Opened / ​ Ownership ​ March 31, 2022 ​ Consolidated Joint Ventures of Stores Location Acquired (1) ​ Interest ​ Total Assets ​ Total Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) ​ Astoria Investors, LLC ("Astoria") (2) ​ 1 ​ Queens, NY Q1 2023 (est.) ​ 70% ​ $ 21,165 ​ $ 6,559 ​ CS Vienna, LLC ("Vienna") (3) ​ 1 ​ Vienna, VA ​ Q2 2022 (est.) ​ 72% ​ ​ 28,766 ​ ​ 17,765 ​ CS 750 W Merrick Rd, LLC ("Merrick") (4) ​ 1 ​ Valley Stream, NY ​ Q2 2022 (est.) ​ 51% ​ ​ 35,784 ​ ​ 17,544 ​ CS Valley Forge Village Storage, LLC ("VFV") (5) ​ 1 ​ King of Prussia, PA ​ Q2 2021 ​ 70% ​ ​ 20,923 ​ ​ 14,230 ​ CS Lock Up Anoka, LLC ("Anoka") (6) ​ 1 ​ Anoka, MN ​ Q2 2021 ​ 50% ​ ​ 11,511 ​ ​ 5,611 ​ SH3, LLC ("SH3") (7) ​ 1 ​ Arlington, VA Q2 2015/Q1 2021 ​ 90% ​ ​ 38,655 ​ ​ 383 ​ ​ ​ 6 ​ ​ ​ ​ ​ ​ ​ $ 156,804 ​ $ 62,092 ​ ​ (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 August 17, 2021, the Company contributed $14.7 million in exchange for a 70% ownership interest in Astoria, which acquired land for future development of a self-storage property in Queens, NY for $20.0 million. In addition, as of March 31, 2022, the Company has funded $6.6 million of a $27.1 million related party loan commitment to Astoria, which is included in the total liability amount within the table above. This loan and the related interest were eliminated for consolidation purposes. ​ (3) 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 March 31, 2022, the Company has funded $16.1 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. ​ (4) 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 March 31, 2022, has accrued $15.9 million. This amount is included in Accounts payable, accrued expenses and other liabilities on the Company’s consolidated balance sheets. ​ (5) The Company has a related party loan commitment to VFV that was used to fund a portion of the construction costs. As of March 31, 2022, the Company has an outstanding loan of $14.2 million to VFV, which is included in the total liability amounts within the table above. This loan and the related interest were eliminated for consolidation purposes. ​ (6) 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, as of March 31, 2022, the Company has funded $5.5 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. ​ (7) 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.

EARNINGS PER SHARE AND UNIT A_2

EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL (Tables)	3 Months Ended
	Mar. 31, 2022
EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL
Summary of the elements used in calculating basic and diluted earnings 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 March 31, ​ ​ 2022 ​ 2021 ​ ​ (dollars and units in thousands, except per share amounts) Net income $ 38,266 $ 43,315 Noncontrolling interests in the Operating Partnership ​ (292) ​ (1,549) Noncontrolling interest in subsidiaries ​ 181 ​ (34) Net income attributable to the Company’s common shareholders ​ $ 38,155 ​ $ 41,732 ​ ​ ​ ​ ​ ​ ​ Weighted average basic shares outstanding ​ 224,663 ​ 199,160 Share options and restricted share units ​ 1,074 ​ 1,073 Weighted average diluted shares outstanding (1) ​ 225,737 ​ 200,233 ​ ​ ​ ​ ​ ​ ​ Basic earnings per share attributable to common shareholders ​ $ 0.17 ​ $ 0.21 Diluted earnings per share attributable to common shareholders (2) ​ $ 0.17 ​ $ 0.21 ​ 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 March 31, ​ ​ 2022 ​ 2021 ​ ​ (dollars and units in thousands, except per unit amounts) Net income $ 38,266 $ 43,315 Operating Partnership interests of third parties ​ (292) ​ (1,549) Noncontrolling interest in subsidiaries ​ 181 ​ (34) Net income attributable to common unitholders ​ $ 38,155 ​ $ 41,732 ​ ​ ​ ​ ​ ​ ​ Weighted average basic units outstanding ​ 224,663 ​ 199,160 Unit options and restricted share units ​ 1,074 ​ 1,073 Weighted average diluted units outstanding (1) ​ 225,737 ​ 200,233 ​ ​ ​ ​ ​ ​ ​ Basic earnings per unit attributable to common unitholders ​ $ 0.17 ​ $ 0.21 Diluted earnings per unit attributable to common unitholders (2) ​ $ 0.17 ​ $ 0.21 ​ (1) For the three months ended March 31, 2022 and 2021, the Company declared cash dividends per common share/unit of $0.43 and $0.34 , respectively. ​ (2) The amount of anti-dilutive options that were excluded from the computation of diluted earnings per share/unit for the three months ended March 31, 2022 was 0.3 million. There were no anti-dilutive options for the three months ended March 31, 2021. ​

ORGANIZATION AND NATURE OF OP_2

ORGANIZATION AND NATURE OF OPERATIONS (Details)	3 Months Ended
	Mar. 31, 2022segmentstate
Number of states in which self-storage facilities are located | state	24
Number of reportable segments | segment	1
Common stock, conversion ratio	1
Cubesmart
Percentage of the entity's partnership interest in Operating Partnership	99.40%

STORAGE PROPERTIES - Summary (D

STORAGE PROPERTIES - Summary (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
STORAGE FACILITIES
Storage properties	$ 7,232,103	$ 7,183,494
Less: Accumulated depreciation	(1,130,001)	(1,085,824)
Storage properties, net (including VIE assets of $156,775 and $149,467, respectively)	6,102,102	6,097,670
Land
STORAGE FACILITIES
Storage properties	1,575,446	1,565,463
Buildings and improvements
STORAGE FACILITIES
Storage properties	5,396,489	5,368,383
Equipment
STORAGE FACILITIES
Storage properties	132,189	129,531
Construction in progress
STORAGE FACILITIES
Storage properties	86,034	78,221
Right-of-use assets - finance leases
STORAGE FACILITIES
Storage properties	$ 41,945	$ 41,896

STORAGE PROPERTIES - Activity (

STORAGE PROPERTIES - Activity (Details) $ / shares in Units, $ in Thousands	Dec. 09, 2021itemfacility$ / sharesshares	Mar. 31, 2022USD ($)facility	Dec. 31, 2021USD ($)itemfacility$ / sharesshares
2021 Acquisitions
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties)			66
Purchase Price | $			$ 1,801,251
2021 Acquisitions | Minnesota Asset April 2021
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties)			1
Purchase Price | $			$ 12,000
2021 Acquisitions | Maryland Asset June 2021
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties)			1
Purchase Price | $			$ 22,075
2021 Acquisitions | New Jersey and Pennsylvania Assets July 2021
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties)			2
Purchase Price | $			$ 33,000
2021 Acquisitions | Florida Asset November 2021
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties)			1
Purchase Price | $			$ 14,750
2021 Acquisitions | Georgia Asset November 2021
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties)			1
Purchase Price | $			$ 15,200
2021 Acquisitions | Pennsylvania Asset November 2021
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties)			1
Purchase Price | $			$ 24,500
2021 Acquisitions | Nevada Asset December 2021
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties)			1
Purchase Price | $			$ 21,000
2021 Acquisitions | Storage West Assets December 2021
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties)			57
Purchase Price | $			$ 1,648,426
2021 Acquisitions | Illinois Asset December 2021
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties)			1
Purchase Price | $			$ 10,300
2021 Acquisitions | Acquisitions
STORAGE FACILITIES
Percentage of interest acquired		50.00%
2021 Acquisitions | Acquisitions | Minnesota Asset April 2021
STORAGE FACILITIES
Percentage of interest acquired			50.00%
2022 Acquisitions
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties)		1
Purchase Price | $		$ 32,000
2022 Acquisitions | Maryland Asset February 2022
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties)		1
Purchase Price | $		$ 32,000
2021 Dispositions
STORAGE FACILITIES
Number of Facilities, dispositions (in properties)			5
Sale Price | $			$ 43,800
2021 Dispositions | Colorado and Nevada Assets September 2021
STORAGE FACILITIES
Number of Facilities, dispositions (in properties)			2
Sale Price | $			$ 16,900
2021 Dispositions | North Carolina Assets September 2021
STORAGE FACILITIES
Number of Facilities, dispositions (in properties)			2
Purchase Price | $			$ 21,700
2021 Dispositions | Texas Asset November 2021
STORAGE FACILITIES
Number of Facilities, dispositions (in properties)			1
Purchase Price | $			$ 5,200
LAACO | 2021 Acquisitions
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties)	57		57
Outstanding partnership unit purchased (in shares) | shares	167,557		167,557
Partnership units (dollars per share) | $ / shares	$ 9,838		$ 9,838
Number of joint ventures | item	2		2
LAACO | 2021 Acquisitions | Acquisitions
STORAGE FACILITIES
Ownership interest held by the entity (as a percent)	50.00%

INVESTMENT ACTIVITY (Details)

INVESTMENT ACTIVITY (Details)	Feb. 02, 2022USD ($)	Dec. 14, 2021USD ($)	Dec. 09, 2021itemfacility	Jun. 29, 2021USD ($)	Mar. 31, 2022USD ($)facilityproperty	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)itemfacility	Mar. 31, 2022USD ($)propertyfacility
Self-storage facilities
Number of facilities, construction completed and opened								$ 4
Right-of-use assets - operating leases					$ 50,309,000		$ 54,741,000	50,309,000
Construction
Self-storage facilities
Total Construction Costs								95,900
Texas | LAACO
Self-storage facilities
Number of self-storage facilities acquired | facility			7
Self-storage facilities under contract
Self-storage facilities
Deposit					200,000			200,000
Expected aggregate purchase or sales price					$ 20,000,000			$ 20,000,000
Number of facilities under contract | facility					1			1
Self storage under construction
Self-storage facilities
Number of facilities under contract | property					3			3
Development costs					$ 74,800,000			$ 74,800,000
Expected construction cost					$ 97,300,000			$ 97,300,000
Self storage under construction | New York
Self-storage facilities
Number of facilities under contract | property					2			2
Self storage under construction | Virginia
Self-storage facilities
Number of facilities under contract | property					1			1
Self Storage Facility in Newton, MA
Self-storage facilities
Number of facilities, construction completed and opened								$ 1
Self Storage Facility in Newton, MA | Construction
Self-storage facilities
Total Construction Costs								20,800,000
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 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
Self-storage Facility in Bronx, NY
Self-storage facilities
Lease liability derecognized	$ 5,000,000
Right of use Assets derecognized	4,100,000
2021 Acquisitions
Self-storage facilities
Number of self-storage facilities acquired | facility							66
Aggregate purchase price							$ 1,801,251,000
Intangible value of the in-place leases					$ 11,900,000			11,900,000
Estimated life							12 months
Amortization expense					3,000,000	$ 0
2021 Acquisitions | LAACO
Self-storage facilities
Number of self-storage facilities acquired | facility			57				57
Intangible value of the in-place leases					$ 109,700,000			$ 109,700,000
Estimated life					12 months
Amortization expense					$ 27,400,000
Number of joint ventures | item			2				2
2021 Acquisitions | Acquisitions
Self-storage facilities
Percentage of interest acquired					50.00%			50.00%
2021 Acquisitions | Acquisitions | LAACO
Self-storage facilities
Ownership interest held by the entity (as a percent)			50.00%
2021 Acquisitions | Nevada | LAACO
Self-storage facilities
Number of self-storage facilities acquired | facility			13
2021 Acquisitions | California | LAACO
Self-storage facilities
Number of self-storage facilities acquired | facility			20
2021 Acquisitions | Arizona | LAACO
Self-storage facilities
Number of self-storage facilities acquired | facility			17
2021 Acquisitions | Self-storage facilities located in US
Self-storage facilities
Number of self-storage facilities acquired | facility							8
Aggregate purchase price							$ 140,800,000
2021 Acquisitions | Self-storage facilities located in US | Florida
Self-storage facilities
Number of self-storage facilities acquired | facility							1
2021 Acquisitions | Self-storage facilities located in US | Maryland
Self-storage facilities
Number of self-storage facilities acquired | facility							1
2021 Acquisitions | Self-storage facilities located in US | Nevada
Self-storage facilities
Number of self-storage facilities acquired | facility							1
2021 Acquisitions | Self-storage facilities located in US | Pennsylvania
Self-storage facilities
Number of self-storage facilities acquired | facility							2
2021 Acquisitions | Self-storage facilities located in US | New Jersey
Self-storage facilities
Number of self-storage facilities acquired | facility							1
2021 Acquisitions | Self-storage facilities located in US | Illinois
Self-storage facilities
Number of self-storage facilities acquired | facility							1
2021 Acquisitions | Self-storage facilities located in US | Georgia
Self-storage facilities
Number of self-storage facilities acquired | facility							1
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%
2022 Acquisitions
Self-storage facilities
Number of self-storage facilities acquired | facility					1
Aggregate purchase price					$ 32,000,000
2022 Acquisitions | Maryland
Self-storage facilities
Estimated life					12 months
2022 Acquisitions | Self-storage Facility in Bronx, NY
Self-storage facilities
Aggregate purchase price	$ 7,500,000
2022 Acquisitions | Self Storage Facilities In Maryland
Self-storage facilities
Number of self-storage facilities acquired | facility					1
Aggregate purchase price					$ 32,000,000
Intangible value of the in-place leases					1,300,000			$ 1,300,000
2022 Acquisitions | Self Storage Facilities In Maryland | Leases, Acquired-in-Place
Self-storage facilities
Amortization expense					200,000
2021 Dispositions
Self-storage facilities
Number of self-storage facilities sold | facility							5
Aggregate sale price							$ 43,800,000
Gains from sales of real estate, net							$ 32,700,000
2021 Dispositions | Texas
Self-storage facilities
Number of self-storage facilities sold | facility							1
2021 Dispositions | Colorado
Self-storage facilities
Number of self-storage facilities sold | facility							1
2021 Dispositions | Nevada
Self-storage facilities
Number of self-storage facilities sold | facility							1
2021 Dispositions | North Carolina
Self-storage facilities
Number of self-storage facilities sold | facility							2
2022 Dispositions | LAACO
Self-storage facilities
Aggregate sale price					44,000,000
Gains from sales of real estate, net					$ 0
Joint Venture
Self-storage facilities
Total consideration		$ 3,400,000
Acquisition, gain (loss) recognized		$ 0
Ownership interest held by the entity (as a percent)						90.00%
Minority ownership interest (as a percent)		0.00%
Acquisition of noncontrolling interest		$ 2,700,000
Repayments of debt		$ 13,200,000
Joint Venture | Acquisitions
Self-storage facilities
Acquisition of remaining interest in real estate ventures (as a percent)		10.00%
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 | 2021 Acquisitions | LAACO
Self-storage facilities
Number of self-storage facilities | facility			1
Cubesmart
Self-storage facilities
Ownership interest by Parent					99.40%			99.40%
Cubesmart | Self Storage Facility in Newton, MA
Self-storage facilities
Ownership interest held by the entity (as a percent)								100.00%
Cubesmart | Self-storage facility in East Meadow, NY
Self-storage facilities
Ownership interest held by the entity (as a percent)								100.00%
Cubesmart | Self-storage facility in King of Prussia, PA
Self-storage facilities
Ownership interest held by the entity (as a percent)								70.00%
Cubesmart | Self-storage Facility in Arlington, VA
Self-storage facilities
Ownership interest held by the entity (as a percent)								90.00%

INVESTMENT ACTIVITY - Component

INVESTMENT ACTIVITY - Components contemplated in the acquisition of LAACO (Details) - LAACO - 2021 Acquisitions - USD ($) $ / shares in Units, $ in Thousands	Dec. 09, 2021	Mar. 31, 2022	Dec. 31, 2021
Capitalized costs:
LAACO partnership units (1)	$ 1,648,426
Long-term debt assumed and repaid at closing	40,880
Assets acquisition cost	16,807
Other transaction costs (3)	13,407
Total capitalized costs	1,719,520
Payments and anticipated payments to LAACO management (expensed) (2)	25,144
Total costs contemplated	1,744,664
Estimated fair value of club operations	$ 46,800
Outstanding partnership unit purchased (in shares)	167,557		167,557
Partnership units (dollars per share)	$ 9,838		$ 9,838
Other income (expense)
Capitalized costs:
Payments and anticipated payments to LAACO management (expensed) (2)		$ 9,200	$ 14,800

INVESTMENT ACTIVITY - Accountin

INVESTMENT ACTIVITY - Accounting for LAACO acquisition (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Dec. 09, 2021
Significant Acquisitions and Disposals [Line Items]
Storage facilities, net	$ 6,102,102	$ 6,097,670
Cash and cash equivalents	7,890	11,140
Investment in real estate ventures, at equity	117,025	119,751
Assets held for sale	3,324	49,313
Other assets, net	226,553	265,705
Accounts payable, accrued expenses and other liabilities	(197,685)	(199,985)
Deferred revenue	(38,493)	(37,144)
Security deposits	(1,086)	(1,065)
Liabilities held for sale	$ (475)	$ (2,502)
LAACO | 2021 Acquisitions
Significant Acquisitions and Disposals [Line Items]
Storage facilities, net			$ 1,517,243
Cash and cash equivalents			18,291
Investment in real estate ventures, at equity			35,737
Assets held for sale			50,435
Other assets, net			143,599
Accounts payable, accrued expenses and other liabilities			(38,350)
Deferred revenue			(3,764)
Security deposits			(36)
Liabilities held for sale			(3,635)
Total			$ 1,719,520

INVESTMENT IN UNCONSOLIDATED _3

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURE (Details) $ in Thousands	Oct. 05, 2021USD ($)facility	Mar. 19, 2020USD ($)facility	Mar. 31, 2022USD ($)propertyfacility	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)property	Dec. 09, 2021facility
Investment in Unconsolidated Real Estate Venture
Investment in real estate entities			$ 117,025		$ 119,751
Acquisitions of storage facilities			39,761
Credit facility, outstanding			185,400		209,900
Principal amount of debt			2,800,000		2,800,000
ASSETS
Storage facilities, net			6,102,102		6,097,670
Total assets			6,461,541		6,548,079
Equity
CubeSmart			2,847,072		2,871,563
Joint venture partners			16,383		18,597
Total liabilities and equity			6,461,541		6,548,079
Total revenues			238,565	$ 188,841
Net loss			38,266	43,315
Company's share of net income (loss)			294	20
HVP V
Investment in Unconsolidated Real Estate Venture
Amount of loan obtained			$ 80,600
HVP V | SOFR
Investment in Unconsolidated Real Estate Venture
Interest rate (as percentage)			2.05%
HVPSE
Investment in Unconsolidated Real Estate Venture
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 | Secured Debt Due April 2025
Investment in Unconsolidated Real Estate Venture
Outstanding debt			$ 221,600
HVP IV | LIBOR | Secured Debt Due April 2025
Investment in Unconsolidated Real Estate Venture
Interest rate (as percentage)			1.95%
HHFNE
Investment in Unconsolidated Real Estate Venture
Outstanding debt			$ 45,000
HHFNE | LIBOR
Investment in Unconsolidated Real Estate Venture
Interest rate (as percentage)			1.20%
HHF
Investment in Unconsolidated Real Estate Venture
Net proceeds from sale of assets	$ 85,000
Equity
Gains from sales of real estate, net	$ 46,900
HHF | Secured loan 2.58% due on February 05, 2028
Investment in Unconsolidated Real Estate Venture
Amount of loan obtained			$ 105,000
Arizona | HVP IV
Investment in Unconsolidated Real Estate Venture
Number of storage facilities owned by investee | property			2
New York | HVP V
Investment in Unconsolidated Real Estate Venture
Number of storage facilities owned by investee | facility			1
Maryland | HVP IV
Investment in Unconsolidated Real Estate Venture
Number of storage facilities owned by investee | property			2
Connecticut | HVP IV
Investment in Unconsolidated Real Estate Venture
Number of storage facilities owned by investee | property			3
Connecticut | HHFNE
Investment in Unconsolidated Real Estate Venture
Number of storage facilities owned by investee | property			3
Massachusetts | HHFNE
Investment in Unconsolidated Real Estate Venture
Number of storage facilities owned by investee | property			6
Minnesota | HVP IV
Investment in Unconsolidated Real Estate Venture
Number of storage facilities owned by investee | property			1
Rhode Island | HHFNE
Investment in Unconsolidated Real Estate Venture
Number of storage facilities owned by investee | property			2
Vermont | HHFNE
Investment in Unconsolidated Real Estate Venture
Number of storage facilities owned by investee | property			2
New Jersey | HVP V
Investment in Unconsolidated Real Estate Venture
Number of storage facilities owned by investee | facility			2
Illinois | HVP IV
Investment in Unconsolidated Real Estate Venture
Number of storage facilities owned by investee | property			5
Florida | HVP V
Investment in Unconsolidated Real Estate Venture
Number of storage facilities owned by investee | facility			2
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
Texas | HVP IV
Investment in Unconsolidated Real Estate Venture
Number of storage facilities owned by investee | property			8
Texas | HHF
Investment in Unconsolidated Real Estate Venture
Number of storage facilities owned by investee | property			27
Number of assets sold | facility	7
North Carolina | HHF
Investment in Unconsolidated Real Estate Venture
Number of storage facilities owned by investee | property			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
Pennsylvania | HVP IV
Investment in Unconsolidated Real Estate Venture
Number of storage facilities owned by investee | property			1
Ventures
Investment in Unconsolidated Real Estate Venture
Investment in real estate entities			$ 117,025		$ 119,751
Number of storage facilities owned by investee | property			90		90
ASSETS
Storage facilities, net			$ 843,343		$ 850,250
Other assets			32,067		34,760
Total assets			875,410		885,010
LIABILITIES AND CAPITAL
Debt			527,490		526,972
Other liabilities			15,447		14,500
Equity
CubeSmart			83,675		86,083
Joint venture partners			248,798		257,455
Total liabilities and equity			875,410		885,010
Total revenues			24,965	18,823
Operating expenses			(10,743)	(8,605)
Other (expenses) income			(114)	3
Interest expense, net			(3,852)	(3,535)
Depreciation and amortization			(10,388)	(8,713)
Net loss			(132)	(2,027)
Company's share of net income (loss)			294	$ 20
Fontana
Investment in Unconsolidated Real Estate Venture
Investment in real estate entities			$ 14,240		$ 14,225
Ownership interest in partnership (as a percent)			50.00%			50.00%
Equity method investment, difference between carrying amount and underlying equity			$ 13,400
Number of storage facilities owned by investee			1		1	1
RCSS
Investment in Unconsolidated Real Estate Venture
Investment in real estate entities			$ 21,549		$ 21,536
Ownership interest in partnership (as a percent)			50.00%			0.50%
Equity method investment, difference between carrying amount and underlying equity			$ 20,000
Number of storage facilities owned by investee | property			1		1
HVP V
Investment in Unconsolidated Real Estate Venture
Investment in real estate entities			$ 15,515		$ 16,080
Ownership interest in partnership (as a percent)			20.00%
Number of storage facilities owned by investee | property			5		5
Acquisitions of storage facilities					$ 143,700
Intangible value of the in-place leases			$ 2,200
Contribution To Real Estate Venture			22,600
HVPSE
Investment in Unconsolidated Real Estate Venture
Investment in real estate entities			$ 4,436		$ 4,541
Ownership interest in partnership (as a percent)			10.00%
Number of storage facilities owned by investee | property			14		14
HVP IV
Investment in Unconsolidated Real Estate Venture
Investment in real estate entities			$ 22,177		$ 23,223
Ownership interest in partnership (as a percent)			20.00%
Number of storage facilities owned by investee | property			28		28
Contribution To Real Estate Venture			$ 32,000
HHFNE
Investment in Unconsolidated Real Estate Venture
Investment in real estate entities			$ 1,244		$ 1,291
Ownership interest in partnership (as a percent)			10.00%
Number of storage facilities owned by investee | property			13		13
Contribution To Real Estate Venture			$ 3,800
HHF
Investment in Unconsolidated Real Estate Venture
Investment in real estate entities			$ 37,864		$ 38,855
Ownership interest in partnership (as a percent)			50.00%
Number of storage facilities owned by investee | property			28		28
Interest on real estate venture debt			2.58%

OTHER ASSETS (Details)

OTHER ASSETS (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Other Assets
Intangible assets, net of accumulated amortization of $43,365 and $12,760	$ 79,488	$ 108,794
Accounts receivable, net	7,990	8,145
Prepaid property taxes	5,706	6,938
Prepaid property and casualty insurance	1,684	3,352
Amounts due from affiliates (see note 15)	14,481	15,417
Assets related to deferred compensation arrangements	59,316	60,297
Right-of-use assets - operating leases	50,309	54,741
Other	7,579	8,021
Total	226,553	265,705
Accumulated amortization	$ 43,365	$ 12,760

UNSECURED SENIOR NOTES (Details

UNSECURED SENIOR NOTES (Details) $ in Thousands	Apr. 04, 2017USD ($)	Oct. 26, 2015USD ($)	Mar. 31, 2022USD ($)	Dec. 31, 2021USD ($)	Jan. 24, 2019
Mortgage loans and Notes payable
Senior notes, principal amount			$ 2,800,000	$ 2,800,000
Total unsecured senior notes, net			2,769,245	2,768,209
CubeSmart, L.P. and Subsidiaries
Mortgage loans and Notes payable
Total unsecured senior notes, net			2,769,245	2,768,209
Senior Notes
Mortgage loans and Notes payable
Less: Discount on issuance of notes, net			(13,041)	(13,455)
Less: Loan procurement costs, net			(17,714)	(18,336)
Total unsecured senior notes, net			$ (2,769,245)	(2,768,209)
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 4.000% 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 2.250 % Due 2028
Mortgage loans and Notes payable
Senior notes, principal amount			$ 550,000	550,000
Interest rate (as a percent)			2.25%
Effective interest rate (as a percent)			2.33%
Senior Notes 4.375 % Due 2029
Mortgage loans and Notes payable
Senior notes, principal amount			$ 350,000	350,000
Interest rate (as a percent)			4.375%		4.375%
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%
Senior Notes 2.500 % Due 2032
Mortgage loans and Notes payable
Senior notes, principal amount			$ 500,000	$ 500,000
Interest rate (as a percent)			2.50%
Effective interest rate (as a percent)			2.59%

REVOLVING CREDIT FACILITY (Deta

REVOLVING CREDIT FACILITY (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021	Jun. 19, 2019
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Debt amount	$ 2,800,000	$ 2,800,000
Revolver
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Remaining borrowing capacity	564,000
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%

MORTGAGE LOANS AND NOTES PAYA_3

MORTGAGE LOANS AND NOTES PAYABLE - Summary (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Mortgage loans and Notes payable
Principal amount of debt	$ 2,800,000	$ 2,800,000
Total mortgage loans and notes payable	166,489	167,676
Net book value of self-storage facilities	6,102,102	6,097,670
Mortgage Loans
Mortgage loans and Notes payable
Carrying value	155,772
Plus: Unamortized fair value adjustment	12,299
Less: Loan procurement costs, net	(1,582)	(1,690)
Total mortgage loans and notes payable	166,489	167,676
Net book value of self-storage facilities	$ 448,400	450,700
Revolver
Mortgage loans and Notes payable
Effective interest rate (as a percent)	1.55%
Nashville V, TN | Mortgage Loans
Mortgage loans and Notes payable
Carrying value	$ 2,191	2,206
Effective interest rate (as a percent)	3.85%
New York, NY | Mortgage Loans
Mortgage loans and Notes payable
Carrying value	$ 29,170	29,340
Effective interest rate (as a percent)	3.51%
Annapolis I, MD | Mortgage Loans
Mortgage loans and Notes payable
Carrying value	$ 5,051	5,099
Effective interest rate (as a percent)	3.78%
Brooklyn XV, NY | Mortgage Loans
Mortgage loans and Notes payable
Carrying value	$ 15,339	15,423
Effective interest rate (as a percent)	2.15%
Long Island City IV, NY | Mortgage Loans
Mortgage loans and Notes payable
Carrying value	$ 12,502	12,580
Effective interest rate (as a percent)	2.15%
Long Island City II, NY | Mortgage Loans
Mortgage loans and Notes payable
Carrying value	$ 18,605	18,714
Effective interest rate (as a percent)	2.25%
Long Island City III, NY | Mortgage Loans
Mortgage loans and Notes payable
Principal amount of debt	$ 155,772	156,385
Carrying value	$ 18,614	18,723
Effective interest rate (as a percent)	2.25%
Flushing II, NY | Mortgage Loans
Mortgage loans and Notes payable
Carrying value	$ 54,300	54,300
Plus: Unamortized fair value adjustment	$ 12,299	$ 12,981
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	Mar. 31, 2022	Dec. 31, 2021
Future principal payment requirements on the outstanding mortgage loans and notes payable at year end
Total mortgage loans and notes payable, net	$ 166,489	$ 167,676
Mortgage Loans
Future principal payment requirements on the outstanding mortgage loans and notes payable at year end
2022	1,813
2023	32,591
2024	32,329
2025	979
2026	33,760
2027 and thereafter	54,300
Total mortgage payments	155,772
Plus: Unamortized fair value adjustment	12,299
Less: Loan procurement costs, net	(1,582)	(1,690)
Total mortgage loans and notes payable, net	$ 166,489	$ 167,676

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Changes in accumulated other comprehensive income by component
Balance	$ 2,890,160	$ 1,840,848
Reclassification of realized losses on interest rate swaps	20	20
Balance	2,863,455	1,886,199
Unrealized losses on interest rate swaps
Changes in accumulated other comprehensive income by component
Reclassification of realized losses on interest rate swaps	20
AOCI Including Portion Attributable to Noncontrolling Interest
Changes in accumulated other comprehensive income by component
Balance	(575)
Balance	(555)
Accumulated Other Comprehensive Income (Loss)
Changes in accumulated other comprehensive income by component
Balance	(570)	(632)
Balance	(551)	$ (613)
AOCI Attributable to Noncontrolling Interest
Changes in accumulated other comprehensive income by component
Balance	$ 4

RISK MANAGEMENT AND USE OF FI_2

RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands	Jan. 24, 2019	Mar. 31, 2022	Dec. 31, 2021	Dec. 24, 2018
Derivative financial instruments
Realized losses reclassified from accumulated other comprehensive loss		$ 20
Amount estimated to be reclassified as an increase to interest expense		100
Senior notes, principal amount		2,800,000	$ 2,800,000
Interest rate swap
Derivative financial instruments
Notional Amount				$ 150,000
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Termination Premium	$ 800
Senior Notes 4.375 % Due 2029
Derivative financial instruments
Senior notes, principal amount		$ 350,000	$ 350,000
Interest rate (as a percent)	4.375%	4.375%
Designated as an accounting hedge | Cash flow
Derivative financial instruments
Settlement of hedge transactions	$ 800

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
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	3,121,134	3,145,785
Estimated fair value of total debt	$ 2,978,657	$ 3,256,128

NONCONTROLLING INTERESTS - Inte

NONCONTROLLING INTERESTS - Interests in Consolidated Real Estate Joint Ventures (Details) $ in Thousands	Aug. 17, 2021USD ($)	Apr. 16, 2021USD ($)	Mar. 31, 2021facility	Mar. 31, 2022USD ($)facility	Mar. 31, 2021	Dec. 31, 2021USD ($)
Variable Interest Entity [Line Items]
Total assets				$ 6,461,541		$ 6,548,079
Total liabilities				$ 3,522,095		3,549,699
Joint Venture
Variable Interest Entity [Line Items]
Ownership interest held by the entity (as a percent)					90.00%
VIE
Variable Interest Entity [Line Items]
Number of self-storage facilities owned and operated | facility				6
Total assets				$ 156,804
Total liabilities				$ 62,092
Astoria Investors, LLC
Variable Interest Entity [Line Items]
Ownership interest held by the entity (as a percent)	70.00%
Contribution To Real Estate Venture	$ 14,700
Astoria Investors, LLC | Texas
Variable Interest Entity [Line Items]
Payments to acquire land for development	$ 20,000
Astoria Investors, LLC | VIE
Variable Interest Entity [Line Items]
Number of self-storage facilities owned and operated | facility				1
Ownership interest held by the entity (as a percent)				70.00%
Total assets				$ 21,165
Total liabilities				6,559
Carrying amount of mortgage loans				6,600
Amount of mortgage loan commitment				27,100
CS Vienna LLC
Variable Interest Entity [Line Items]
Amount of mortgage loan commitment				$ 17,000
CS Vienna LLC | VIE
Variable Interest Entity [Line Items]
Number of self-storage facilities owned and operated | facility				1
Ownership interest held by the entity (as a percent)				72.00%
Total assets				$ 28,766
Total liabilities				17,765
Carrying amount of mortgage loans				$ 16,100
CS 750 W Merrick Rd LLC | VIE
Variable Interest Entity [Line Items]
Number of self-storage facilities owned and operated | facility				1
Ownership interest held by the entity (as a percent)				51.00%
Total assets				$ 35,784
Total liabilities				17,544
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				$ 15,900
CS Valley Forge Village Storage LLC | VIE
Variable Interest Entity [Line Items]
Number of self-storage facilities owned and operated | facility				1
Ownership interest held by the entity (as a percent)				70.00%
Total assets				$ 20,923
Total liabilities				14,230
Carrying amount of mortgage loans				$ 14,200
SH3, LLC
Variable Interest Entity [Line Items]
Number of self-storage facilities owned and operated | facility				1
Ownership interest held by the entity (as a percent)				90.00%
Total assets				$ 38,655
Total liabilities				$ 383
SH3, LLC | VIE
Variable Interest Entity [Line Items]
Number of self-storage facilities owned and operated | facility			2
C S Lock Up Anoka LLC | VIE
Variable Interest Entity [Line Items]
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
Total assets				$ 11,511
Total liabilities				5,611
Carrying amount of mortgage loans				5,500
Amount of mortgage loan commitment				6,100
C S Lock Up Anoka LLC | VIE | Minnesota
Variable Interest Entity [Line Items]
Purchase Price		$ 12,000
Ventures
Variable Interest Entity [Line Items]
Total assets				$ 875,410		$ 885,010

NONCONTROLLING INTERESTS - Oper

NONCONTROLLING INTERESTS - Operating Partnership Ownership (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Operating Partnership Ownership
OP Units outstanding which are not owned by the general partner (as a percent)	0.60%		0.80%
OP units outstanding (in shares)	1,460,520	7,365,828	1,901,595
Adjustment for noncontrolling interests in the Operating Partnership	$ 10,356	$ (32,102)	$ (164,100)
CubeSmart, L.P. and Subsidiaries
Operating Partnership Ownership
Adjustment for noncontrolling interests in the Operating Partnership	$ 10,356	$ (32,102)

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - Joint ventures related to affiliated real estate investments - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
RELATED PARTY TRANSACTIONS
Management fees	$ 1.3	$ 1
Amounts due to the Company from related parties	14.5	15.4
Mortgage loans receivable from consolidated joint ventures	$ 42.4	32.4
Ventures
RELATED PARTY TRANSACTIONS
Acquisition fees		$ 0.2

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
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Basic and diluted earnings per common share
Net loss	$ 38,266	$ 43,315
Noncontrolling interests in the Operating Partnership	(292)	(1,549)
Noncontrolling interest in subsidiaries	181	(34)
NET INCOME ATTRIBUTABLE TO THE COMPANY'S COMMON SHAREHOLDERS	$ 38,155	$ 41,732
Weighted average basic shares outstanding (in shares)	224,663,000	199,160,000
Share options and restricted share units (in shares)	1,074,000	1,073,000
Weighted-average diluted shares outstanding (in shares)	225,737,000	200,233,000
Basic earnings per share attributable to common shareholders (in dollars per share)	$ 0.17	$ 0.21
Diluted earnings per share attributable to common shareholders (in dollars per share)	$ 0.17	$ 0.21
Basic and diluted earnings per common unit
Noncontrolling interests in the Operating Partnership	$ (292)	$ (1,549)
Weighted average basic shares outstanding (in shares)	224,663,000	199,160,000
Share options and restricted share units (in shares)	1,074,000	1,073,000
Weighted-average diluted shares outstanding (in shares)	225,737,000	200,233,000
Diluted earnings per share attributable to common shareholders (in dollars per share)	$ 0.17	$ 0.21
Potentially dilutive shares not included in the earnings per share calculation as their effect is antidilutive (in shares)	300,000	0
Common stock, cash dividends declared (in dollars per share)	$ 0.43	$ 0.34
OP units outstanding (in shares)	1,460,520	7,365,828	1,901,595
Common shares, shares outstanding	224,433,506		223,917,993
CubeSmart, L.P. and Subsidiaries
Basic and diluted earnings per common share
Net loss	$ 38,266	$ 43,315
Noncontrolling interests in the Operating Partnership	$ (292)	$ (1,549)
Weighted average basic shares outstanding (in shares)	224,663,000	199,160,000
Share options and restricted share units (in shares)	1,074,000	1,073,000
Weighted-average diluted shares outstanding (in shares)	225,737,000	200,233,000
Diluted earnings per share attributable to common shareholders (in dollars per share)	$ 0.17	$ 0.21
Basic and diluted earnings per common unit
Net Income	$ 38,266	$ 43,315
Noncontrolling interests in the Operating Partnership	(292)	(1,549)
Noncontrolling interest in subsidiaries	181	(34)
Net income attributable to common unitholders	$ 38,155	$ 41,732
Weighted average basic shares outstanding (in shares)	224,663,000	199,160,000
Share options and restricted share units (in shares)	1,074,000	1,073,000
Weighted-average diluted shares outstanding (in shares)	225,737,000	200,233,000
Basic earnings per unit attributable to common unitholders	$ 0.17	$ 0.21
Diluted earnings per share attributable to common shareholders (in dollars per share)	$ 0.17	$ 0.21

CONSOLIDATED BALANCE SHEETS (LP

CONSOLIDATED BALANCE SHEETS (LP cube) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
ASSETS
Storage properties	$ 7,232,103	$ 7,183,494
Less: Accumulated depreciation	(1,130,001)	(1,085,824)
Storage properties, net (including VIE assets of $156,775 and $149,467, respectively)	6,102,102	6,097,670
Cash and cash equivalents	7,890	11,140
Restricted cash	2,573	2,178
Loan procurement costs, net of amortization	2,074	2,322
Investment in real estate ventures, at equity	117,025	119,751
Assets held for sale	3,324	49,313
Other assets, net	226,553	265,705
Total assets	6,461,541	6,548,079
LIABILITIES AND CAPITAL
Unsecured senior notes, net	2,769,245	2,768,209
Revolving credit facility	185,400	209,900
Mortgage loans and notes payable, net	166,489	167,676
Lease liabilities - finance leases	65,783	65,801
Accounts payable, accrued expenses and other liabilities	197,685	199,985
Distributions payable	97,439	97,417
Deferred revenue	38,493	37,144
Security deposits	1,086	1,065
Liabilities held for sale	475	2,502
Total liabilities	3,522,095	3,549,699
Limited Partnership interests of third parties	75,991	108,220
Commitments and contingencies
Capital
Accumulated other comprehensive loss	(551)	(570)
Total liabilities and equity	6,461,541	6,548,079
CubeSmart, L.P. and Subsidiaries
ASSETS
Storage properties	7,232,103	7,183,494
Less: Accumulated depreciation	(1,130,001)	(1,085,824)
Storage properties, net (including VIE assets of $156,775 and $149,467, respectively)	6,102,102	6,097,670
Cash and cash equivalents	7,890	11,140
Restricted cash	2,573	2,178
Loan procurement costs, net of amortization	2,074	2,322
Investment in real estate ventures, at equity	117,025	119,751
Assets held for sale	3,324	49,313
Other assets, net	226,553	265,705
Total assets	6,461,541	6,548,079
LIABILITIES AND CAPITAL
Unsecured senior notes, net	2,769,245	2,768,209
Revolving credit facility	185,400	209,900
Mortgage loans and notes payable, net	166,489	167,676
Lease liabilities - finance leases	65,783	65,801
Accounts payable, accrued expenses and other liabilities	197,685	199,985
Distributions payable	97,439	97,417
Deferred revenue	38,493	37,144
Security deposits	1,086	1,065
Liabilities held for sale	475	2,502
Total liabilities	3,522,095	3,549,699
Limited Partnership interests of third parties	75,991	108,220
Commitments and contingencies
Capital
Operating Partner	2,847,623	2,872,133
Accumulated other comprehensive loss	(551)	(570)
Total CubeSmart, L.P. capital	2,847,072	2,871,563
Noncontrolling interests in subsidiaries	16,383	18,597
Total capital	2,863,455	2,890,160
Total liabilities and equity	$ 6,461,541	$ 6,548,079

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (Parenthetical) (LP cube) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Storage facilities, net	$ 6,102,102	$ 6,097,670
VIE
Storage facilities, net	156,775	149,467
CubeSmart, L.P. and Subsidiaries
Storage facilities, net	6,102,102	6,097,670
CubeSmart, L.P. and Subsidiaries | VIE
Storage facilities, net	$ 156,775	$ 149,467

CONSOLIDATED STATEMENTS OF OP_2

CONSOLIDATED STATEMENTS OF OPERATIONS (LP cube) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
REVENUES
Rental income	$ 208,371	$ 162,476
Total revenues	238,565	188,841
OPERATING EXPENSES
Property operating expenses	70,567	61,228
Depreciation and amortization	82,557	53,810
General and administrative	14,525	10,916
Total operating expenses	167,649	125,954
Interest:
Interest expense on loans	(22,824)	(19,234)
Loan procurement amortization expense	(957)	(1,035)
Equity in earnings of real estate ventures	294	20
Other	(9,163)	677
Total other expense	(32,650)	(19,572)
NET LOSS (INCOME) ATTRIBUTABLE TO NONCONTROLLING INTERESTS
Operating Partnership interests of third parties	$ (292)	$ (1,549)
Diluted earnings per share attributable to common shareholders (in dollars per share)	$ 0.17	$ 0.21
Weighted-average basic units outstanding (in units)	224,663	199,160
Weighted-average diluted units outstanding (in units)	225,737	200,233
Other Property Related Income
REVENUES
Property related income	$ 22,280	$ 19,304
Property Management Fee Income
REVENUES
Property related income	7,914	7,061
CubeSmart, L.P. and Subsidiaries
REVENUES
Rental income	208,371	162,476
Total revenues	238,565	188,841
OPERATING EXPENSES
Property operating expenses	70,567	61,228
Depreciation and amortization	82,557	53,810
General and administrative	14,525	10,916
Total operating expenses	167,649	125,954
Interest:
Interest expense on loans	(22,824)	(19,234)
Loan procurement amortization expense	(957)	(1,035)
Equity in earnings of real estate ventures	294	20
Other	(9,163)	677
Total other expense	(32,650)	(19,572)
NET INCOME	38,266	43,315
NET LOSS (INCOME) ATTRIBUTABLE TO NONCONTROLLING INTERESTS
Noncontrolling interest in subsidiaries	181	(34)
NET INCOME ATTRIBUTABLE TO CUBESMART L.P.	38,447	43,281
Operating Partnership interests of third parties	(292)	(1,549)
NET INCOME ATTRIBUTABLE TO COMMON UNITHOLDERS	$ 38,155	$ 41,732
Basic earnings per unit attributable to common unitholders	$ 0.17	$ 0.21
Diluted earnings per share attributable to common shareholders (in dollars per share)	$ 0.17	$ 0.21
Weighted-average basic units outstanding (in units)	224,663	199,160
Weighted-average diluted units outstanding (in units)	225,737	200,233
CubeSmart, L.P. and Subsidiaries | Other Property Related Income
REVENUES
Property related income	$ 22,280	$ 19,304
CubeSmart, L.P. and Subsidiaries | Property Management Fee Income
REVENUES
Property related income	$ 7,914	$ 7,061

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (LP cube) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Other comprehensive income:
Reclassification of realized losses on interest rate swaps	$ 20	$ 20
OTHER COMPREHENSIVE INCOME:	20	20
COMPREHENSIVE INCOME	38,286	43,335
Comprehensive income attributable to Operating Partnership interests of third parties	(293)	(1,550)
Comprehensive loss (income) attributable to noncontrolling interest in subsidiaries	181	(34)
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE COMPANY	38,174	41,751
CubeSmart, L.P. and Subsidiaries
NET INCOME	38,266	43,315
Other comprehensive income:
Reclassification of realized losses on interest rate swaps	20	20
OTHER COMPREHENSIVE INCOME:	20	20
COMPREHENSIVE INCOME	38,286	43,335
Comprehensive income attributable to Operating Partnership interests of third parties	(293)	(1,550)
Comprehensive loss (income) attributable to noncontrolling interest in subsidiaries	181	(34)
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE COMPANY	$ 38,174	$ 41,751

CONSOLIDATED STATEMENTS OF CAPI

CONSOLIDATED STATEMENTS OF CAPITAL (LP cube) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Increase (Decrease) in Partners' Capital
Balance of Noncontrolling Interests in the Operating Partnership	$ 108,220
Distributions paid to noncontrolling interest in subsidiaries	(2,033)	$ (69)
Adjustment for Operating Partnership interests of third parties	10,356	(32,102)	$ (164,100)
Net income (loss)	37,974	41,766
Other comprehensive income (loss), net	19	19
Balance of Noncontrolling Interests in the Operating Partnership	75,991		108,220
Noncontrolling Interests in the Operating Partnership
Increase (Decrease) in Partners' Capital
Balance of Noncontrolling Interests in the Operating Partnership	108,220	249,414	249,414
Adjustment for Operating Partnership interests of third parties	(10,356)	32,102
Net income (loss)	292	1,549
Other comprehensive income (loss), net	1	1
Balance of Noncontrolling Interests in the Operating Partnership	75,991	278,649	108,220
CubeSmart, L.P. and Subsidiaries
Increase (Decrease) in Partners' Capital
Balance	2,890,160	1,840,848	1,840,848
Balance of Noncontrolling Interests in the Operating Partnership	108,220
Distributions paid to noncontrolling interest in subsidiaries	(2,033)	(69)
Issuance of common OP units	(123)	(99,688)
Conversion from OP units to shares	21,538	1,913
Exercise of OP unit options	1,226	1,172
Amortization of restricted OP units	519	705
OP unit compensation expense	636	609
Adjustment for Operating Partnership interests of third parties	10,356	(32,102)
Net income (loss)	37,974	41,766
Other comprehensive income (loss), net	19	19
Common OP unit distributions	(96,817)	(68,350)
Balance	2,863,455	1,886,199	2,890,160
Balance of Noncontrolling Interests in the Operating Partnership	75,991		108,220
CubeSmart, L.P. and Subsidiaries | Noncontrolling Interests in the Operating Partnership
Increase (Decrease) in Partners' Capital
Balance of Noncontrolling Interests in the Operating Partnership	108,220	249,414	249,414
Conversion from OP units to shares	(21,538)	(1,913)
Adjustment for Operating Partnership interests of third parties	(10,356)	32,102
Net income (loss)	292	1,549
Other comprehensive income (loss), net	1	1
Common OP unit distributions	(628)	(2,504)
Balance of Noncontrolling Interests in the Operating Partnership	75,991	278,649	108,220
CubeSmart, L.P. and Subsidiaries | Total Shareholders' Equity
Increase (Decrease) in Partners' Capital
Balance	2,871,563	1,832,216	1,832,216
Issuance of common OP units	(123)	(99,688)
Conversion from OP units to shares	21,538	1,913
Exercise of OP unit options	1,226	1,172
Amortization of restricted OP units	519	705
OP unit compensation expense	636	609
Adjustment for Operating Partnership interests of third parties	10,356	(32,102)
Net income (loss)	38,155	41,732
Other comprehensive income (loss), net	19	19
Common OP unit distributions	(96,817)	(68,350)
Balance	2,847,072	1,877,602	2,871,563
CubeSmart, L.P. and Subsidiaries | Operating Partner
Increase (Decrease) in Partners' Capital
Balance	$ 2,872,133	$ 1,832,848	$ 1,832,848
Balance (in units)	223,918	197,406	197,406
Issuance of common OP units (in units)		2,837
Issuance of restricted OP units (in units)	35	32
Issuance of common OP units	$ (123)	$ (99,688)
Conversion from OP units to shares	$ 21,538	$ 1,913
Conversion from OP units to shares (in units)	441	55
Exercise of OP unit options	$ 1,226	$ 1,172
Exercise of OP unit options (in units)	40	92
Amortization of restricted OP units	$ 519	$ 705
OP unit compensation expense	636	609
Adjustment for Operating Partnership interests of third parties	10,356	(32,102)
Net income (loss)	38,155	41,732
Common OP unit distributions	(96,817)	(68,350)
Balance	$ 2,847,623	$ 1,878,215	$ 2,872,133
Balance (in units)	224,434	200,422	223,918
CubeSmart, L.P. and Subsidiaries | Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) in Partners' Capital
Balance	$ (570)	$ (632)	$ (632)
Other comprehensive income (loss), net	19	19
Balance	(551)	(613)	(570)
CubeSmart, L.P. and Subsidiaries | Noncontrolling Interest in Subsidiaries
Increase (Decrease) in Partners' Capital
Balance	18,597	8,632	8,632
Distributions paid to noncontrolling interest in subsidiaries	(2,033)	(69)
Net income (loss)	(181)	34
Balance	$ 16,383	$ 8,597	$ 18,597

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) (LP cube) - $ / shares	Mar. 31, 2022	Mar. 31, 2021
CubeSmart, L.P. and Subsidiaries
Common OP unit distributions (in dollars per share)	$ 0.43	$ 0.34

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (LP cube) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Operating Activities
Net loss	$ 38,266	$ 43,315
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	83,514	54,845
Non-cash portion of interest expense related to finance leases	(18)	111
Equity in earnings of real estate ventures	(294)	(20)
Equity compensation expense	2,193	2,042
Accretion of fair market value adjustment of debt	(269)	(607)
Changes in other operating accounts:
Other assets	4,085	(1,718)
Accounts payable and accrued expenses	1,911	(1,675)
Other liabilities	1,347	1,889
Net cash provided by operating activities	130,735	98,182
Investing Activities
Acquisitions of storage properties	(39,761)
Additions and improvements to storage properties	(7,755)	(7,894)
Development costs	(7,785)	(10,932)
Investment in real estate ventures	(5)	(6,664)
Cash distributed from real estate ventures	3,025	4,958
Proceeds from sale of real estate, net	43,193
Net cash used in investing activities	(9,088)	(20,532)
Proceeds from:
Revolving credit facility	151,532	268,111
Principal payments on:
Revolving credit facility	(176,032)	(333,111)
Mortgage loans and notes payable	(611)	(44,649)
Cash paid upon vesting of restricted OP units	(1,038)	(728)
Distributions paid to noncontrolling interests in subsidiaries	(2,033)	(69)
Distributions paid to common OP unitholders	(96,605)	(67,368)
Net cash provided by financing activities	(124,502)	(77,887)
Change in cash, cash equivalents and restricted cash	(2,855)	(237)
Cash, cash equivalents and restricted cash at beginning of period	13,318	6,229	$ 6,229
Cash, cash equivalents and restricted cash at end of period	10,463	5,992	13,318
Supplemental Cash Flow and Noncash Information
Cash paid for interest, net of interest capitalized	24,725	23,534
Supplemental disclosure of noncash activities:
Acquisitions of storage properties	(700)
Accretion of put liability	1,222	2,823
Derivative valuation adjustment	20	20
CubeSmart, L.P. and Subsidiaries
Operating Activities
Net loss	38,266	43,315
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	83,514	54,845
Non-cash portion of interest expense related to finance leases	(18)	111
Equity in earnings of real estate ventures	(294)	(20)
Equity compensation expense	2,193	2,042
Accretion of fair market value adjustment of debt	(269)	(607)
Changes in other operating accounts:
Other assets	4,085	(1,718)
Accounts payable and accrued expenses	1,911	(1,675)
Other liabilities	1,347	1,889
Net cash provided by operating activities	130,735	98,182
Investing Activities
Acquisitions of storage properties	(39,761)
Additions and improvements to storage properties	(7,755)	(7,894)
Development costs	(7,785)	(10,932)
Investment in real estate ventures	(5)	(6,664)
Cash distributed from real estate ventures	3,025	4,958
Proceeds from sale of real estate, net	43,193
Net cash used in investing activities	(9,088)	(20,532)
Proceeds from:
Revolving credit facility	151,532	268,111
Principal payments on:
Revolving credit facility	(176,032)	(333,111)
Mortgage loans and notes payable	(611)	(44,649)
Proceeds from issuance of common OP units	(123)	99,688
Cash paid upon vesting of restricted OP units	(1,038)	(728)
Exercise of OP unit options	1,226	1,172
Distributions paid to noncontrolling interests in subsidiaries	(2,033)	(69)
Distributions paid to common OP unitholders	(97,423)	(68,301)
Net cash provided by financing activities	(124,502)	(77,887)
Change in cash, cash equivalents and restricted cash	(2,855)	(237)
Cash, cash equivalents and restricted cash at beginning of period	13,318	6,229	6,229
Cash, cash equivalents and restricted cash at end of period	10,463	5,992	$ 13,318
Supplemental Cash Flow and Noncash Information
Cash paid for interest, net of interest capitalized	24,725	23,534
Supplemental disclosure of noncash activities:
Acquisitions of storage properties	(700)
Accretion of put liability	1,222	2,823
Derivative valuation adjustment	$ 20	$ 20