CubeSmart 10-K 24 Feb 23 2022 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2022	Feb. 22, 2023	Jun. 30, 2022
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 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 Road
Entity Address, City or Town	Malvern
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19355
City Area Code	610
Local Phone Number	535-5000
Title of 12(b) Security	Common Shares, $0.01 par value per share, of CubeSmart
Trading Symbol	CUBE
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
ICFR Auditor Attestation Flag	true
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 9,588,612,808
Entity Common Stock, Shares Outstanding		224,631,447
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Entity Central Index Key	0001298675
Amendment Flag	false
Auditor Name	KPMG LLP
Auditor Firm ID	185
Auditor Location	Philadelphia, Pennsylvania
CubeSmart, L.P. and Subsidiaries
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 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 Road
Entity Address, City or Town	Malvern
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19355
City Area Code	610
Local Phone Number	535-5000
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
ICFR Auditor Attestation Flag	true
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 62,393,414
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Entity Central Index Key	0001300485
Amendment Flag	false
Auditor Name	KPMG LLP
Auditor Firm ID	185
Auditor Location	Philadelphia, Pennsylvania

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
ASSETS
Storage properties	$ 7,295,778	$ 7,183,494
Less: Accumulated depreciation	(1,247,775)	(1,085,824)
Storage properties, net (including VIE assets of $167,180 and $149,467, respectively)	6,048,003	6,097,670
Cash and cash equivalents	6,064	11,140
Restricted cash	2,861	2,178
Loan procurement costs, net of amortization	5,182	2,322
Investment in real estate ventures, at equity	105,993	119,751
Assets held for sale	3,745	49,313
Other assets, net	153,982	265,705
Total assets	6,325,830	6,548,079
LIABILITIES AND EQUITY
Unsecured senior notes, net	2,772,350	2,768,209
Revolving credit facility	60,900	209,900
Mortgage loans and notes payable, net	162,918	167,676
Lease liabilities - finance leases	65,758	65,801
Accounts payable, accrued expenses and other liabilities	213,297	199,985
Distributions payable	111,190	97,417
Deferred revenue	38,757	37,144
Security deposits	1,087	1,065
Liabilities held for sale	1,773	2,502
Total liabilities	3,428,030	3,549,699
Noncontrolling interests in the Operating Partnership	57,419	108,220
Commitments and contingencies
Equity
Common shares $.01 par value, 400,000,000 shares authorized, 224,603,462 and 223,917,993 shares issued and outstanding at December 31, 2022, and 2021, respectively	2,246	2,239
Additional paid-in capital	4,125,478	4,088,392
Accumulated other comprehensive loss	(491)	(570)
Accumulated deficit	(1,301,030)	(1,218,498)
Total CubeSmart shareholders' equity	2,826,203	2,871,563
Noncontrolling interests in subsidiaries	14,178	18,597
Total equity	2,840,381	2,890,160
Total liabilities and equity	$ 6,325,830	$ 6,548,079

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Storage properties	$ 6,048,003	$ 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	224,603,462	223,917,993
Common shares, shares outstanding	224,603,462	223,917,993
VIE
Storage properties	$ 167,180	$ 149,467

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
REVENUES
Rental income	$ 879,289	$ 707,751	$ 581,009
Total revenues	1,009,624	822,564	679,177
OPERATING EXPENSES
Property operating expenses	293,260	252,104	223,634
Depreciation and amortization	310,610	232,049	156,573
General and administrative	54,623	47,809	41,423
Total operating expenses	658,493	531,962	421,630
Interest:
Interest expense on loans	(93,284)	(78,448)	(75,890)
Loan procurement amortization expense	(3,897)	(8,168)	(2,674)
Loss on early extinguishment of debt		(20,328)	(18,020)
Equity in earnings of real estate ventures	48,877	25,275	178
Gains from sales of real estate, net		32,698	6,710
Other	(10,355)	(10,818)	(240)
Total other expense	(58,659)	(59,789)	(89,936)
NET INCOME	292,472	230,813	167,611
NET (INCOME) LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS
Noncontrolling interests in the Operating Partnership	(1,931)	(7,873)	(1,825)
Noncontrolling interest in subsidiaries	722	542	(165)
NET INCOME ATTRIBUTABLE TO THE COMPANY'S COMMON SHAREHOLDERS	$ 291,263	$ 223,482	$ 165,621
Basic earnings per share attributable to common shareholders (in dollars per share)	$ 1.29	$ 1.10	$ 0.85
Diluted earnings per share attributable to common shareholders (in dollars per share)	$ 1.29	$ 1.09	$ 0.85
Weighted average basic shares outstanding (in shares)	224,928	203,832	194,147
Weighted average diluted shares outstanding (in shares)	225,881	205,009	194,943
Other Property Related Income
REVENUES
Property related income	$ 96,166	$ 83,605	$ 70,723
Property Management Fee Income
REVENUES
Property related income	$ 34,169	$ 31,208	$ 27,445

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
NET INCOME	$ 292,472	$ 230,813	$ 167,611
Other comprehensive income:
Reclassification of realized losses on interest rate swaps	81	81	81
OTHER COMPREHENSIVE INCOME:	81	81	81
COMPREHENSIVE INCOME	292,553	230,894	167,692
Comprehensive income attributable to noncontrolling interests in the Operating Partnership	(1,933)	(7,892)	(1,809)
Comprehensive loss (income) attributable to noncontrolling interest in subsidiaries	722	542	(165)
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE COMPANY	$ 291,342	$ 223,544	$ 165,718

CONSOLIDATED STATEMENT OF EQUIT

CONSOLIDATED STATEMENT OF EQUITY - USD ($) $ 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, 2019	$ 1,799,346	$ 1,936	$ 2,674,745	$ (729)	$ (876,606)	$ 7,990		$ 1,807,336
Balance (in shares) at Dec. 31, 2019		193,557
Balance of Noncontrolling Interests in the Operating Partnership at Dec. 31, 2019							$ 62,088
Increase (Decrease) in Stockholders' Equity
Contributions from noncontrolling interest in subsidiaries						682		682
Distributions paid to noncontrolling interest in subsidiaries						(205)		(205)
Issuance of common shares, net	120,727	$ 37	120,690					120,727
Issuance of common shares, net (in shares)		3,627
Issuance of restricted shares (in shares)		60
Issuance of OP units							186,933
Conversion from units to shares	2,824	$ 1	2,823				(2,824)	2,824
Conversion from units to shares (in shares)		100
Exercise of stock options	961		961					961
Exercise of stock options (in shares)		62
Amortization of restricted shares	4,502		4,502					4,502
Share compensation expense	1,952		1,952					1,952
Adjustment for noncontrolling interests in the Operating Partnership	(4,230)				(4,230)		4,230	(4,230)
Net income (loss)	165,621				165,621	165		165,786
Net income (loss)							1,825
Other comprehensive income (loss), net	97			97				97
Other comprehensive income (loss), net							(16)
Common share distributions	(259,584)				(259,584)		(2,822)	(259,584)
Balance at Dec. 31, 2020	1,832,216	$ 1,974	2,805,673	(632)	(974,799)	8,632		1,840,848
Balance (in shares) at Dec. 31, 2020		197,406
Balance of Noncontrolling Interests in the Operating Partnership at Dec. 31, 2020							249,414
Increase (Decrease) in Stockholders' Equity
Contributions from noncontrolling interest in subsidiaries						11,404		11,404
Distributions paid to noncontrolling interest in subsidiaries						(246)		(246)
Acquisition of noncontrolling interest in subsidiary	(2,746)		(2,746)			(651)		(3,397)
Issuance of common shares, net	965,638	$ 205	965,433					965,638
Issuance of common shares, net (in shares)		20,508
Issuance of restricted shares (in shares)		66
Conversion from units to shares	305,015	$ 56	304,959				(305,015)	305,015
Conversion from units to shares (in shares)		5,519
Exercise of stock options	7,865	$ 4	7,861					7,865
Exercise of stock options (in shares)		419
Amortization of restricted shares	4,941		4,941					4,941
Share compensation expense	2,271		2,271					2,271
Adjustment for noncontrolling interests in the Operating Partnership	(164,109)				(164,109)		164,109	(164,109)
Net income (loss)	223,482				223,482	(542)		222,940
Net income (loss)							7,873
Other comprehensive income (loss), net	62			62				62
Other comprehensive income (loss), net							19
Common share distributions	(303,072)				(303,072)		(8,180)	(303,072)
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
Contributions from noncontrolling interest in subsidiaries						3,690		3,690
Distributions paid to noncontrolling interest in subsidiaries						(7,387)		(7,387)
Issuance of common shares, net	4,877	$ 1	4,876					4,877
Issuance of common shares, net (in shares)		102
Issuance of restricted shares	1	$ 1						1
Issuance of restricted shares (in shares)		56
Conversion from units to shares	22,948	$ 4	22,944				(22,948)	22,948
Conversion from units to shares (in shares)		475
Exercise of stock options	1,590	$ 1	1,589					1,590
Exercise of stock options (in shares)		52
Amortization of restricted shares	5,134		5,134					5,134
Share compensation expense	2,543		2,543					2,543
Adjustment for noncontrolling interests in the Operating Partnership	27,203				27,203		(27,203)	27,203
Net income (loss)	291,263				291,263	(722)		290,541
Net income (loss)							1,931
Other comprehensive income (loss), net	79			79				79
Other comprehensive income (loss), net							2
Common share distributions	(400,998)				(400,998)		(2,583)	(400,998)
Balance at Dec. 31, 2022	$ 2,826,203	$ 2,246	$ 4,125,478	$ (491)	$ (1,301,030)	$ 14,178		2,840,381
Balance (in shares) at Dec. 31, 2022		224,603
Balance of Noncontrolling Interests in the Operating Partnership at Dec. 31, 2022							$ 57,419	$ 57,419

CONSOLIDATED STATEMENT OF EQU_2

CONSOLIDATED STATEMENT OF EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
CONSOLIDATED STATEMENT OF EQUITY
Common share distributions (in dollars per share)	$ 1.78	$ 1.45	$ 1.33

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating Activities
Net income	$ 292,472	$ 230,813	$ 167,611
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	314,507	240,217	159,247
Non-cash portion of interest expense related to finance leases	(43)	202
Loss on early extinguishment of debt		20,328	18,020
Equity in earnings of real estate ventures	(48,877)	(25,275)	(178)
Gains from sales of real estate, net		(32,698)	(6,710)
Equity compensation expense	9,081	8,088	7,140
Accretion of fair market value adjustment of debt	(1,099)	(2,037)	(259)
Changes in other operating accounts:
Other assets	3,498	(9,247)	(9,674)
Accounts payable and accrued expenses	20,395	14,871	13,922
Other liabilities	1,532	3,923	1,914
Net cash provided by operating activities	591,466	449,185	351,033
Investing Activities
Acquisitions of storage properties	(89,004)	(151,547)	(417,988)
Acquisition of LAACO, Ltd., net of cash acquired		(1,678,984)
Additions and improvements to storage properties	(41,233)	(34,608)	(49,857)
Development costs	(24,358)	(69,887)	(55,286)
Investment in real estate ventures	(21)	(28,261)	(7,022)
Cash distributed from real estate ventures	62,656	66,593	6,246
Proceeds from sale of real estate, net	43,193	44,026	12,466
Net cash used in investing activities	(48,767)	(1,852,668)	(511,441)
Proceeds from:
Unsecured senior notes		1,043,427	445,833
Revolving credit facility	633,950	906,571	429,085
Principal payments on:
Unsecured senior notes		(300,000)	(250,000)
Revolving credit facility	(782,950)	(814,471)	(311,285)
Mortgage loans and notes payable	(2,426)	(87,263)	(46,093)
Loan procurement costs	(3,885)	(12,548)	(3,764)
Debt prepayment costs		(20,023)	(17,584)
Acquisition of noncontrolling interest in subsidiary, net		(3,397)
Proceeds from issuance of common shares, net	4,877	965,638	120,727
Cash paid upon vesting of restricted shares	(1,403)	(876)	(686)
Exercise of stock options	1,590	7,865	961
Contributions from noncontrolling interests in subsidiaries	350	8,031
Distributions paid to noncontrolling interests in subsidiaries	(7,387)	(246)	(205)
Distributions paid to common shareholders	(387,106)	(273,839)	(256,253)
Distributions paid to noncontrolling interests in Operating Partnership	(2,702)	(8,297)	(2,540)
Net cash (used in) provided by financing activities	(547,092)	1,410,572	108,196
Change in cash, cash equivalents and restricted cash	(4,393)	7,089	(52,212)
Cash, cash equivalents and restricted cash at beginning of period	13,318	6,229	58,441
Cash, cash equivalents and restricted cash at end of period	8,925	13,318	6,229
Supplemental Cash Flow and Noncash Information
Cash paid for interest, net of interest capitalized	92,293	79,148	80,792
Supplemental disclosure of noncash activities:
Acquisitions of storage properties	(700)		(2,623)
Right-of-use assets obtained in exchange for lease liabilities			61,423
Discount on issuance of unsecured senior notes		6,573	4,167
Mortgage loan assumptions		40,880	169,056
Accretion of put liability	2,444	9,777	7,917
Derivative valuation adjustment	81	81	81
Issuance of OP units (see note 4)			186,933
Contributions from noncontrolling interests in subsidiaries	$ 3,340	$ 3,373	$ 682

ORGANIZATION AND NATURE OF OPER

ORGANIZATION AND NATURE OF OPERATIONS	12 Months Ended
	Dec. 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 December 31, 2022, the Company owned (or partially owned and consolidated) self-storage properties located in the District of Columbia and 24 states throughout the United States which are presented under one reportable segment: the Company owns, operates, develops, manages and acquires self-storage properties. ​ As of December 31, 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.”

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2022
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES ​ Principles of Consolidation ​ The accompanying consolidated financial statements include all of the accounts of the Company and its majority-owned and/or controlled subsidiaries. The portion of these entities not owned by the Company is presented as noncontrolling interests as of and during the periods consolidated. All significant intercompany accounts and transactions have been eliminated in consolidation. ​ When the Company obtains an economic interest in an entity, the Company evaluates the entity to determine if the entity is deemed a variable interest entity (“VIE”) and if the Company is deemed to be the primary beneficiary in accordance with authoritative guidance issued on the consolidation of VIEs. To the extent that the Company (i) has the power to direct the activities of the VIE that most significantly impact the economic performance of the VIE and (ii) has the obligation or rights to absorb the VIE's losses or receive its benefits, then the Company is considered the primary beneficiary. When an entity is not deemed to be a VIE, the Company considers the provisions of additional guidance to determine whether a general partner, or the general partners as a group, controls a limited partnership or similar entity when the limited partners have certain rights. The Company consolidates (i) entities that are VIEs and of which the Company is deemed to be the primary beneficiary, and (ii) entities that are non-VIEs which the Company controls and which the limited partners do not have the ability to dissolve or remove the Company without cause nor substantive participating rights. ​ The Operating Partnership meets the criteria as a VIE. The Parent Company’s sole significant asset is its investment in the Operating Partnership. As a result, substantially all of the Parent Company’s assets and liabilities represent those assets and liabilities of the Operating Partnership. All of the Parent Company’s debt is an obligation of the Operating Partnership. ​ Noncontrolling Interests ​ The Financial Accounting Standards Board (“FASB”) issued authoritative guidance regarding noncontrolling interests in consolidated financial statements which was effective on January 1, 2009. The guidance states that noncontrolling interests are the portion of equity (net assets) in a subsidiary not attributable, directly or indirectly, to a parent. The ownership interests in the subsidiary that are held by owners other than the parent are noncontrolling interests. Under the guidance, such noncontrolling interests are reported on the consolidated balance sheets within equity, separately from the Company’s equity. On the consolidated statements of operations, revenues, expenses and net income or loss from controlled or consolidated entities that are less than wholly owned are reported at the consolidated amounts, including both the amounts attributable to the Company and noncontrolling interests. Presentation of consolidated equity activity is included for both quarterly and annual financial statements, including beginning balances, activity for the period and ending balances for shareholders’ equity, noncontrolling interests and total equity. ​ However, per the FASB issued authoritative guidance on the classification and measurement of redeemable securities, securities that are redeemable for cash or other assets at the option of the holder, not solely within the control of the issuer, must be classified outside of permanent equity. This would result in certain outside ownership interests being included as redeemable noncontrolling interests outside of permanent equity in the consolidated balance sheets. The Company makes this determination based on terms in applicable agreements, specifically in relation to redemption provisions. Additionally, with respect to noncontrolling interests for which the Company has a choice to settle the contract by delivery of its own shares, the Company considered the FASB issued guidance on accounting for derivative financial instruments indexed to, and potentially settled in, a Company’s own stock to evaluate whether the Company controls the actions or events necessary to issue the maximum number of shares that could be required to be delivered under share settlement of the contract. The guidance also requires that noncontrolling interests are adjusted each period so that the carrying value equals the greater of its carrying value based on the accumulation of historical cost or its redemption fair value. ​ The consolidated results of the Company include results attributable to units of the Operating Partnership that are not owned by the Company. These interests were issued in the form of OP units and were a component of the consideration the Company paid to acquire certain self-storage properties. Limited partners who acquired OP units have the right to require the Operating Partnership to redeem part or all of their OP units for, at the Company’s option, an equivalent number of common shares of the Company or cash based upon the fair value of an equivalent number of common shares of the Company. However, the operating agreement contains certain circumstances that could result in a net cash settlement outside the control of the Company, as the Company does not have the ability to settle in unregistered shares. Accordingly, consistent with the guidance discussed above, the Company will continue to record these noncontrolling interests outside of permanent equity in the consolidated balance sheets. Net income or loss related to these noncontrolling interests is excluded from net income or loss in the consolidated statements of operations. The Company has adjusted the carrying value of its noncontrolling interests subject to redemption value to the extent applicable. Based on the Company’s evaluation of the redemption value of the redeemable noncontrolling interests, the Operating Partnership reflected these interests at their redemption value as of December 31, 2022, as the estimated redemption value exceeded their carrying value. Disclosure of such redemption provisions is provided in note 12. ​ Estimates ​ The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Although management believes the assumptions and estimates made are reasonable and appropriate, as discussed in the applicable sections throughout these consolidated financial statements, different assumptions and estimates could materially impact the Company’s reported results. The current economic environment has increased the degree of uncertainty inherent in these estimates and assumptions, and changes in market conditions could impact the Company’s future operating results. ​ Self-Storage Properties ​ Self-storage properties are carried at historical cost less accumulated depreciation and impairment losses. The cost of self-storage properties reflects their purchase price or development cost. Acquisition costs are accounted for in accordance with Accounting Standard Update (“ASU”) No. 2017-01 - Business Combinations (Topic 805): Clarifying the Definition of a Business, which was adopted on January 1, 2018, and are generally capitalized. Costs incurred for the renovation of a store are capitalized to the Company’s investment in that store. Ordinary repairs and maintenance are expensed as incurred. Major replacements and betterments, which improve or extend the life of the asset, are capitalized and depreciated over their estimated useful lives. The costs to develop self-storage properties are capitalized to construction in progress while the projects are under development. ​ Purchase Price Allocation ​ When stores are acquired, the purchase price is allocated to the tangible and intangible assets acquired and liabilities assumed based on estimated fair values. Allocations to land, building and improvements and equipment are recorded based upon their respective fair values as estimated by management. If appropriate, the Company allocates a portion of the purchase price to an intangible asset attributed to the value of in-place leases. This intangible is generally amortized to expense over the expected remaining term of the respective leases. Substantially all of the storage leases in place at acquired stores are at market rates, as the majority of the leases are month-to-month contracts. Accordingly, to date, no portion of the purchase price has been allocated to above- or below-market lease intangibles associated with storage leases assumed at acquisition. Above- or below- market lease intangibles associated with assumed leases in which the Company serves as lessee are recorded as an adjustment to the right-of-use asset and reflect the difference between the contractual amounts to be paid pursuant to each in-place lease and management’s estimate of fair market lease rates. These amounts are amortized over the term of the lease. To date, no intangible asset has been recorded for the value of customer relationships, because the Company does not have any concentrations of significant customers and the average customer turnover is fairly frequent. ​ Depreciation and Amortization ​ The costs of self-storage properties and improvements are depreciated using the straight-line method based on useful lives ranging from five to 39 years . Right-of-use assets associated with finance leases are amortized from the lease commencement date to the earlier of the useful life of the right-to-use asset or the end of the lease term. Fully depreciated or amortized assets and the associated accumulated depreciation or amortization are written off. The Company wrote off fully depreciated or amortized real estate assets and in-place lease intangible assets of $32.3 million and $121.6 million, respectively, for the year ended December 31, 2022, and $52.7 million and $59.9 million, respectively, for the year ended December 31, 2021. ​ Impairment of Long-Lived Assets ​ We evaluate long-lived assets for impairment when events and circumstances such as declines in occupancy and operating results indicate that there may be an impairment. The carrying value of these long-lived assets is compared to the undiscounted future net operating cash flows, plus a terminal value, attributable to the assets to determine if the asset’s basis is recoverable. If a store’s basis is not considered recoverable, an impairment loss is recorded to the extent the net carrying value of the asset exceeds the fair value. The impairment loss recognized equals the excess of net carrying value over the related fair value of the asset. There were no impairment losses recognized during the years ended December 31, 2022, 2021 and 2020. ​ Long-Lived Assets Held for Sale ​ We consider long-lived assets to be “held for sale” upon satisfaction of the following criteria: (a) management commits to a plan to sell an asset (or group of assets), (b) the asset is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets, (c) an active program to locate a buyer and other actions required to complete the plan to sell the asset have been initiated, (d) the sale of the asset is probable and transfer of the asset is expected to be completed within one year , (e) the asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value and (f) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. ​ Typically these criteria are all met when the relevant asset is under contract, significant non-refundable deposits have been made by the potential buyer, the assets are immediately available for transfer, and there are no contingencies related to the sale that may prevent the transaction from closing. However, each potential transaction is evaluated based on its separate facts and circumstances. Assets classified as held for sale are reported at the lesser of carrying value or fair value less estimated costs to sell and are not depreciated. The California Yacht Club acquired through our acquisition of LAACO (defined below) has been classified as held for sale as of December 31, 2022. There were no stores classified as held for sale as of December 31, 2022. ​ Cash and Cash Equivalents ​ Cash and cash equivalents are highly-liquid investments with original maturities of three months or less. The Company may maintain cash equivalents in financial institutions in excess of insured limits, but believes this risk is mitigated by only investing in or through major financial institutions. ​ Restricted Cash ​ Restricted cash generally consists of cash deposits required for debt service, capital replacement and expense reserves in connection with the terms of our loan agreements. ​ Loan Procurement Costs ​ Loan procurement costs related to borrowings were $53.9 million and $50.1 million as of December 31, 2022 and 2021, respectively, and are reported net of accumulated amortization of $19.8 million and $14.3 million as of December 31, 2022 and 2021, respectively. In accordance with ASU No. 2015-03, Loan procurement costs, net are presented as a direct deduction from the carrying amount of the related debt liability. If there is not an associated debt liability recorded on the consolidated balance sheets, the costs are recorded as an asset net of accumulated amortization. Loan procurement costs associated with the Company’s revolving credit facility remain in Loan procurement costs, net of amortization on the Company’s consolidated balance sheets. The costs are amortized over the estimated life of the related debt using the effective interest method and are reported as Loan procurement amortization expense on the Company’s consolidated statements of operations. ​ Other Assets ​ Other assets are comprised of the following as of December 31, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2022 2021 ​ ​ (in thousands) Intangible assets, net of accumulated amortization of $2,263 and $12,760, respectively ​ $ 1,181 ​ $ 108,794 Accounts receivable, net ​ 7,932 ​ 8,145 Prepaid property taxes ​ 8,033 ​ 6,938 Prepaid property and casualty insurance ​ 2,129 ​ 3,352 Amounts due from affiliates (see note 14) ​ ​ 15,947 ​ ​ 15,417 Assets related to deferred compensation arrangements ​ ​ 55,572 ​ ​ 60,297 Right-of-use assets - operating leases ​ ​ 49,491 ​ ​ 54,741 Ground lease receivable ​ ​ 6,138 ​ ​ — Other ​ 7,559 ​ 8,021 Total other assets, net ​ $ 153,982 ​ $ 265,705 ​ Environmental Costs ​ Our practice is to conduct or obtain environmental assessments in connection with the acquisition or development of additional stores. Whenever the environmental assessment for one of the Company’s stores indicates that a store is impacted by soil or groundwater contamination from prior owners/operators or other sources, the Company will work with environmental consultants and where appropriate, state governmental agencies, to ensure that the store is either cleaned up, that no cleanup is necessary because the low level of contamination poses no significant risk to public health or the environment or that the responsibility for cleanup rests with a third party. ​ Revenue Recognition ​ Management has determined that substantially all of the Company’s leases are operating leases. Rental income is recognized in accordance with the terms of the leases, which generally are month-to-month. ​ The Company recognizes gains from sales of real estate in accordance with the guidance on transfer of nonfinancial assets. Payments received from purchasers prior to closing are recorded as deposits. Profit on real estate sold is recognized when a valid contract exists, the collectability of the sales price is reasonably assured and the control of the property has transferred. ​ Advertising and Marketing Costs ​ The Company incurs advertising and marketing costs primarily attributable to internet marketing and other media advertisements. These costs are expensed as incurred. The Company incurred $22.4 million, $21.0 million and $16.9 million in advertising and marketing expenses for the years ended December 31, 2022, 2021 and 2020, respectively, which are included in Property operating expenses on the Company’s consolidated statements of operations. ​ Equity Offering Costs ​ Underwriting discounts and commissions, financial advisory fees and other offering costs are reflected as a reduction to additional paid-in capital. For the years ended December 31, 2022, 2021 and 2020, the Company recognized $0.2 million, $28.3 million and $1.5 million, respectively, of equity offering costs related to the issuance of common shares. ​ Other Property Related Income ​ Other property related income consists of late fees, administrative charges, customer storage protection plan fees, sales of storage supplies and other ancillary revenues and is recognized in the period that it is earned. ​ Capitalized Interest ​ The Company capitalizes interest incurred that is directly associated with construction activities until the asset is placed into service. Interest is capitalized to the related asset(s) using the weighted average rate of the Company’s outstanding debt. For the years ended December 31, 2022, 2021 and 2020, the Company capitalized ​ Derivative Financial Instruments ​ The Company carries all derivatives on the balance sheet at fair value. The Company determines the fair value of derivatives by observable prices that are based on inputs not quoted on active markets, but corroborated by market data. The accounting for changes in the fair value of a derivative instrument depends on whether the derivative has been designated and qualifies as part of a hedging relationship and, if so, the reason for holding it. The Company’s use of derivative instruments has been limited to cash flow hedges of certain interest rate risks. The Company had no outstanding derivatives as of December 31, 2022 or 2021. ​ Income Taxes ​ The Company has elected to be taxed as a REIT under Sections 856-860 of the Internal Revenue Code since the Company’s commencement of operations in 2004. In management’s opinion, the requirements to maintain these elections are being met. Accordingly, no provision for federal income taxes has been reflected in the consolidated financial statements other than for operations conducted through our taxable REIT subsidiaries. ​ Earnings and profits, which determine the taxability of distributions to shareholders, differ from net income reported for financial reporting purposes due to differences in cost basis, the estimated useful lives used to compute depreciation, and the allocation of net income and loss for financial versus tax reporting purposes. The net tax basis in the Company’s assets was approximately $6,145.8 million and $6,113.5 million as of December 31, 2022 and 2021, respectively. ​ Since the Company’s initial quarter as a publicly-traded REIT, it has made regular quarterly distributions to its shareholders. Distributions to shareholders are usually taxable as ordinary income, although a portion of the distribution may be designated as capital gain or may constitute a tax-free return of capital. Annually, the Company provides each of its shareholders a statement detailing the tax characterization of dividends paid during the preceding year as ordinary income, capital gain or return of capital. The characterization of the Company’s dividends for 2022 consisted of an 88.7377% ordinary income distribution and an 11.2623% capital gain distribution. ​ The Company is subject to a 4% federal excise tax if sufficient taxable income is not distributed within prescribed time limits. The excise tax equals 4% of the annual amount, if any, by which the sum of (a) 85% of the Company’s ordinary income, (b) 95% of the Company’s net capital gains and (c) 100% of prior taxable income exceeds cash distributions and certain taxes paid by the Company. No excise tax was incurred in 2022, 2021 or 2020. ​ Taxable REIT subsidiaries are subject to federal and state income taxes. Our taxable REIT subsidiaries had a net deferred tax liability of $1.0 million and $0.7 million as of December 31, 2022 and 2021, respectively. ​ Earnings per Share and Unit ​ Basic earnings per share and unit are calculated based on the weighted average number of common shares and restricted shares outstanding during the period. Diluted earnings per share and unit is calculated by further adjusting for the dilutive impact of share options, unvested restricted shares and contingently issuable shares outstanding during the period using the treasury stock method. Potentially dilutive securities calculated under the treasury stock method were ​ Share-Based Payments ​ We apply the fair value method of accounting for contingently issued shares and share options issued under our incentive award plan. Accordingly, share compensation expense is recorded ratably over the vesting period relating to such contingently issued shares and options. The Company has recognized compensation expense on a straight-line method over the requisite service period, which is included in general and administrative expense on the Company’s consolidated statement of operations. The Company recognizes forfeitures on share-based payments as they occur. ​ Investments in Unconsolidated Real Estate Ventures ​ The Company accounts for its investments in unconsolidated real estate ventures under the equity method of accounting when it is determined that the Company has the ability to exercise significant influence over the venture. Under the equity method, investments in unconsolidated real estate ventures are recorded initially at cost, as investments in real estate ventures, and subsequently adjusted for equity in earnings (losses), cash contributions, distributions and impairments. On a periodic basis, management assesses whether there are any indicators that the value of the Company’s investments in unconsolidated real estate ventures may be other than temporarily impaired. An investment is impaired only if the fair value of the investment, as estimated by management, is less than the carrying value of the investment and the decline is other than temporary. To the extent impairment that is other than temporary has occurred, the loss shall be measured as the excess of the carrying amount of the investment over the fair value of the investment, as estimated by management. The determination as to whether impairment exists requires significant management judgment about the fair value of the Company’s ownership interest. Fair value is determined through various valuation techniques, including but not limited to, discounted cash flow models, quoted market values and third-party appraisals. There were ​ Differences between the Company's net investment in unconsolidated real estate ventures and its underlying equity in the net assets of the ventures are primarily a result of the Company acquiring interests in existing unconsolidated real estate ventures. As of December 31, 2022 and 2021, the Company’s net investment in unconsolidated real estate ventures was greater than its underlying equity in the net assets of the unconsolidated real estate ventures by an aggregate of $32.7 million and $33.6 million, respectively. These differences are amortized over the lives of the self-storage properties owned by the real estate ventures. This amortization is included in equity in earnings of real estate ventures on the Company’s consolidated statements of operations. ​ Recent Accounting Pronouncements ​ In August 2020, the FASB issued ASU No. 2020-06 – Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in an Entity’s Own Equity (Subtopic 815-40). The new guidance eliminates the beneficial conversion and cash conversion accounting models for convertible instruments. It also amends the accounting for certain contracts in an entity’s own equity that are currently accounted for as derivatives because of certain settlement provisions. In addition, the new guidance modifies how particular convertible instruments and certain contracts that may be settled in cash or shares impact the diluted earnings per share computation. The standard was effective on January 1, 2022. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements. ​ Concentration of Credit Risk ​ The Company’s stores are located in major metropolitan and rural areas and have numerous customers per store. No single customer represents a significant concentration of our revenues. The stores in New York, Florida, California and Texas provided approximately 16%, 15%, 11% and 9%, respectively, of the Company’s total revenues for the year ended December 31, 2022. The stores in New York, Florida, Texas and California provided approximately 19%, 15%, 9% and 8%, respectively, of the Company’s total revenues for the year ended December 31, 2021. The stores in New York, Florida, Texas and California provided approximately 16%, 15%, 9% and 8%, respectively, of the Company’s total revenues for the year ended December 31, 2020.

STORAGE PROPERTIES

STORAGE PROPERTIES	12 Months Ended
	Dec. 31, 2022
STORAGE PROPERTIES
STORAGE FACILITIES	3. STORAGE PROPERTIES ​ The book value of the Company’s real estate assets is summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2022 2021 ​ ​ ​ (in thousands) ​ Land ​ $ 1,588,138 ​ $ 1,565,463 ​ Buildings and improvements ​ 5,483,506 ​ 5,368,383 ​ Equipment ​ 144,605 ​ 129,531 ​ Construction in progress ​ 37,584 ​ 78,221 ​ Right-of-use assets - finance leases ​ ​ 41,945 ​ ​ 41,896 ​ Storage properties ​ 7,295,778 ​ 7,183,494 ​ Less: Accumulated depreciation ​ (1,247,775) ​ (1,085,824) ​ Storage properties, net ​ $ 6,048,003 ​ $ 6,097,670 ​ ​ The following table summarizes the Company’s acquisition and disposition activity for the years ended December 31, 2022, 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Purchase / Sale Price Asset/Portfolio ​ Metropolitan Statistical Area ​ Transaction Date ​ Stores ​ (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 Acquisitions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Maryland Asset ​ Washington-Arlington-Alexandria, DC-VA-MD-WV ​ February 2022 ​ 1 ​ $ 32,000 ​ Texas Asset ​ San Antonio, TX ​ June 2022 ​ 1 ​ ​ 23,000 ​ Georgia Asset ​ Atlanta, GA ​ July 2022 ​ 1 ​ ​ 20,700 ​ ​ ​ ​ ​ ​ ​ 3 ​ $ 75,700 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 Acquisitions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Texas Asset ​ San Antonio, TX ​ February 2020 ​ 1 ​ $ 9,025 ​ Maryland Asset ​ Baltimore-Towson, MD ​ April 2020 ​ 1 ​ ​ 17,200 ​ New Jersey Asset ​ New York-Northern New Jersey-Long Island, NY-NJ-PA ​ April 2020 ​ 1 ​ ​ 48,450 ​ Florida Asset ​ Palm Bay-Melbourne-Titusville, FL ​ November 2020 ​ 1 ​ ​ 3,900 ​ Texas Asset ​ Austin-Round Rock, TX ​ November 2020 ​ 1 ​ ​ 10,750 ​ Texas Asset ​ Dallas-Fort Worth-Arlington, TX ​ November 2020 ​ 1 ​ ​ 10,150 ​ Nevada Asset ​ Las Vegas-Paradise, NV ​ December 2020 ​ 1 ​ ​ 16,800 ​ New York Asset ​ New York-Northern New Jersey-Long Island, NY-NJ-PA ​ December 2020 ​ 1 ​ ​ 6,750 ​ Florida Asset ​ Tampa-St. Petersburg-Clearwater, FL ​ December 2020 ​ 1 ​ ​ 10,000 ​ Virginia Asset ​ Washington-Arlington-Alexandria, DC-VA-MD-WV ​ December 2020 ​ 1 ​ ​ 17,350 ​ Storage Deluxe Assets ​ New York-Northern New Jersey-Long Island, NY-NJ-PA ​ December 2020 ​ 8 ​ ​ 540,000 ​ Florida Assets ​ Orlando-Kissimmee, FL / Deltona-Daytona Beach-Ormond Beach, FL ​ December 2020 ​ 3 ​ ​ 45,500 ​ ​ ​ ​ ​ ​ ​ 21 ​ $ 735,875 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 Disposition: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ New York Asset ​ New York-Northern New Jersey-Long Island, NY-NJ-PA ​ December 2020 ​ 1 ​ $ 12,750 ​ ​ ​ ​ ​ ​ ​ 1 ​ $ 12,750 ​ ​ (1) Acquired by a consolidated joint venture in which the Company holds a 50% interest. ​ (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 year ended December 31, 2022. The California Yacht Club is classified as held for sale on the Company’s consolidated balance sheets as of December 31, 2022 (see note 4).

INVESTMENT ACTIVITY

INVESTMENT ACTIVITY	12 Months Ended
	Dec. 31, 2022
INVESTMENT ACTIVITY
INVESTMENT ACTIVITY	4. INVESTMENT ACTIVITY ​ 2022 Acquisitions ​ During the year ended December 31, 2022, the Company acquired three stores located in Georgia (1), Maryland (1) and Texas (1) for an aggregate purchase price of $75.7 million. In connection with these transactions, which were accounted for as asset acquisitions, the Company allocated the purchase price and acquisition-related costs to the tangible and intangible assets acquired based on fair value. Intangible assets consisted of in-place leases, which aggregated to $3.4 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 year ended December 31, 2022 was approximately $2.3 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. ​ Also, on April 28, 2022, the Company acquired land underlying a store owned by 191 IV CUBE LLC, an unconsolidated joint venture in which the Company holds a 20% ownership interest (see note 5). The purchase price for the land was $6.1 million, and the Company now serves as the lessor in a ground lease of the land to 191 IV CUBE LLC. ​ 2022 Dispositions ​ During the year December 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. ​ Assets Held for Sale ​ As of December 31, 2022, the Company determined that the California Yacht Club (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 consolidated balance sheets. As of December 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 December 31, 2022, the Company had invested in joint ventures to develop two self-storage properties located in New Jersey (1) and New York (1). Construction for these projects is expected to be completed by the second quarter of 2024. As of December 31, 2022, development costs incurred to date for these projects totaled $27.6 million. Total construction costs for these projects are expected to be $64.0 million. These costs are capitalized to construction in progress while the projects are under development and are reflected in Storage properties on the Company’s consolidated balance sheets. ​ The Company has completed the construction of and opened for operation the following stores since January 1, 2020. 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) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Valley Stream, NY ​ 1 ​ Q3 2022 ​ 51% ​ $ 39,000 Vienna, VA (1) ​ 1 ​ Q2 2022 ​ 80% ​ ​ 21,800 Newton, MA (2) ​ 1 ​ Q4 2021 ​ 100% ​ ​ 20,800 East Meadow, NY (3) ​ 1 ​ Q2 2021 ​ 100% ​ ​ 25,900 King of Prussia, PA ​ 1 ​ Q2 2021 ​ 70% ​ ​ 22,800 Arlington, VA (1) ​ 1 ​ Q1 2021 ​ 90% ​ ​ 26,400 Brooklyn, NY (3) ​ 1 ​ Q2 2020 ​ 100% ​ ​ 45,900 ​ ​ 7 ​ ​ ​ ​ ​ $ 202,600 ​ (1) Each of these stores are located adjacent to an existing consolidated joint venture store. Given this proximity, each of these stores has been combined with the adjacent existing store in our store count upon opening, as well as for operational and reporting purposes. ​ (2) 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 this 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. ​ (3) These stores were previously owned by two separate consolidated joint ventures, of which the Company held a 51% ownership interest in each. On September 29, 2020, the noncontrolling member in the venture that owned the Brooklyn, NY store put its 49% interest in the venture to the Company for $10.0 million, of which $1.0 million was paid in cash. The Company issued 276,497 OP Units that were valued at approximately $9.0 million as consideration for the remainder of the purchase price (see note 12). On June 29, 2021, the noncontrolling member in the venture that owned the East Meadow, NY store put its 49% interest in the venture to the Company for $6.6 million. The cash payments related to these transactions are included in Development costs in the consolidated statements of cash flows. ​ 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 CYC (consisting of sports facilities, food and beverage operations and a marina). During the year ended December 31, 2022, the Company sold the Los Angeles Athletic Club (see above). As of December 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 (included in total costs contemplated above) $ 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, $10.3 million and $14.8 million were included in the component of other (expense) income designated as Other for the years ended December 31, 2022 and 2021, respectively. ​ (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 years ended December 31, 2022 and 2021 was approximately $100.6 million and $9.1 million, respectively. ​ Other 2021 Acquisitions ​ During the year ended December 31, 2021, the Company 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. Also, 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. 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 years ended December 31, 2022 and 2021 was approximately $8.3 million and $3.6 million, respectively. ​ 2021 Dispositions ​ During the year ended December 31, 2021, the Company sold five stores 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. ​ 2020 Acquisitions ​ The Company acquired a portfolio of eight stores located in the outer boroughs of New York City (the “Storage Deluxe Assets”), in two separate tranches during December 2020, for an aggregate purchase price of $540.0 million. In connection with the acquisition of the Storage Deluxe Assets, the Company assumed six mortgage loans with an aggregate outstanding principal amount of $154.4 million at the time of acquisition, one of which had an outstanding principal balance of $33.2 million and was repaid immediately. The assumed mortgage debt was recorded at a fair value of $169.2 million, which includes an aggregate net premium of $14.8 million to reflect the estimated fair value of the debt at the time of assumption. The remainder of the purchase price was funded with $210.5 million of cash and $175.1 million through the issuance of 5,272,023 OP Units (see note 12). In connection with the acquisition of the Storage Deluxe Assets, which was accounted for as an asset acquisition, the Company allocated the purchase price and acquisition related costs to the tangible and intangible assets acquired based on fair value. Intangible assets consisted of in-place leases, which aggregated to $ 48.6 million at the time of the acquisition and prior to amortization of such amounts. The estimated life of these in-place leases was 12 months and the amortization expense that was recognized during the year ended December 31, 2021 was approximately $48.6 million. There was no amortization expense recognized for these in-place leases during the year ended December 31, 2022. Additionally, as part of the transaction, the Company assumed three existing ground leases as lessee, two of which have been classified as finance leases and one of which has been classified as an operating lease (see note 13). ​ During the year ended December 31, 2020, the Company acquired 13 additional stores located in Florida (5) , Maryland (1) , Nevada (1) , New Jersey (1) , New York (1) , Texas (3) and Virginia (1) for an aggregate purchase price of approximately $195.9 million. In connection with these transactions, which were accounted for as asset acquisitions, the Company allocated the purchase price and acquisition related costs to the tangible and intangible assets acquired based on fair value. Intangible assets consisted of in-place leases, which aggregated to $ 11.4 million at the time of the acquisitions and prior to amortization of such amounts. The estimated life of these in-place leases was 12 months and the amortization expense that was recognized during the years ended December 31, 2021 and 2020 was approximately $9.3 million and $2.1 million, respectively. There was no amortization expense recognized for these in-place leases during the year ended December 31, 2022. ​ Additionally, on July 20, 2020, the Company acquired land underlying a wholly-owned store located in the Bronx, New York for $9.5 million. The land was previously subject to a ground lease in which the Company served as lessee. As a result of the transaction, which was accounted for as an asset acquisition, the Company was released from its obligations under the ground lease, and the right-of-use asset and lease liability totaling $5.1 million and $5.0 million, respectively, were removed from the Company’s consolidated balance sheets. ​ 2020 Disposition ​ On December 22, 2020, the Company sold a self-storage property located in New York for a sales price of $12.8 million. The Company recorded a $6.7 million gain in connection with the sale.

INVESTMENT IN UNCONSOLIDATED RE

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES	12 Months Ended
	Dec. 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 are summarized as follows (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CubeSmart ​ Number of Stores as of ​ Carrying Value of Investment as of ​ ​ Ownership ​ December 31, ​ December 31, Unconsolidated Real Estate Ventures Interest ​ 2022 ​ 2021 2022 ​ 2021 Fontana Self Storage, LLC ("Fontana") (1) ​ 50% ​ 1 ​ 1 ​ $ 13,789 ​ $ 14,225 Rancho Cucamonga Self Storage, LLC ("RCSS") (1) ​ 50% ​ 1 ​ 1 ​ ​ 20,994 ​ ​ 21,536 191 V CUBE LLC ("HVP V") (2) ​ 20% ​ 6 ​ 5 ​ ​ 14,318 ​ ​ 16,080 191 IV CUBE Southeast LLC ("HVPSE") (3) ​ 10% ​ - ​ 14 ​ ​ — ​ ​ 4,541 191 IV CUBE LLC ("HVP IV") ​ 20% ​ 28 ​ 28 ​ ​ 19,853 ​ ​ 23,223 CUBE HHF Northeast Venture LLC ("HHFNE") ​ 10% ​ 13 ​ 13 ​ ​ 1,101 ​ ​ 1,291 CUBE HHF Limited Partnership ("HHF") ​ 50% ​ 28 ​ 28 ​ ​ 35,938 ​ ​ 38,855 ​ ​ ​ ​ 77 ​ 90 ​ $ 105,993 ​ $ 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 December 31, 2022, this difference was $13.1 million for Fontana and $19.6 million for RCSS. These differences are being amortized over the expected useful life of the self-storage properties owned by the ventures. ​ (2) During the year ended December 31, 2022, HVP V acquired one store located in New Jersey for a purchase price of $33.2 million. The Company contributed $0.1 million towards this purchase, which was primarily funded by HVP V's secured term loan. ​ (3) On August 30, 2022, HVPSE sold all 14 of its stores to an unaffiliated third-party buyer for an aggregate sales price of $235.0 million. The stores owned by HVPSE were located in Florida (2) , Georgia (8) and South Carolina (4) . As of the transaction date, HVPSE had an $81.6 million secured term loan, which was repaid in full at the time of the sale. Net proceeds to the venture from the transaction totaled $150.1 million, of which $49.9 million were distributed to the Company. The venture recorded gains which aggregated to approximately $114.1 million in connection with the sale. As of December 31, 2022, the venture retained cash of $3.5 million to pay venture-level expenses. After such expenses are paid, any remaining proceeds will be distributed to the venture’s partners per the terms of the operating agreement. ​ 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 amounts reflected in the following table are based on the historical financial information of the Ventures. The following is a summary of the financial position of the Ventures as of December 31, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2022 2021 Assets ​ (in thousands) Storage properties, net ​ $ 741,563 ​ $ 850,250 Other assets ​ 11,708 ​ 34,760 Total assets ​ $ 753,271 ​ $ 885,010 ​ ​ ​ ​ ​ ​ ​ Liabilities and equity ​ ​ ​ ​ ​ ​ Debt ​ $ 468,783 ​ $ 526,972 Other liabilities ​ ​ 16,626 ​ ​ 14,500 Equity ​ ​ ​ ​ ​ ​ CubeSmart ​ 73,289 ​ ​ 86,083 Joint venture partners ​ 194,573 ​ ​ 257,455 Total liabilities and equity ​ $ 753,271 ​ $ 885,010 ​ The following is a summary of results of operations of the Ventures for the years ended December 31, 2022, 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ 2022 2021 2020 ​ ​ (in thousands) ​ Total revenues ​ $ 102,910 ​ $ 88,449 ​ $ 67,239 ​ Operating expenses ​ (42,408) ​ (37,967) ​ (30,755) ​ Other expenses ​ ​ (484) ​ ​ (1,138) ​ ​ (430) ​ Interest expense, net ​ (15,568) ​ (12,031) ​ (11,585) ​ Depreciation and amortization ​ (36,866) ​ (37,805) ​ (33,086) ​ Gains from sale of real estate, net ​ ​ 114,107 ​ ​ 46,966 ​ ​ — ​ Net income (loss) ​ $ 121,691 ​ $ 46,474 ​ $ (8,617) ​ Company’s share of net income (loss) ​ $ 48,877 ​ $ 25,275 ​ $ 178 ​ ​ ​

UNSECURED SENIOR NOTES

UNSECURED SENIOR NOTES	12 Months Ended
	Dec. 31, 2022
UNSECURED SENIOR NOTES
UNSECURED SENIOR NOTES	6. UNSECURED SENIOR NOTES ​ The Company’s unsecured senior notes are summarized as follows (collectively referred to as the “Senior Notes”): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, Effective ​ Issuance ​ Maturity Unsecured Senior Notes 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 ​ ​ (11,801) ​ ​ (13,455) ​ ​ ​ ​ ​ ​ ​ Less: Loan procurement costs, net ​ ​ (15,849) ​ ​ (18,336) ​ ​ ​ ​ ​ ​ ​ Total unsecured senior notes, net ​ $ 2,772,350 ​ $ 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 and for the year ended December 31, 2022, the Operating Partnership was in compliance with all of the financial covenants under the Senior Notes.

REVOLVING CREDIT FACILITY AND U

REVOLVING CREDIT FACILITY AND UNSECURED TERM LOANS	12 Months Ended
	Dec. 31, 2022
REVOLVING CREDIT FACILITY AND UNSECURED TERM LOANS
REVOLVING CREDIT FACILITY	7. REVOLVING CREDIT FACILITY ​ On December 9, 2011, the Company entered into a credit agreement (the “Credit Facility”), which was subsequently amended and restated. On October 26, 2022, the Company again amended and restated, in its entirety, the Credit Facility (the “Second Amended and Restated Credit Facility”) which, subsequent to the amendment and restatement, is comprised of an $850.0 million unsecured revolving credit facility (the “Revolver”) maturing on February 15, 2027. Under the Second Amended and Restated Credit Facility, pricing on the Revolver is dependent upon the Company’s unsecured debt credit ratings and leverage levels. At the Company’s current unsecured debt credit ratings and leverage levels, amounts drawn under the Revolver are priced using a margin of 0.775% plus a facility fee of 0.15% over SOFR and a 0.10% SOFR adjustment. ​ As of December 31, 2022, borrowings under the Revolver had an interest rate of 5.33%. Additionally, as of December 31, 2022, $788.5 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 Second Amended and Restated Credit Facility, the Company’s ability to borrow under the Revolver is subject to ongoing compliance with certain financial covenants which include, among other things, (1) a maximum total indebtedness to total asset value of 60.0%, and (2) a minimum fixed charge coverage ratio of 1.5:1.0. As of and for the year ended December 31, 2022, the Operating Partnership was in compliance with all of its financial covenants.

MORTGAGE LOANS AND NOTES PAYABL

MORTGAGE LOANS AND NOTES PAYABLE	12 Months Ended
	Dec. 31, 2022
MORTGAGE LOANS AND NOTES PAYABLE
MORTGAGE LOANS AND NOTES PAYABLE	​ 8. MORTGAGE LOANS AND NOTES PAYABLE ​ The Company’s mortgage loans and notes payable are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying Value as of ​ ​ ​ ​ ​ ​ December 31, Effective ​ Maturity Mortgage Loans and Notes Payable 2022 2021 Interest Rate ​ Date ​ ​ (in thousands) ​ ​ ​ ​ ​ Nashville V, TN ​ $ 2,148 ​ $ 2,206 ​ 3.85 % ​ Jun-23 New York, NY ​ ​ 28,669 ​ ​ 29,340 ​ 3.51 % ​ Jun-23 Annapolis I, MD ​ ​ 4,906 ​ ​ 5,099 ​ 3.78 % ​ May-24 Brooklyn XV, NY ​ ​ 15,093 ​ ​ 15,423 ​ 2.15 % ​ May-24 Long Island City IV, NY ​ ​ 12,270 ​ ​ 12,580 ​ 2.15 % ​ May-24 Long Island City II, NY ​ ​ 18,283 ​ ​ 18,714 ​ 2.25 % ​ Jul-26 Long Island City III, NY ​ ​ 18,290 ​ ​ 18,723 ​ 2.25 % ​ Aug-26 Flushing II, NY ​ ​ 54,300 ​ ​ 54,300 ​ 2.15 % ​ Jul-29 Principal balance outstanding ​ ​ 153,959 ​ ​ 156,385 ​ ​ ​ ​ ​ Plus: Unamortized fair value adjustment ​ ​ 10,228 ​ 12,981 ​ ​ ​ ​ ​ Less: Loan procurement costs, net ​ ​ (1,269) ​ ​ (1,690) ​ ​ ​ ​ ​ Total mortgage loans and notes payable, net ​ $ 162,918 ​ $ 167,676 ​ ​ ​ ​ ​ ​ ​ As of December 31, 2022 and 2021, the Company’s mortgage loans and notes payable were secured by certain of its self-storage properties with net book values of approximately $442.9 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 December 31, 2022 (in thousands): ​ ​ ​ ​ ​ 2023 $ 32,591 2024 ​ 32,329 2025 ​ 979 2026 ​ 33,760 2027 ​ — 2028 and thereafter ​ 54,300 Total mortgage payments ​ 153,959 Plus: Unamortized fair value adjustment ​ 10,228 Less: Loan procurement costs, net ​ ​ (1,269) Total mortgage loans and notes payable, net ​ $ 162,918 ​

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE LOSS	12 Months Ended
	Dec. 31, 2022
ACCUMULATED OTHER COMPREHENSIVE LOSS
ACCUMULATED OTHER COMPREHENSIVE LOSS	9. ACCUMULATED OTHER COMPREHENSIVE LOSS ​ Accumulated other comprehensive loss represents unrealized losses on interest rate swaps (see note 10). The following table summarizes the changes in accumulated other comprehensive loss for the years ended December 31, 2022 and 2021. ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2022 ​ 2021 ​ ​ (in thousands) Beginning balance $ (575) ​ $ (656) Reclassification of realized losses on interest rate swaps (1) ​ 81 ​ ​ 81 Ending balance ​ (494) ​ ​ (575) Less: portion included in noncontrolling interests in the Operating Partnership ​ 3 ​ ​ 5 Total accumulated other comprehensive loss included in equity $ (491) ​ $ (570) ​ (1) See note 10 for additional information about the effects of the amounts reclassified.

RISK MANAGEMENT AND USE OF FINA

RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS	12 Months Ended
	Dec. 31, 2022
RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS
RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS	10. RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS ​ The Company’s use of derivative instruments is limited to the utilization of interest rate swap agreements or other instruments to manage interest rate risk exposures and not for speculative purposes. The principal objective of such arrangements is to minimize the risks and/or costs associated with the Company’s operating and financial structure, as well as to hedge specific transactions. The counterparties to these arrangements are major financial institutions with which the Company and its subsidiaries may also have other financial relationships. The Company is potentially exposed to credit loss in the event of non-performance by these counterparties. However, because of the high credit ratings of the counterparties, the Company does not anticipate that any of the counterparties will fail to meet these obligations as they come due. The Company does not hedge credit or property value market risks. ​ The Company formally assesses, both at inception of a hedge and on an on-going basis, whether each derivative is highly-effective in offsetting changes in cash flows of the hedged item. If management determines that the derivative is highly-effective as a hedge, then the Company accounts for the derivative using hedge accounting, pursuant to which gains or losses inherent in the derivative do not impact the Company’s results of operations. If management determines that the derivative is not highly-effective as a hedge or if a derivative ceases to be a highly-effective hedge, the Company discontinues hedge accounting prospectively and reflects in its consolidated statement of operations realized and unrealized gains and losses with respect to the derivative. As of December 31, 2022 and 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 $300.0 million of outstanding 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 $0.1 million of unrealized losses from accumulated other comprehensive loss as an increase to interest expense during 2022. The Company estimates that $0.1 million will be reclassified as an increase to interest expense in 2023.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	Dec. 31, 2022
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS	11. FAIR VALUE MEASUREMENTS ​ The Company applies the methods of determining fair value, as described in authoritative guidance, to value its financial assets and liabilities. As defined in the guidance, fair value is based on the price that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In order to increase consistency and comparability in fair value measurements, the guidance establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three broad levels, which are described below: ​ Level 1: Quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs. ​ Level 2: Observable prices that are based on inputs not quoted on active markets, but corroborated by market data. ​ Level 3: Unobservable inputs are used when little or no market data is available. The fair value hierarchy gives the lowest priority to Level 3 inputs. ​ In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs, to the extent possible, as well as considering counterparty credit risk in its assessment of fair value. ​ The fair values of financial instruments, including cash and cash equivalents, restricted cash, accounts receivable, other financial instruments included in other assets, accounts payable, accrued expenses and other liabilities approximate their respective carrying values at December 31, 2022 and 2021. ​ The following table summarizes the carrying value and estimated fair value of the Company’s debt as of December 31, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ December 31, 2021 ​ ​ (in thousands) Carrying value $ 2,996,168 ​ $ 3,145,785 Fair value ​ 2,568,103 ​ ​ 3,256,128 ​ The fair value of debt estimates were based on a discounted cash flow analysis assuming market interest rates for comparable obligations as of December 31, 2022 and 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	12 Months Ended
	Dec. 31, 2022
NONCONTROLLING INTERESTS
NONCONTROLLING INTERESTS	​ ​ 12. NONCONTROLLING INTERESTS ​ Interests in Consolidated Joint Ventures ​ Noncontrolling interests in subsidiaries represent the ownership interests of third parties in the Company’s consolidated joint ventures. All consolidated joint ventures were formed to develop, own and operate new stores with the exception of Anoka, which was formed to acquire an existing store that had commenced operations. The following table summarizes the Company’s consolidated joint ventures, each of which are accounted for as VIEs: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CubeSmart ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number ​ Ownership ​ December 31, 2022 Consolidated Joint Ventures of Stores Interest ​ Total Assets ​ Total Liabilities ​ Related Party Loans (1) ​ ​ ​ ​ ​ ​ (in thousands) 1074 Raritan Road, LLC ("Clark") ​ 1 ​ 90% ​ $ 3,500 ​ $ 5 ​ $ — Astoria Investors, LLC ("Astoria") ​ 1 ​ 70% ​ ​ 24,763 ​ ​ 10,161 ​ ​ 9,238 CS 750 W Merrick Rd, LLC ("Merrick") ​ 1 ​ 51% ​ ​ 37,140 ​ ​ 17,142 ​ ​ — CS Lock Up Anoka, LLC ("Anoka") ​ 1 ​ 50% ​ ​ 10,934 ​ ​ 5,581 ​ ​ 5,540 CS Valley Forge Village Storage, LLC ("VFV") ​ 1 ​ 70% ​ ​ 20,576 ​ ​ 14,863 ​ ​ 14,792 CS Vienna, LLC ("Vienna") ​ 1 ​ 80% ​ ​ 32,400 ​ ​ 35,085 ​ ​ 34,875 SH3, LLC ("SH3") ​ 1 ​ 90% ​ ​ 38,165 ​ ​ 274 ​ ​ — ​ ​ 7 ​ ​ ​ $ 167,478 ​ $ 83,111 ​ $ 64,445 ​ (1) Related party loans represent amounts payable from the joint venture to the Company and are included in total liabilities within the table above. The loans and related party interest have been eliminated for consolidation purposes. ​ 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 December 31, 2022 and 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 cash settlement outside the control of CubeSmart and the Operating Partnership, as CubeSmart does not have the ability to settle in unregistered shares. Accordingly, consistent with the guidance, the Operating Partnership records the OP Units owned by third parties outside of permanent capital in the consolidated balance sheets. Net income or loss related to the OP Units owned by third parties is excluded from net income or loss attributable to Operating Partner in the consolidated statements of operations. ​ In two separate tranches during December 2020, the Company acquired the Storage Deluxe Assets for an aggregate purchase price of $540.0 million. In connection with the acquisition of the Storage Deluxe Assets, the Company issued 5,272,023 OP Units valued at approximately $175.1 million to fund a portion of the purchase price. ​ On September 29, 2020, the Company acquired the noncontrolling interest in a previously consolidated joint venture that owned a store in New York for $10.0 million. In conjunction with the closing, the Company paid $1.0 million in cash and issued 276,497 OP Units, valued at approximately $9.0 million, to pay the remaining consideration. ​ During the years ended December 31, 2022, 2021 and 2020, 475,046, 5,519,233 and 100,000 OP units, respectively, were redeemed for common shares of the Company. ​ As of December 31, 2022 and 2021, 1,426,549 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 year. Based on the Company’s evaluation of the redemption value of the redeemable noncontrolling interests, the Company has reflected these interests at the greater of the carrying value based on the accumulation of historical cost or the redemption value as of December 31, 2022 and 2021. The aggregate redemption value of the 1,426,549 OP Units as of December 31, 2022 was $57.4 million.

LEASES

LEASES	12 Months Ended
	Dec. 31, 2022
LEASES
LEASES	13. LEASES ​ CubeSmart as Lessor ​ The Company derives revenue primarily from rents received from customers who rent cubes at its self-storage properties under month-to-month leases for personal or business use. The self-storage lease agreements utilized by the Company vary slightly to comply with state-specific laws and regulations, but, subject to such laws and regulations, generally provide for automatic monthly renewals, flexibility to increase rental rates over time as market conditions permit and the collection of contingent fees such as administrative and late fees. None of the self-storage lease agreements contain options that allow the customer to purchase the leased space at any time during, or at the expiration of, the lease term. All self-storage leases in which the Company serves as lessor have been classified as operating leases. Accordingly, storage cubes are carried at historical cost less accumulated depreciation and impairment, if any, and are included in Storage properties on the Company’s consolidated balance sheets. Operating lease income for amounts received under the Company’s self-storage lease agreements is recognized on a straight-line basis which, due to the month-to-month nature of the leases, results in the recognition of income during the initial term and each subsequent monthly renewal using the then-in-place rent amount. Operating lease income is included in Rental income within the Company’s consolidated statements of operations. Variable lease income related to the Company’s self-storage lease agreements consists of administrative and late fees charged to customers. For the years ended December 31, 2022, 2021 and 2020, administrative and late fees totaled $27.8 million, $21.3 million, and $20.0 million, respectively, and are included in Other property related income within the Company’s consolidated statements of operations. ​ CubeSmart as Lessee ​ The Company serves as lessee in lease agreements for land, office space, automobiles and certain equipment, which have remaining lease terms of up to 42 years . Certain of the Company’s leases (1) provide for one or more options to renew, with renewal options that can extend the lease up to 69 years , (2) allow for early termination at certain points during the lease term and/or (3) give the Company the option to purchase the leased property. In all cases, the exercise of the lease renewal, termination and purchase options, if provided for in the lease, are at the Company’s sole discretion. Certain of the Company’s lease agreements, particularly its land leases, require rental payments that are periodically adjusted for inflation using a defined index. None of the Company’s lease agreements contain any material residual value guarantees or material restrictive covenants. Lease expense for payments related to the Company’s finance leases is recognized as interest expense using the interest method over the related lease term. Lease expense for payments related to the Company’s operating leases is recognized on a straight-line basis over the related lease term, which includes options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. ​ Right-of-use assets represent the Company’s right to use an underlying asset during the lease term and lease liabilities represent the Company’s obligation to make lease payments as specified in the lease. Right-of-use assets and lease liabilities related to the Company’s operating leases are recognized at the lease commencement date based on the present value of the remaining lease payments over the lease term. As the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available surrounding the Company’s unsecured borrowing rates and implied secured spread at the lease commencement date in determining the present value of lease payments. The right-of-use asset also includes any lease payments made at or before lease commencement less any lease incentives. ​ For the years ended December 31, 2022, 2021 and 2020, the Company’s lease cost consists of the following components: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ 2022 2021 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Finance lease cost: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization of finance lease right-of-use assets ​ ​ ​ $ 964 ​ $ 964 ​ $ 49 Interest expense related to finance lease liabilities ​ ​ ​ ​ 2,140 ​ ​ 2,139 ​ ​ 64 Operating lease cost ​ ​ ​ ​ 2,980 ​ ​ 3,278 ​ ​ 2,856 Short-term lease cost (1) ​ ​ ​ 868 ​ ​ 1,173 ​ ​ 1,114 Total lease costs ​ ​ ​ $ 6,952 ​ $ 7,554 ​ $ 4,083 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash paid for amounts included in measurement of lease liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating cash outflows for finance leases ​ ​ ​ $ 2,183 ​ $ 1,938 ​ $ — Operating cash outflows for operating leases ​ ​ ​ ​ 2,453 ​ ​ 2,513 ​ ​ 2,186 Total cash outflows for lease liability measurement ​ ​ ​ $ 4,636 ​ $ 4,451 ​ $ 2,186 ​ (1) Represents automobile leases that have a lease term of 12 months . The Company has made an accounting policy election not to apply the recognition requirements of ASC 842 to this asset class. The lease cost associated with these leases is recognized on a straight-line basis over the related lease term. ​ The following table represents supplemental balance sheet information related to leases as of December 31, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2022 ​ 2021 ​ ​ ​ (dollars in thousands) ​ Finance Leases ​ ​ ​ ​ ​ ​ ​ Right-of-use assets included in Storage properties, net ​ $ 41,945 ​ $ 40,932 ​ Lease liabilities included in Lease liabilities - finance leases ​ $ 65,758 ​ $ 65,801 ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Leases ​ ​ ​ ​ ​ ​ ​ Right-of-use assets included in Other assets, net ​ $ 49,491 ​ $ 54,741 ​ Lease liabilities included in Accounts payable, accrued expenses and other liabilities ​ $ 48,664 ​ $ 54,018 ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average Lease Term (in years) ​ ​ ​ ​ ​ ​ ​ Finance leases ​ ​ 41.5 ​ ​ 42.5 ​ Operating leases ​ ​ 33.3 ​ ​ 34.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average Discount Rate ​ ​ ​ ​ ​ ​ ​ Finance leases ​ ​ 3.25 % ​ 3.25 % Operating leases ​ ​ 4.44 % ​ 4.46 % ​ The following table represents the future lease liability maturities as of December 31, 2022 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Finance ​ Operating 2023 $ 2,183 $ 2,484 2024 ​ 2,183 ​ 2,334 2025 ​ 2,224 ​ 2,322 2026 ​ 2,334 ​ 2,386 2027 ​ 2,371 ​ 2,416 2028 and thereafter ​ 118,227 ​ 86,094 Total lease payments ​ 129,522 ​ 98,036 Less: Imputed interest ​ ​ (63,764) ​ ​ (49,372) Present value of lease liabilities ​ $ 65,758 ​ $ 48,664 ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2022, the Company has not entered into any lease agreements that are set to commence in the future.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2022
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	14. RELATED PARTY TRANSACTIONS ​ The Company provides management services to certain joint ventures and other related parties. Management agreements provide for fee income to the Company based on a percentage of revenues at the managed stores. Total management fees for unconsolidated real estate ventures or other entities in which the Company held an ownership interest for the years ending December 31, 2022, 2021 and 2020 were $5.1 million, $4.9 million and $3.8 million, respectively. ​ The management agreements for certain joint ventures, other related parties and third-party stores provide for the reimbursement to the Company for certain expenses incurred to manage the stores. These reimbursements consist of amounts due for management fees, payroll and other store expenses. The amounts due to the Company were $15.9 million and $15.4 million as of December 31, 2022 and 2021, respectively, and are included in Other Assets, net on the Company’s consolidated balance sheets. Additionally, the Company had outstanding mortgage loans receivable from consolidated joint ventures of $64.4 million and $32.4 million as of December 31, 2022 and 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 years ended December 31, 2022, 2021 and 2020, the Company recognized $0.6 million, $1.3 million and $0.7 million, respectively, in fees associated with property transactions. Property transaction fees are included in the component of other (expense) income designated as Other on the consolidated statements of operations. ​ In April 2022, the Company began serving as lessor in a ground lease related to land underlying an HVP IV property located in Texas (see note 4). During the year ended December 31, 2022, the Company recognized income associated with this ground lease of $0.2 million. This income is included in the component of other (expense) income designated as Other on the consolidated statements of operations.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2022
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	15. COMMITMENTS AND CONTINGENCIES ​ Development Commitments ​ The Company has agreements with developers for the construction of two new self-storage properties (see note 4), which will require payments of approximately $34.6 million, due in installments upon completion of certain construction milestones, during 2023 and 2024. ​ Litigation ​ From time to time, the Company is involved in claims which arise in the ordinary course of business. In accordance with applicable accounting guidance, management establishes an accrued liability for claim expenses, insurance retention and litigation costs when those matters present loss contingencies that are both probable and reasonably estimable. In such cases, there may be exposure to loss in excess of those amounts accrued. The estimated loss, if any, is based upon currently available information and is subject to significant judgment, a variety of assumptions and known and unknown uncertainties. In the opinion of management, the Company has made adequate provisions for potential liabilities, arising from any such matters, which are included in Accounts payable, accrued expenses and other liabilities on the Company’s consolidated balance sheets.

SHARE-BASED COMPENSATION PLANS

SHARE-BASED COMPENSATION PLANS	12 Months Ended
	Dec. 31, 2022
SHARE-BASED COMPENSATION PLANS
SHARE-BASED COMPENSATION PLANS	16. SHARE-BASED COMPENSATION PLANS ​ The Company has a share-based compensation plan (the “Plan”) which it utilizes to compensate certain employees and non-employee trustees. The Plan was last amended and restated in 2016. The Plan provides for the grant of share options, share appreciation rights, restricted shares, performance units, which may be denominated in cash or shares, including restricted shares and restricted share units, and other share-based awards, including unrestricted common shares or awards denominated or payable in, or valued in whole or part by reference to, common shares. Share options granted under the Plan may be non-qualified share options or incentive share options. ​ Upon shareholder approval of the amendment and restatement of the Plan on June 1, 2016, 4,500,000 additional common shares were made available for award under the Plan. As a result, these 4,500,000 additional shares, together with the 991,117 shares that remained available for future awards under the Plan at the time of the shareholder approval, plus any common shares that are restored to availability upon expiration or forfeiture of outstanding options or restricted share awards, would constitute the “Aggregate Share Reserve”. As of December 31, 2022: (i) 1,941,786 common shares remained available for future awards under the Plan; (ii) 340,952 unvested restricted share awards were outstanding under the Plan; and (iii) 2,537,038 common shares were subject to outstanding options under the Plan. ​ The Plan is administered by the Compensation Committee of the Company’s Board of Trustees (the “Compensation Committee”), which is appointed by the Board of Trustees. The Compensation Committee interprets the Plan and, subject to its right to delegate authority to grant awards, determines the terms and provisions of option grants and share awards. ​ Under the Plan, the Compensation Committee determines the vesting schedule of each award, subject to a one-year minimum vesting requirement for share options, share appreciation rights, and certain restricted share and restricted share unit awards, but with permitted acceleration of vesting in the event of a participant’s death or disability, or in the event of a change in control or certain changes in our capital structure. Notwithstanding the foregoing one-year minimum vesting limitation, up to five percent of the shares subject to the Aggregate Share Reserve may be subject to awards that are not subject to such limitation. The exercise price for options is equivalent to the fair value of the underlying common shares at the grant date. The Compensation Committee also determines the term of each option, which shall not exceed 10 years from the grant date. ​ Share Options ​ The fair values for options granted in 2022, 2021 and 2020 were estimated at the time the options were granted using the Black-Scholes option-pricing model applying the following weighted average assumptions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assumptions: 2022 2021 2020 Risk-free interest rate ​ 1.5 % ​ 0.6 % ​ 1.9 % Expected dividend yield ​ 3.7 % ​ 3.8 % ​ 3.9 % Volatility (1) ​ 25.00 % ​ 25.00 % ​ 20.00 % Weighted average expected life of the options (2) ​ 6.0 years ​ 6.0 years ​ 6.0 years Weighted average grant date fair value of options granted per share ​ $ 8.83 ​ $ 4.62 ​ $ 3.66 ​ Term ​ ​ 10.0 years ​ 10.0 years ​ 10.0 years ​ (1) Expected volatility is based upon the Company’s historical daily share prices. ​ (2) The expected life is based on the contractual term of the options as well as the vesting period. ​ In 2022, 2021 and 2020 the Company recognized compensation expense related to options issued to employees and executives of approximately $2.5 million, $2.3 million and $2.0 million, respectively, which is included in General and administrative expense on the Company’s consolidated statements of operations. The share options vest ratably over three years . As of December 31, 2022, the Company had approximately $2.8 million of unrecognized option compensation cost related to all grants that will be recognized over a weighted average period of 1.7 years. ​ The table below summarizes the option activity under the Plan for the year ended December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Options ​ Weighted Average Strike Price ​ Weighted Average Remaining Contractual Term (Years) Balance at December 31, 2021 2,263,804 ​ $ 29.63 ​ 6.82 ​ Options granted 324,840 ​ ​ 56.91 ​ 9.01 ​ Options exercised (51,606) ​ ​ 30.80 ​ 7.29 ​ Balance at December 31, 2022 2,537,038 ​ $ 33.10 ​ 6.21 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Vested or expected to vest at December 31, 2022 2,537,038 ​ $ 33.10 6.21 ​ Exercisable at December 31, 2022 1,636,544 ​ $ 28.42 5.14 ​ ​ As of December 31, 2022, the aggregate intrinsic value of options that were exercisable was approximately $19.4 million. As of that date, the aggregate intrinsic value of options that had vested or were expected to vest was approximately $23.6 million. The aggregate intrinsic value of options exercised was approximately $1.0 million, $10.6 million and $0.9 million for the years ended December 31, 2022, 2021 and 2020, respectively. ​ Restricted Shares & Performance Units ​ During 2022, 2021 and 2020 the Company granted restricted shares to employees and trustees and also granted performance units to certain executives. ​ The fair values for restricted share awards made under the Plan were valued at the grant date fair value, which is the market price of the underlying common shares. The shares vest over either a 3 -year or 5 -year period beginning with the first anniversary of the grant. ​ Performance units represent the right to earn common shares. The performance units were granted in the form of deferred share units with a market condition, entitling the holders thereof to receive common shares at a future date. The performance units are awarded based on the Company’s total return to shareholders with respect to a specified peer group consisting of publicly traded REITs over a three-year period. The performance units cliff vest upon the third anniversary of the effective date. The Company used a Monte Carlo simulation analysis to estimate the fair value of the awards, the key assumptions of which are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assumptions: 2022 2021 2020 Risk-free interest rate ​ 1.0 % ​ 0.2 % ​ 1.7 % Volatility (1) ​ 28.00 % ​ 28.00 % ​ 19.00 % ​ (1) Expected volatility is based upon the Company’s historical daily share prices. ​ During the years ended December 31, 2022, 2021 and 2020, the Company recognized compensation expense related to restricted shares and performance units of approximately $6.5 million, $5.8 million and $5.2 million, respectively, which is included in General and administrative expense on the Company’s consolidated statements of operations. The following table presents non-vested restricted share and performance unit activity under the Plan for the year ended December 31, 2022: ​ ​ ​ ​ ​ ​ Number of Non- ​ ​ Vested Restricted ​ ​ Shares and Performance Units Non-Vested at January 1, 2022 387,701 ​ Granted 126,304 ​ Vested (164,228) ​ Forfeited (8,825) ​ Non-Vested at December 31, 2022 340,952 ​ ​ The weighted average fair value of restricted shares and performance units granted during the years ended December 31, 2022, 2021 and 2020 was $61.41 , $39.37 and $32.39 , respectively. The total fair value of restricted shares and performance units vested during the years ended December 31, 2022, 2021 and 2020 was $5.6 million, $4.8 million and $6.0 million, respectively. As of December 31, 2022 the Company had approximately $7.6 million of remaining unrecognized restricted share and performance unit compensation costs that are expected to be recognized over a weighted average period of 2.0 years.

EARNINGS PER SHARE AND UNIT AND

EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL	12 Months Ended
	Dec. 31, 2022
EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL
EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL	17. EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS’ EQUITY AND CAPITAL ​ Earnings per common share and shareholders’ equity ​ The following is a summary of the elements used in calculating basic and diluted earnings per common share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2022 ​ 2021 ​ 2020 ​ ​ (dollars and shares in thousands, except per share amounts) Net income $ 292,472 ​ ​ $ 230,813 ​ ​ $ 167,611 Noncontrolling interests in the Operating Partnership ​ (1,931) ​ ​ (7,873) ​ ​ (1,825) Noncontrolling interest in subsidiaries ​ 722 ​ ​ 542 ​ ​ (165) Net income attributable to the Company’s common shareholders ​ $ 291,263 ​ ​ $ 223,482 ​ ​ $ 165,621 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average basic shares outstanding ​ 224,928 ​ ​ 203,832 ​ ​ 194,147 Share options and restricted share units ​ 953 ​ ​ 1,177 ​ ​ 796 Weighted average diluted shares outstanding (1) ​ 225,881 ​ ​ 205,009 ​ ​ 194,943 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic earnings per share attributable to common shareholders ​ $ 1.29 ​ ​ $ 1.10 ​ ​ $ 0.85 Diluted earnings per share attributable to common shareholders (2) ​ $ 1.29 ​ ​ $ 1.09 ​ ​ $ 0.85 ​ Earnings per common unit and capital ​ The following is a summary of the elements used in calculating basic and diluted earnings per common unit: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2022 ​ 2021 ​ 2020 ​ ​ (dollars and units in thousands, except per unit amounts) Net income $ 292,472 ​ ​ $ 230,813 ​ ​ $ 167,611 Operating Partnership interests of third parties ​ (1,931) ​ ​ (7,873) ​ ​ (1,825) Noncontrolling interest in subsidiaries ​ 722 ​ ​ 542 ​ ​ (165) Net income attributable to common unitholders ​ $ 291,263 ​ ​ $ 223,482 ​ ​ $ 165,621 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average basic units outstanding ​ 224,928 ​ ​ 203,832 ​ ​ 194,147 Unit options and restricted share units ​ 953 ​ ​ 1,177 ​ ​ 796 Weighted average diluted units outstanding (1) ​ 225,881 ​ ​ 205,009 ​ ​ 194,943 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic earnings per unit attributable to common unitholders ​ $ 1.29 ​ ​ $ 1.10 ​ ​ $ 0.85 Diluted earnings per unit attributable to common unitholders (2) ​ $ 1.29 ​ ​ $ 1.09 ​ ​ $ 0.85 ​ (1) For the years ended December 31, 2022, 2021 and 2020, the Company declared cash dividends per common share/unit of $1.78 , $1.45 and $1.33 , respectively. ​ (2) The amounts of anti-dilutive options that were excluded from the computation of diluted earnings per share/unit as the exercise price was higher than the average share price of the Company for the years ended December 31, 2022 and 2020 were 0.3 million and 0.8 million, respectively. There were no anti-dilutive options for the year ended December 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 OP unit may be redeemed for cash, or at the Company’s option, common units on a one-for-one basis. The following is a summary of OP and common units outstanding: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2022 ​ 2021 ​ 2020 Outstanding OP units 1,426,549 ​ 1,901,595 ​ 7,420,828 Outstanding common units ​ 224,603,462 ​ 223,917,993 ​ 197,405,989 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common Shares ​ On November 19, 2021, the Company closed an underwritten offering of 15.5 million common shares at a public offering price of $51.00 per share, resulting in net proceeds of $765.6 million, after deducting offering costs. ​ The Company maintains an at-the-market equity program that enables it to offer and sell up to 60.0 million common shares through sales agents pursuant to equity distribution agreements (the “Equity Distribution Agreements”). The Company’s sales activity under the program for the years ended December 31, 2022, 2021 and 2020 is summarized below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2022 ​ 2021 ​ 2020 ​ ​ (dollars and shares in thousands, except per share amounts) Number of shares sold ​ ​ 102 ​ ​ 4,982 ​ ​ 3,627 Average sales price per share ​ $ 50.64 ​ $ 40.57 ​ $ 33.69 Net proceeds after deducting offering costs ​ $ 4,936 ​ $ 199,977 ​ $ 120,727 ​ The proceeds from the sales of common shares under the program during the years ended December 31, 2022, 2021 and 2020 were used to fund the acquisition and development of self-storage properties and for general corporate purposes. As of December 31, 2022, 2021 and 2020, 5.8 million common shares, 5.9 million common shares and 10.9 million common shares, respectively, remained available for issuance under the Equity Distribution Agreements.

SCHEDULE III REAL ESTATE AND RE

SCHEDULE III REAL ESTATE AND RELATED DEPRECIATION	12 Months Ended
	Dec. 31, 2022
SCHEDULE III REAL ESTATE AND RELATED DEPRECIATION
SCHEDULE III REAL ESTATE AND RELATED DEPRECIATION	CUBESMART SCHEDULE III REAL ESTATE AND RELATED DEPRECIATION December 31, 2022 (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Carrying Amount at ​ ​ ​ ​ ​ ​ ​ Total ​ ​ ​ ​ ​ Initial Cost ​ Costs ​ December 31, 2022 ​ ​ ​ ​ ​ Rentable ​ ​ ​ ​ Buildings Subsequent ​ ​ Buildings ​ ​ Accumulated ​ ​ Number of ​ Square Feet ​ ​ ​ ​ ​ ​ ​ & ​ to ​ ​ ​ ​ & ​ ​ ​ ​ Depreciation State ​ Stores ​ (unaudited) ​ Encumbrances ​ Land ​ Improvements ​ Acquisition ​ Land ​ Improvements ​ Total ​ (A) Arizona ​ 48 ​ 3,089,826 ​ $ — ​ $ 98,442 ​ $ 389,514 ​ $ 26,017 ​ $ 99,495 ​ $ 399,753 ​ $ 499,248 ​ $ 49,843 California ​ 63 ​ 4,765,486 ​ ​ — ​ ​ 371,460 ​ ​ 683,683 ​ ​ 33,592 ​ ​ 373,301 ​ ​ 660,593 ​ ​ 1,033,894 ​ ​ 98,929 Colorado ​ 10 ​ 654,252 ​ ​ — ​ ​ 11,812 ​ ​ 46,755 ​ ​ 4,386 ​ ​ 11,787 ​ ​ 45,056 ​ ​ 56,843 ​ ​ 13,740 Connecticut ​ 22 ​ 1,200,002 ​ ​ — ​ ​ 22,023 ​ ​ 82,375 ​ ​ 20,316 ​ ​ 23,568 ​ ​ 86,984 ​ ​ 110,552 ​ ​ 34,873 Florida ​ 90 ​ 6,796,098 ​ ​ — ​ ​ 104,987 ​ ​ 531,360 ​ ​ 91,455 ​ ​ 112,652 ​ ​ 548,011 ​ ​ 660,663 ​ ​ 174,952 Georgia ​ 22 ​ 1,657,378 ​ ​ — ​ ​ 20,015 ​ ​ 117,825 ​ ​ 10,212 ​ ​ 19,825 ​ ​ 115,798 ​ ​ 135,623 ​ ​ 30,589 Illinois ​ 43 ​ 2,760,969 ​ ​ — ​ ​ 54,493 ​ ​ 221,022 ​ ​ 30,106 ​ ​ 54,358 ​ ​ 226,591 ​ ​ 280,949 ​ ​ 71,326 Indiana ​ 1 ​ 70,386 ​ ​ — ​ ​ 1,134 ​ ​ 5,589 ​ ​ 250 ​ ​ 1,134 ​ ​ 5,833 ​ ​ 6,967 ​ ​ 1,565 Maryland ​ 20 ​ 1,683,821 ​ ​ 4,906 ​ ​ 40,467 ​ ​ 214,985 ​ ​ 13,729 ​ ​ 41,324 ​ ​ 216,272 ​ ​ 257,596 ​ ​ 50,456 Massachusetts ​ 20 ​ 1,252,577 ​ ​ — ​ ​ 31,948 ​ ​ 159,000 ​ ​ 10,742 ​ ​ 32,203 ​ ​ 163,982 ​ ​ 196,185 ​ ​ 32,521 Minnesota ​ 2 ​ 176,296 ​ ​ — ​ ​ 2,621 ​ ​ 21,655 ​ ​ 408 ​ ​ 2,621 ​ ​ 22,063 ​ ​ 24,684 ​ ​ 2,740 Nevada ​ 22 ​ 1,702,416 ​ ​ — ​ ​ 69,956 ​ ​ 394,023 ​ ​ 6,198 ​ ​ 71,703 ​ ​ 398,249 ​ ​ 469,952 ​ ​ 22,383 New Jersey ​ 28 ​ 1,983,356 ​ ​ — ​ ​ 45,864 ​ ​ 188,139 ​ ​ 37,639 ​ ​ 49,372 ​ ​ 206,349 ​ ​ 255,721 ​ ​ 65,269 New Mexico ​ 3 ​ 182,261 ​ ​ — ​ ​ 2,866 ​ ​ 9,367 ​ ​ 1,826 ​ ​ 2,867 ​ ​ 7,977 ​ ​ 10,844 ​ ​ 3,433 New York ​ 59 ​ 4,742,378 ​ ​ 146,905 ​ ​ 427,921 ​ ​ 1,331,857 ​ ​ 50,817 ​ ​ 440,133 ​ ​ 1,354,122 ​ ​ 1,794,255 ​ ​ 290,358 North Carolina ​ 9 ​ 611,792 ​ ​ — ​ ​ 10,349 ​ ​ 44,680 ​ ​ 6,534 ​ ​ 10,788 ​ ​ 47,530 ​ ​ 58,318 ​ ​ 13,397 Ohio ​ 20 ​ 1,294,303 ​ ​ — ​ ​ 13,529 ​ ​ 51,265 ​ ​ 18,083 ​ ​ 14,938 ​ ​ 54,639 ​ ​ 69,577 ​ ​ 21,590 Pennsylvania ​ 12 ​ 890,385 ​ ​ — ​ ​ 18,769 ​ ​ 99,199 ​ ​ 10,731 ​ ​ 18,723 ​ ​ 104,496 ​ ​ 123,219 ​ ​ 21,935 Rhode Island ​ 4 ​ 247,305 ​ ​ — ​ ​ 3,480 ​ ​ 17,156 ​ ​ 1,633 ​ ​ 3,480 ​ ​ 18,732 ​ ​ 22,212 ​ ​ 4,839 South Carolina ​ 8 ​ 432,389 ​ ​ — ​ ​ 6,117 ​ ​ 31,039 ​ ​ 1,363 ​ ​ 6,117 ​ ​ 32,402 ​ ​ 38,519 ​ ​ 3,362 Tennessee ​ 9 ​ 755,655 ​ ​ 2,148 ​ ​ 9,117 ​ ​ 54,403 ​ ​ 5,781 ​ ​ 8,992 ​ ​ 52,924 ​ ​ 61,916 ​ ​ 14,483 Texas ​ 76 ​ 5,446,871 ​ ​ — ​ ​ 110,252 ​ ​ 476,749 ​ ​ 34,511 ​ ​ 110,569 ​ ​ 485,325 ​ ​ 595,894 ​ ​ 103,599 Utah ​ 4 ​ 239,388 ​ ​ — ​ ​ 10,763 ​ ​ 2,844 ​ ​ 2,831 ​ ​ 10,622 ​ ​ 4,208 ​ ​ 14,830 ​ ​ 1,944 Virginia ​ 11 ​ 1,060,480 ​ ​ — ​ ​ 37,282 ​ ​ 138,668 ​ ​ 4,355 ​ ​ 37,283 ​ ​ 135,792 ​ ​ 173,075 ​ ​ 29,041 Washington D.C. ​ 5 ​ 410,676 ​ ​ — ​ ​ 28,759 ​ ​ 80,996 ​ ​ 2,369 ​ ​ 28,803 ​ ​ 78,847 ​ ​ 107,650 ​ ​ 18,078 Other Corporate Assets ​ — ​ — ​ ​ — ​ ​ 1,480 ​ ​ 9,654 ​ ​ 1,367 ​ ​ 1,480 ​ ​ 10,978 ​ ​ 12,458 ​ ​ 2,847 ​ ​ 611 ​ 44,106,746 ​ $ 153,959 ​ $ 1,555,906 ​ $ 5,403,802 ​ $ 427,251 ​ $ 1,588,138 ​ $ 5,483,506 ​ $ 7,071,644 ​ $ 1,178,092 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (A) Depreciation on the buildings and improvements is recorded on a straight-line basis over their estimated useful lives, which range from five to 39 years . ​ Activity in storage properties during the period from January 1, 2020 through December 31, 2022 was as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 2020 Storage properties* ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at beginning of year ​ $ 7,183,494 ​ $ 5,489,754 ​ $ 4,699,844 Acquisitions & improvements ​ 191,495 ​ 1,795,965 ​ 825,247 Fully depreciated assets ​ (32,344) ​ (52,722) ​ (83,418) Dispositions and other ​ (6,230) ​ (19,408) ​ (8,533) Construction in progress, net ​ (40,637) ​ (30,095) ​ 14,718 Right-of-use assets - finance leases ​ ​ — ​ ​ — ​ ​ 41,896 Balance at end of year ​ $ 7,295,778 ​ $ 7,183,494 ​ $ 5,489,754 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated depreciation* ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at beginning of year ​ $ 1,085,824 ​ $ 983,940 ​ $ 925,359 Depreciation expense ​ 195,522 ​ 160,933 ​ 143,952 Fully depreciated assets ​ (32,344) ​ (52,722) ​ (83,418) Dispositions and other ​ (1,227) ​ (6,327) ​ (1,953) Balance at end of year ​ $ 1,247,775 ​ $ 1,085,824 ​ $ 983,940 Storage properties, net ​ $ 6,048,003 ​ $ 6,097,670 ​ $ 4,505,814 ​ * ​ As of December 31, 2022, the aggregate cost of Storage properties for federal income tax purposes was approximately $7,643.8 million.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2022
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Principles of Consolidation	Principles of Consolidation ​ The accompanying consolidated financial statements include all of the accounts of the Company and its majority-owned and/or controlled subsidiaries. The portion of these entities not owned by the Company is presented as noncontrolling interests as of and during the periods consolidated. All significant intercompany accounts and transactions have been eliminated in consolidation. ​ When the Company obtains an economic interest in an entity, the Company evaluates the entity to determine if the entity is deemed a variable interest entity (“VIE”) and if the Company is deemed to be the primary beneficiary in accordance with authoritative guidance issued on the consolidation of VIEs. To the extent that the Company (i) has the power to direct the activities of the VIE that most significantly impact the economic performance of the VIE and (ii) has the obligation or rights to absorb the VIE's losses or receive its benefits, then the Company is considered the primary beneficiary. When an entity is not deemed to be a VIE, the Company considers the provisions of additional guidance to determine whether a general partner, or the general partners as a group, controls a limited partnership or similar entity when the limited partners have certain rights. The Company consolidates (i) entities that are VIEs and of which the Company is deemed to be the primary beneficiary, and (ii) entities that are non-VIEs which the Company controls and which the limited partners do not have the ability to dissolve or remove the Company without cause nor substantive participating rights. ​ The Operating Partnership meets the criteria as a VIE. The Parent Company’s sole significant asset is its investment in the Operating Partnership. As a result, substantially all of the Parent Company’s assets and liabilities represent those assets and liabilities of the Operating Partnership. All of the Parent Company’s debt is an obligation of the Operating Partnership.
Noncontrolling Interests	Noncontrolling Interests ​ The Financial Accounting Standards Board (“FASB”) issued authoritative guidance regarding noncontrolling interests in consolidated financial statements which was effective on January 1, 2009. The guidance states that noncontrolling interests are the portion of equity (net assets) in a subsidiary not attributable, directly or indirectly, to a parent. The ownership interests in the subsidiary that are held by owners other than the parent are noncontrolling interests. Under the guidance, such noncontrolling interests are reported on the consolidated balance sheets within equity, separately from the Company’s equity. On the consolidated statements of operations, revenues, expenses and net income or loss from controlled or consolidated entities that are less than wholly owned are reported at the consolidated amounts, including both the amounts attributable to the Company and noncontrolling interests. Presentation of consolidated equity activity is included for both quarterly and annual financial statements, including beginning balances, activity for the period and ending balances for shareholders’ equity, noncontrolling interests and total equity. ​ However, per the FASB issued authoritative guidance on the classification and measurement of redeemable securities, securities that are redeemable for cash or other assets at the option of the holder, not solely within the control of the issuer, must be classified outside of permanent equity. This would result in certain outside ownership interests being included as redeemable noncontrolling interests outside of permanent equity in the consolidated balance sheets. The Company makes this determination based on terms in applicable agreements, specifically in relation to redemption provisions. Additionally, with respect to noncontrolling interests for which the Company has a choice to settle the contract by delivery of its own shares, the Company considered the FASB issued guidance on accounting for derivative financial instruments indexed to, and potentially settled in, a Company’s own stock to evaluate whether the Company controls the actions or events necessary to issue the maximum number of shares that could be required to be delivered under share settlement of the contract. The guidance also requires that noncontrolling interests are adjusted each period so that the carrying value equals the greater of its carrying value based on the accumulation of historical cost or its redemption fair value. ​ The consolidated results of the Company include results attributable to units of the Operating Partnership that are not owned by the Company. These interests were issued in the form of OP units and were a component of the consideration the Company paid to acquire certain self-storage properties. Limited partners who acquired OP units have the right to require the Operating Partnership to redeem part or all of their OP units for, at the Company’s option, an equivalent number of common shares of the Company or cash based upon the fair value of an equivalent number of common shares of the Company. However, the operating agreement contains certain circumstances that could result in a net cash settlement outside the control of the Company, as the Company does not have the ability to settle in unregistered shares. Accordingly, consistent with the guidance discussed above, the Company will continue to record these noncontrolling interests outside of permanent equity in the consolidated balance sheets. Net income or loss related to these noncontrolling interests is excluded from net income or loss in the consolidated statements of operations. The Company has adjusted the carrying value of its noncontrolling interests subject to redemption value to the extent applicable. Based on the Company’s evaluation of the redemption value of the redeemable noncontrolling interests, the Operating Partnership reflected these interests at their redemption value as of December 31, 2022, as the estimated redemption value exceeded their carrying value. Disclosure of such redemption provisions is provided in note 12. ​
Estimates	Estimates ​ The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Although management believes the assumptions and estimates made are reasonable and appropriate, as discussed in the applicable sections throughout these consolidated financial statements, different assumptions and estimates could materially impact the Company’s reported results. The current economic environment has increased the degree of uncertainty inherent in these estimates and assumptions, and changes in market conditions could impact the Company’s future operating results. ​
Self-Storage Properties	Self-Storage Properties ​ Self-storage properties are carried at historical cost less accumulated depreciation and impairment losses. The cost of self-storage properties reflects their purchase price or development cost. Acquisition costs are accounted for in accordance with Accounting Standard Update (“ASU”) No. 2017-01 - Business Combinations (Topic 805): Clarifying the Definition of a Business, which was adopted on January 1, 2018, and are generally capitalized. Costs incurred for the renovation of a store are capitalized to the Company’s investment in that store. Ordinary repairs and maintenance are expensed as incurred. Major replacements and betterments, which improve or extend the life of the asset, are capitalized and depreciated over their estimated useful lives. The costs to develop self-storage properties are capitalized to construction in progress while the projects are under development. ​
Purchase Price Allocation	Purchase Price Allocation ​ When stores are acquired, the purchase price is allocated to the tangible and intangible assets acquired and liabilities assumed based on estimated fair values. Allocations to land, building and improvements and equipment are recorded based upon their respective fair values as estimated by management. If appropriate, the Company allocates a portion of the purchase price to an intangible asset attributed to the value of in-place leases. This intangible is generally amortized to expense over the expected remaining term of the respective leases. Substantially all of the storage leases in place at acquired stores are at market rates, as the majority of the leases are month-to-month contracts. Accordingly, to date, no portion of the purchase price has been allocated to above- or below-market lease intangibles associated with storage leases assumed at acquisition. Above- or below- market lease intangibles associated with assumed leases in which the Company serves as lessee are recorded as an adjustment to the right-of-use asset and reflect the difference between the contractual amounts to be paid pursuant to each in-place lease and management’s estimate of fair market lease rates. These amounts are amortized over the term of the lease. To date, no intangible asset has been recorded for the value of customer relationships, because the Company does not have any concentrations of significant customers and the average customer turnover is fairly frequent.
Depreciation and Amortization	Depreciation and Amortization ​ The costs of self-storage properties and improvements are depreciated using the straight-line method based on useful lives ranging from five to 39 years . Right-of-use assets associated with finance leases are amortized from the lease commencement date to the earlier of the useful life of the right-to-use asset or the end of the lease term. Fully depreciated or amortized assets and the associated accumulated depreciation or amortization are written off. The Company wrote off fully depreciated or amortized real estate assets and in-place lease intangible assets of $32.3 million and $121.6 million, respectively, for the year ended December 31, 2022, and $52.7 million and $59.9 million, respectively, for the year ended December 31, 2021. ​
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets ​ We evaluate long-lived assets for impairment when events and circumstances such as declines in occupancy and operating results indicate that there may be an impairment. The carrying value of these long-lived assets is compared to the undiscounted future net operating cash flows, plus a terminal value, attributable to the assets to determine if the asset’s basis is recoverable. If a store’s basis is not considered recoverable, an impairment loss is recorded to the extent the net carrying value of the asset exceeds the fair value. The impairment loss recognized equals the excess of net carrying value over the related fair value of the asset. There were no impairment losses recognized during the years ended December 31, 2022, 2021 and 2020. ​
Long-Lived Assets Held for Sale	Long-Lived Assets Held for Sale ​ We consider long-lived assets to be “held for sale” upon satisfaction of the following criteria: (a) management commits to a plan to sell an asset (or group of assets), (b) the asset is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets, (c) an active program to locate a buyer and other actions required to complete the plan to sell the asset have been initiated, (d) the sale of the asset is probable and transfer of the asset is expected to be completed within one year , (e) the asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value and (f) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. ​ Typically these criteria are all met when the relevant asset is under contract, significant non-refundable deposits have been made by the potential buyer, the assets are immediately available for transfer, and there are no contingencies related to the sale that may prevent the transaction from closing. However, each potential transaction is evaluated based on its separate facts and circumstances. Assets classified as held for sale are reported at the lesser of carrying value or fair value less estimated costs to sell and are not depreciated. The California Yacht Club acquired through our acquisition of LAACO (defined below) has been classified as held for sale as of December 31, 2022. There were no stores classified as held for sale as of December 31, 2022. ​
Cash and Cash Equivalents	Cash and Cash Equivalents ​ Cash and cash equivalents are highly-liquid investments with original maturities of three months or less. The Company may maintain cash equivalents in financial institutions in excess of insured limits, but believes this risk is mitigated by only investing in or through major financial institutions. ​
Restricted Cash	Restricted Cash ​ Restricted cash generally consists of cash deposits required for debt service, capital replacement and expense reserves in connection with the terms of our loan agreements.
Loan Procurement Costs	Loan Procurement Costs ​ Loan procurement costs related to borrowings were $53.9 million and $50.1 million as of December 31, 2022 and 2021, respectively, and are reported net of accumulated amortization of $19.8 million and $14.3 million as of December 31, 2022 and 2021, respectively. In accordance with ASU No. 2015-03, Loan procurement costs, net are presented as a direct deduction from the carrying amount of the related debt liability. If there is not an associated debt liability recorded on the consolidated balance sheets, the costs are recorded as an asset net of accumulated amortization. Loan procurement costs associated with the Company’s revolving credit facility remain in Loan procurement costs, net of amortization on the Company’s consolidated balance sheets. The costs are amortized over the estimated life of the related debt using the effective interest method and are reported as Loan procurement amortization expense on the Company’s consolidated statements of operations.
Other Assets	Other Assets ​ Other assets are comprised of the following as of December 31, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2022 2021 ​ ​ (in thousands) Intangible assets, net of accumulated amortization of $2,263 and $12,760, respectively ​ $ 1,181 ​ $ 108,794 Accounts receivable, net ​ 7,932 ​ 8,145 Prepaid property taxes ​ 8,033 ​ 6,938 Prepaid property and casualty insurance ​ 2,129 ​ 3,352 Amounts due from affiliates (see note 14) ​ ​ 15,947 ​ ​ 15,417 Assets related to deferred compensation arrangements ​ ​ 55,572 ​ ​ 60,297 Right-of-use assets - operating leases ​ ​ 49,491 ​ ​ 54,741 Ground lease receivable ​ ​ 6,138 ​ ​ — Other ​ 7,559 ​ 8,021 Total other assets, net ​ $ 153,982 ​ $ 265,705 ​
Environmental Costs	Environmental Costs ​ Our practice is to conduct or obtain environmental assessments in connection with the acquisition or development of additional stores. Whenever the environmental assessment for one of the Company’s stores indicates that a store is impacted by soil or groundwater contamination from prior owners/operators or other sources, the Company will work with environmental consultants and where appropriate, state governmental agencies, to ensure that the store is either cleaned up, that no cleanup is necessary because the low level of contamination poses no significant risk to public health or the environment or that the responsibility for cleanup rests with a third party. ​
Revenue Recognition	Revenue Recognition ​ Management has determined that substantially all of the Company’s leases are operating leases. Rental income is recognized in accordance with the terms of the leases, which generally are month-to-month. ​ The Company recognizes gains from sales of real estate in accordance with the guidance on transfer of nonfinancial assets. Payments received from purchasers prior to closing are recorded as deposits. Profit on real estate sold is recognized when a valid contract exists, the collectability of the sales price is reasonably assured and the control of the property has transferred. ​
Advertising and Marketing Costs	Advertising and Marketing Costs ​ The Company incurs advertising and marketing costs primarily attributable to internet marketing and other media advertisements. These costs are expensed as incurred. The Company incurred $22.4 million, $21.0 million and $16.9 million in advertising and marketing expenses for the years ended December 31, 2022, 2021 and 2020, respectively, which are included in Property operating expenses on the Company’s consolidated statements of operations. ​
Equity Offering Costs	Equity Offering Costs ​ Underwriting discounts and commissions, financial advisory fees and other offering costs are reflected as a reduction to additional paid-in capital. For the years ended December 31, 2022, 2021 and 2020, the Company recognized $0.2 million, $28.3 million and $1.5 million, respectively, of equity offering costs related to the issuance of common shares. ​
Other Property Related Income	Other Property Related Income ​ Other property related income consists of late fees, administrative charges, customer storage protection plan fees, sales of storage supplies and other ancillary revenues and is recognized in the period that it is earned. ​
Capitalized Interest	Capitalized Interest ​ The Company capitalizes interest incurred that is directly associated with construction activities until the asset is placed into service. Interest is capitalized to the related asset(s) using the weighted average rate of the Company’s outstanding debt. For the years ended December 31, 2022, 2021 and 2020, the Company capitalized
Derivative Financial Instruments	Derivative Financial Instruments ​ The Company carries all derivatives on the balance sheet at fair value. The Company determines the fair value of derivatives by observable prices that are based on inputs not quoted on active markets, but corroborated by market data. The accounting for changes in the fair value of a derivative instrument depends on whether the derivative has been designated and qualifies as part of a hedging relationship and, if so, the reason for holding it. The Company’s use of derivative instruments has been limited to cash flow hedges of certain interest rate risks. The Company had no outstanding derivatives as of December 31, 2022 or 2021. ​
Income Taxes	Income Taxes ​ The Company has elected to be taxed as a REIT under Sections 856-860 of the Internal Revenue Code since the Company’s commencement of operations in 2004. In management’s opinion, the requirements to maintain these elections are being met. Accordingly, no provision for federal income taxes has been reflected in the consolidated financial statements other than for operations conducted through our taxable REIT subsidiaries. ​ Earnings and profits, which determine the taxability of distributions to shareholders, differ from net income reported for financial reporting purposes due to differences in cost basis, the estimated useful lives used to compute depreciation, and the allocation of net income and loss for financial versus tax reporting purposes. The net tax basis in the Company’s assets was approximately $6,145.8 million and $6,113.5 million as of December 31, 2022 and 2021, respectively. ​ Since the Company’s initial quarter as a publicly-traded REIT, it has made regular quarterly distributions to its shareholders. Distributions to shareholders are usually taxable as ordinary income, although a portion of the distribution may be designated as capital gain or may constitute a tax-free return of capital. Annually, the Company provides each of its shareholders a statement detailing the tax characterization of dividends paid during the preceding year as ordinary income, capital gain or return of capital. The characterization of the Company’s dividends for 2022 consisted of an 88.7377% ordinary income distribution and an 11.2623% capital gain distribution. ​ The Company is subject to a 4% federal excise tax if sufficient taxable income is not distributed within prescribed time limits. The excise tax equals 4% of the annual amount, if any, by which the sum of (a) 85% of the Company’s ordinary income, (b) 95% of the Company’s net capital gains and (c) 100% of prior taxable income exceeds cash distributions and certain taxes paid by the Company. No excise tax was incurred in 2022, 2021 or 2020. ​ Taxable REIT subsidiaries are subject to federal and state income taxes. Our taxable REIT subsidiaries had a net deferred tax liability of $1.0 million and $0.7 million as of December 31, 2022 and 2021, respectively.
Earnings per Share and Unit	Earnings per Share and Unit ​ Basic earnings per share and unit are calculated based on the weighted average number of common shares and restricted shares outstanding during the period. Diluted earnings per share and unit is calculated by further adjusting for the dilutive impact of share options, unvested restricted shares and contingently issuable shares outstanding during the period using the treasury stock method. Potentially dilutive securities calculated under the treasury stock method were
Share-Based Payments	Share-Based Payments ​ We apply the fair value method of accounting for contingently issued shares and share options issued under our incentive award plan. Accordingly, share compensation expense is recorded ratably over the vesting period relating to such contingently issued shares and options. The Company has recognized compensation expense on a straight-line method over the requisite service period, which is included in general and administrative expense on the Company’s consolidated statement of operations. The Company recognizes forfeitures on share-based payments as they occur. ​
Investments in Unconsolidated Real Estate Ventures	Investments in Unconsolidated Real Estate Ventures ​ The Company accounts for its investments in unconsolidated real estate ventures under the equity method of accounting when it is determined that the Company has the ability to exercise significant influence over the venture. Under the equity method, investments in unconsolidated real estate ventures are recorded initially at cost, as investments in real estate ventures, and subsequently adjusted for equity in earnings (losses), cash contributions, distributions and impairments. On a periodic basis, management assesses whether there are any indicators that the value of the Company’s investments in unconsolidated real estate ventures may be other than temporarily impaired. An investment is impaired only if the fair value of the investment, as estimated by management, is less than the carrying value of the investment and the decline is other than temporary. To the extent impairment that is other than temporary has occurred, the loss shall be measured as the excess of the carrying amount of the investment over the fair value of the investment, as estimated by management. The determination as to whether impairment exists requires significant management judgment about the fair value of the Company’s ownership interest. Fair value is determined through various valuation techniques, including but not limited to, discounted cash flow models, quoted market values and third-party appraisals. There were ​ Differences between the Company's net investment in unconsolidated real estate ventures and its underlying equity in the net assets of the ventures are primarily a result of the Company acquiring interests in existing unconsolidated real estate ventures. As of December 31, 2022 and 2021, the Company’s net investment in unconsolidated real estate ventures was greater than its underlying equity in the net assets of the unconsolidated real estate ventures by an aggregate of $32.7 million and $33.6 million, respectively. These differences are amortized over the lives of the self-storage properties owned by the real estate ventures. This amortization is included in equity in earnings of real estate ventures on the Company’s consolidated statements of operations.
Recent Accounting Pronouncements	Recent Accounting Pronouncements ​ In August 2020, the FASB issued ASU No. 2020-06 – Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in an Entity’s Own Equity (Subtopic 815-40). The new guidance eliminates the beneficial conversion and cash conversion accounting models for convertible instruments. It also amends the accounting for certain contracts in an entity’s own equity that are currently accounted for as derivatives because of certain settlement provisions. In addition, the new guidance modifies how particular convertible instruments and certain contracts that may be settled in cash or shares impact the diluted earnings per share computation. The standard was effective on January 1, 2022. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements. ​
Concentration of Credit Risk	Concentration of Credit Risk ​ The Company’s stores are located in major metropolitan and rural areas and have numerous customers per store. No single customer represents a significant concentration of our revenues. The stores in New York, Florida, California and Texas provided approximately 16%, 15%, 11% and 9%, respectively, of the Company’s total revenues for the year ended December 31, 2022. The stores in New York, Florida, Texas and California provided approximately 19%, 15%, 9% and 8%, respectively, of the Company’s total revenues for the year ended December 31, 2021. The stores in New York, Florida, Texas and California provided approximately 16%, 15%, 9% and 8%, respectively, of the Company’s total revenues for the year ended December 31, 2020.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2022
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Schedule of other assets	Other assets are comprised of the following as of December 31, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2022 2021 ​ ​ (in thousands) Intangible assets, net of accumulated amortization of $2,263 and $12,760, respectively ​ $ 1,181 ​ $ 108,794 Accounts receivable, net ​ 7,932 ​ 8,145 Prepaid property taxes ​ 8,033 ​ 6,938 Prepaid property and casualty insurance ​ 2,129 ​ 3,352 Amounts due from affiliates (see note 14) ​ ​ 15,947 ​ ​ 15,417 Assets related to deferred compensation arrangements ​ ​ 55,572 ​ ​ 60,297 Right-of-use assets - operating leases ​ ​ 49,491 ​ ​ 54,741 Ground lease receivable ​ ​ 6,138 ​ ​ — Other ​ 7,559 ​ 8,021 Total other assets, net ​ $ 153,982 ​ $ 265,705 ​

STORAGE PROPERTIES (Tables)

STORAGE PROPERTIES (Tables)	12 Months Ended
	Dec. 31, 2022
STORAGE PROPERTIES
Summary of real estate assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2022 2021 ​ ​ ​ (in thousands) ​ Land ​ $ 1,588,138 ​ $ 1,565,463 ​ Buildings and improvements ​ 5,483,506 ​ 5,368,383 ​ Equipment ​ 144,605 ​ 129,531 ​ Construction in progress ​ 37,584 ​ 78,221 ​ Right-of-use assets - finance leases ​ ​ 41,945 ​ ​ 41,896 ​ Storage properties ​ 7,295,778 ​ 7,183,494 ​ Less: Accumulated depreciation ​ (1,247,775) ​ (1,085,824) ​ Storage properties, net ​ $ 6,048,003 ​ $ 6,097,670 ​
Schedule of acquisitions and dispositions of real estate assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Purchase / Sale Price Asset/Portfolio ​ Metropolitan Statistical Area ​ Transaction Date ​ Stores ​ (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 Acquisitions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Maryland Asset ​ Washington-Arlington-Alexandria, DC-VA-MD-WV ​ February 2022 ​ 1 ​ $ 32,000 ​ Texas Asset ​ San Antonio, TX ​ June 2022 ​ 1 ​ ​ 23,000 ​ Georgia Asset ​ Atlanta, GA ​ July 2022 ​ 1 ​ ​ 20,700 ​ ​ ​ ​ ​ ​ ​ 3 ​ $ 75,700 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 Acquisitions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Texas Asset ​ San Antonio, TX ​ February 2020 ​ 1 ​ $ 9,025 ​ Maryland Asset ​ Baltimore-Towson, MD ​ April 2020 ​ 1 ​ ​ 17,200 ​ New Jersey Asset ​ New York-Northern New Jersey-Long Island, NY-NJ-PA ​ April 2020 ​ 1 ​ ​ 48,450 ​ Florida Asset ​ Palm Bay-Melbourne-Titusville, FL ​ November 2020 ​ 1 ​ ​ 3,900 ​ Texas Asset ​ Austin-Round Rock, TX ​ November 2020 ​ 1 ​ ​ 10,750 ​ Texas Asset ​ Dallas-Fort Worth-Arlington, TX ​ November 2020 ​ 1 ​ ​ 10,150 ​ Nevada Asset ​ Las Vegas-Paradise, NV ​ December 2020 ​ 1 ​ ​ 16,800 ​ New York Asset ​ New York-Northern New Jersey-Long Island, NY-NJ-PA ​ December 2020 ​ 1 ​ ​ 6,750 ​ Florida Asset ​ Tampa-St. Petersburg-Clearwater, FL ​ December 2020 ​ 1 ​ ​ 10,000 ​ Virginia Asset ​ Washington-Arlington-Alexandria, DC-VA-MD-WV ​ December 2020 ​ 1 ​ ​ 17,350 ​ Storage Deluxe Assets ​ New York-Northern New Jersey-Long Island, NY-NJ-PA ​ December 2020 ​ 8 ​ ​ 540,000 ​ Florida Assets ​ Orlando-Kissimmee, FL / Deltona-Daytona Beach-Ormond Beach, FL ​ December 2020 ​ 3 ​ ​ 45,500 ​ ​ ​ ​ ​ ​ ​ 21 ​ $ 735,875 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 Disposition: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ New York Asset ​ New York-Northern New Jersey-Long Island, NY-NJ-PA ​ December 2020 ​ 1 ​ $ 12,750 ​ ​ ​ ​ ​ ​ ​ 1 ​ $ 12,750 ​ ​ (1) Acquired by a consolidated joint venture in which the Company holds a 50% interest. ​ (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 year ended December 31, 2022. The California Yacht Club is classified as held for sale on the Company’s consolidated balance sheets as of December 31, 2022 (see note 4).

INVESTMENT ACTIVITY (Tables)

INVESTMENT ACTIVITY (Tables)	12 Months Ended
	Dec. 31, 2022
INVESTMENT ACTIVITY
Schedule of capitalized costs for investments in storage properties	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CubeSmart ​ ​ ​ ​ ​ Number of ​ ​ ​ Ownership ​ Total Store Location Stores Date Opened ​ Interest ​ Construction Costs ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Valley Stream, NY ​ 1 ​ Q3 2022 ​ 51% ​ $ 39,000 Vienna, VA (1) ​ 1 ​ Q2 2022 ​ 80% ​ ​ 21,800 Newton, MA (2) ​ 1 ​ Q4 2021 ​ 100% ​ ​ 20,800 East Meadow, NY (3) ​ 1 ​ Q2 2021 ​ 100% ​ ​ 25,900 King of Prussia, PA ​ 1 ​ Q2 2021 ​ 70% ​ ​ 22,800 Arlington, VA (1) ​ 1 ​ Q1 2021 ​ 90% ​ ​ 26,400 Brooklyn, NY (3) ​ 1 ​ Q2 2020 ​ 100% ​ ​ 45,900 ​ ​ 7 ​ ​ ​ ​ ​ $ 202,600 ​ (1) Each of these stores are located adjacent to an existing consolidated joint venture store. Given this proximity, each of these stores has been combined with the adjacent existing store in our store count upon opening, as well as for operational and reporting purposes. ​ (2) 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 this 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. ​ (3) These stores were previously owned by two separate consolidated joint ventures, of which the Company held a 51% ownership interest in each. On September 29, 2020, the noncontrolling member in the venture that owned the Brooklyn, NY store put its 49% interest in the venture to the Company for $10.0 million, of which $1.0 million was paid in cash. The Company issued 276,497 OP Units that were valued at approximately $9.0 million as consideration for the remainder of the purchase price (see note 12). On June 29, 2021, the noncontrolling member in the venture that owned the East Meadow, NY store put its 49% interest in the venture to the Company for $6.6 million. The cash payments related to these transactions are included in Development costs in the consolidated statements of cash flows.
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 (included in total costs contemplated above) $ 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, $10.3 million and $14.8 million were included in the component of other (expense) income designated as Other for the years ended December 31, 2022 and 2021, respectively. ​ (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 ​

INVESTMENT IN UNCONSOLIDATED _2

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURE (Tables)	12 Months Ended
	Dec. 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 ​ December 31, ​ December 31, Unconsolidated Real Estate Ventures Interest ​ 2022 ​ 2021 2022 ​ 2021 Fontana Self Storage, LLC ("Fontana") (1) ​ 50% ​ 1 ​ 1 ​ $ 13,789 ​ $ 14,225 Rancho Cucamonga Self Storage, LLC ("RCSS") (1) ​ 50% ​ 1 ​ 1 ​ ​ 20,994 ​ ​ 21,536 191 V CUBE LLC ("HVP V") (2) ​ 20% ​ 6 ​ 5 ​ ​ 14,318 ​ ​ 16,080 191 IV CUBE Southeast LLC ("HVPSE") (3) ​ 10% ​ - ​ 14 ​ ​ — ​ ​ 4,541 191 IV CUBE LLC ("HVP IV") ​ 20% ​ 28 ​ 28 ​ ​ 19,853 ​ ​ 23,223 CUBE HHF Northeast Venture LLC ("HHFNE") ​ 10% ​ 13 ​ 13 ​ ​ 1,101 ​ ​ 1,291 CUBE HHF Limited Partnership ("HHF") ​ 50% ​ 28 ​ 28 ​ ​ 35,938 ​ ​ 38,855 ​ ​ ​ ​ 77 ​ 90 ​ $ 105,993 ​ $ 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 December 31, 2022, this difference was $13.1 million for Fontana and $19.6 million for RCSS. These differences are being amortized over the expected useful life of the self-storage properties owned by the ventures. ​ (2) During the year ended December 31, 2022, HVP V acquired one store located in New Jersey for a purchase price of $33.2 million. The Company contributed $0.1 million towards this purchase, which was primarily funded by HVP V's secured term loan. ​ (3) On August 30, 2022, HVPSE sold all 14 of its stores to an unaffiliated third-party buyer for an aggregate sales price of $235.0 million. The stores owned by HVPSE were located in Florida (2) , Georgia (8) and South Carolina (4) . As of the transaction date, HVPSE had an $81.6 million secured term loan, which was repaid in full at the time of the sale. Net proceeds to the venture from the transaction totaled $150.1 million, of which $49.9 million were distributed to the Company. The venture recorded gains which aggregated to approximately $114.1 million in connection with the sale. As of December 31, 2022, the venture retained cash of $3.5 million to pay venture-level expenses. After such expenses are paid, any remaining proceeds will be distributed to the venture’s partners per the terms of the operating agreement. ​
Summary of the financial position of the ventures	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2022 2021 Assets ​ (in thousands) Storage properties, net ​ $ 741,563 ​ $ 850,250 Other assets ​ 11,708 ​ 34,760 Total assets ​ $ 753,271 ​ $ 885,010 ​ ​ ​ ​ ​ ​ ​ Liabilities and equity ​ ​ ​ ​ ​ ​ Debt ​ $ 468,783 ​ $ 526,972 Other liabilities ​ ​ 16,626 ​ ​ 14,500 Equity ​ ​ ​ ​ ​ ​ CubeSmart ​ 73,289 ​ ​ 86,083 Joint venture partners ​ 194,573 ​ ​ 257,455 Total liabilities and equity ​ $ 753,271 ​ $ 885,010 ​
Summary of results of operations of the ventures	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ 2022 2021 2020 ​ ​ (in thousands) ​ Total revenues ​ $ 102,910 ​ $ 88,449 ​ $ 67,239 ​ Operating expenses ​ (42,408) ​ (37,967) ​ (30,755) ​ Other expenses ​ ​ (484) ​ ​ (1,138) ​ ​ (430) ​ Interest expense, net ​ (15,568) ​ (12,031) ​ (11,585) ​ Depreciation and amortization ​ (36,866) ​ (37,805) ​ (33,086) ​ Gains from sale of real estate, net ​ ​ 114,107 ​ ​ 46,966 ​ ​ — ​ Net income (loss) ​ $ 121,691 ​ $ 46,474 ​ $ (8,617) ​ Company’s share of net income (loss) ​ $ 48,877 ​ $ 25,275 ​ $ 178 ​

UNSECURED SENIOR NOTES (Tables)

UNSECURED SENIOR NOTES (Tables)	12 Months Ended
	Dec. 31, 2022
Senior Notes
Summary of debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ ​ (11,801) ​ ​ (13,455) ​ ​ ​ ​ ​ ​ ​ Less: Loan procurement costs, net ​ ​ (15,849) ​ ​ (18,336) ​ ​ ​ ​ ​ ​ ​ Total unsecured senior notes, net ​ $ 2,772,350 ​ $ 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	12 Months Ended
	Dec. 31, 2022
Summary of debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying Value as of ​ ​ ​ ​ ​ ​ December 31, Effective ​ Maturity Mortgage Loans and Notes Payable 2022 2021 Interest Rate ​ Date ​ ​ (in thousands) ​ ​ ​ ​ ​ Nashville V, TN ​ $ 2,148 ​ $ 2,206 ​ 3.85 % ​ Jun-23 New York, NY ​ ​ 28,669 ​ ​ 29,340 ​ 3.51 % ​ Jun-23 Annapolis I, MD ​ ​ 4,906 ​ ​ 5,099 ​ 3.78 % ​ May-24 Brooklyn XV, NY ​ ​ 15,093 ​ ​ 15,423 ​ 2.15 % ​ May-24 Long Island City IV, NY ​ ​ 12,270 ​ ​ 12,580 ​ 2.15 % ​ May-24 Long Island City II, NY ​ ​ 18,283 ​ ​ 18,714 ​ 2.25 % ​ Jul-26 Long Island City III, NY ​ ​ 18,290 ​ ​ 18,723 ​ 2.25 % ​ Aug-26 Flushing II, NY ​ ​ 54,300 ​ ​ 54,300 ​ 2.15 % ​ Jul-29 Principal balance outstanding ​ ​ 153,959 ​ ​ 156,385 ​ ​ ​ ​ ​ Plus: Unamortized fair value adjustment ​ ​ 10,228 ​ 12,981 ​ ​ ​ ​ ​ Less: Loan procurement costs, net ​ ​ (1,269) ​ ​ (1,690) ​ ​ ​ ​ ​ Total mortgage loans and notes payable, net ​ $ 162,918 ​ $ 167,676 ​ ​ ​ ​ ​ ​
Schedule of the future principal payment requirements on the outstanding mortgage loans and notes payable	​ ​ ​ ​ ​ 2023 $ 32,591 2024 ​ 32,329 2025 ​ 979 2026 ​ 33,760 2027 ​ — 2028 and thereafter ​ 54,300 Total mortgage payments ​ 153,959 Plus: Unamortized fair value adjustment ​ 10,228 Less: Loan procurement costs, net ​ ​ (1,269) Total mortgage loans and notes payable, net ​ $ 162,918

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	12 Months Ended
	Dec. 31, 2022
ACCUMULATED OTHER COMPREHENSIVE LOSS
Summary of changes in accumulated other comprehensive loss by component	​ Accumulated other comprehensive loss represents unrealized losses on interest rate swaps (see note 10). The following table summarizes the changes in accumulated other comprehensive loss for the years ended December 31, 2022 and 2021. ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2022 ​ 2021 ​ ​ (in thousands) Beginning balance $ (575) ​ $ (656) Reclassification of realized losses on interest rate swaps (1) ​ 81 ​ ​ 81 Ending balance ​ (494) ​ ​ (575) Less: portion included in noncontrolling interests in the Operating Partnership ​ 3 ​ ​ 5 Total accumulated other comprehensive loss included in equity $ (491) ​ $ (570) ​ (1) See note 10 for additional information about the effects of the amounts reclassified.

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	12 Months Ended
	Dec. 31, 2022
FAIR VALUE MEASUREMENTS
Schedule of financial assets and liabilities carried at fair value	​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ December 31, 2021 ​ ​ (in thousands) Carrying value $ 2,996,168 ​ $ 3,145,785 Fair value ​ 2,568,103 ​ ​ 3,256,128 ​

NONCONTROLLING INTERESTS (Table

NONCONTROLLING INTERESTS (Tables)	12 Months Ended
	Dec. 31, 2022
NONCONTROLLING INTERESTS
Schedule of noncontrolling interests in subsidiaries	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CubeSmart ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number ​ Ownership ​ December 31, 2022 Consolidated Joint Ventures of Stores Interest ​ Total Assets ​ Total Liabilities ​ Related Party Loans (1) ​ ​ ​ ​ ​ ​ (in thousands) 1074 Raritan Road, LLC ("Clark") ​ 1 ​ 90% ​ $ 3,500 ​ $ 5 ​ $ — Astoria Investors, LLC ("Astoria") ​ 1 ​ 70% ​ ​ 24,763 ​ ​ 10,161 ​ ​ 9,238 CS 750 W Merrick Rd, LLC ("Merrick") ​ 1 ​ 51% ​ ​ 37,140 ​ ​ 17,142 ​ ​ — CS Lock Up Anoka, LLC ("Anoka") ​ 1 ​ 50% ​ ​ 10,934 ​ ​ 5,581 ​ ​ 5,540 CS Valley Forge Village Storage, LLC ("VFV") ​ 1 ​ 70% ​ ​ 20,576 ​ ​ 14,863 ​ ​ 14,792 CS Vienna, LLC ("Vienna") ​ 1 ​ 80% ​ ​ 32,400 ​ ​ 35,085 ​ ​ 34,875 SH3, LLC ("SH3") ​ 1 ​ 90% ​ ​ 38,165 ​ ​ 274 ​ ​ — ​ ​ 7 ​ ​ ​ $ 167,478 ​ $ 83,111 ​ $ 64,445 ​ (1) Related party loans represent amounts payable from the joint venture to the Company and are included in total liabilities within the table above. The loans and related party interest have been eliminated for consolidation purposes. ​

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Dec. 31, 2022
LEASES
Summary of lease cost	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ 2022 2021 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Finance lease cost: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization of finance lease right-of-use assets ​ ​ ​ $ 964 ​ $ 964 ​ $ 49 Interest expense related to finance lease liabilities ​ ​ ​ ​ 2,140 ​ ​ 2,139 ​ ​ 64 Operating lease cost ​ ​ ​ ​ 2,980 ​ ​ 3,278 ​ ​ 2,856 Short-term lease cost (1) ​ ​ ​ 868 ​ ​ 1,173 ​ ​ 1,114 Total lease costs ​ ​ ​ $ 6,952 ​ $ 7,554 ​ $ 4,083 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash paid for amounts included in measurement of lease liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating cash outflows for finance leases ​ ​ ​ $ 2,183 ​ $ 1,938 ​ $ — Operating cash outflows for operating leases ​ ​ ​ ​ 2,453 ​ ​ 2,513 ​ ​ 2,186 Total cash outflows for lease liability measurement ​ ​ ​ $ 4,636 ​ $ 4,451 ​ $ 2,186 ​ (1) Represents automobile leases that have a lease term of 12 months . The Company has made an accounting policy election not to apply the recognition requirements of ASC 842 to this asset class. The lease cost associated with these leases is recognized on a straight-line basis over the related lease term. ​
Schedule of balance sheet information associated with operating leases	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2022 ​ 2021 ​ ​ ​ (dollars in thousands) ​ Finance Leases ​ ​ ​ ​ ​ ​ ​ Right-of-use assets included in Storage properties, net ​ $ 41,945 ​ $ 40,932 ​ Lease liabilities included in Lease liabilities - finance leases ​ $ 65,758 ​ $ 65,801 ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Leases ​ ​ ​ ​ ​ ​ ​ Right-of-use assets included in Other assets, net ​ $ 49,491 ​ $ 54,741 ​ Lease liabilities included in Accounts payable, accrued expenses and other liabilities ​ $ 48,664 ​ $ 54,018 ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average Lease Term (in years) ​ ​ ​ ​ ​ ​ ​ Finance leases ​ ​ 41.5 ​ ​ 42.5 ​ Operating leases ​ ​ 33.3 ​ ​ 34.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average Discount Rate ​ ​ ​ ​ ​ ​ ​ Finance leases ​ ​ 3.25 % ​ 3.25 % Operating leases ​ ​ 4.44 % ​ 4.46 % ​
Schedule of future operating lease liability maturities	The following table represents the future lease liability maturities as of December 31, 2022 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Finance ​ Operating 2023 $ 2,183 $ 2,484 2024 ​ 2,183 ​ 2,334 2025 ​ 2,224 ​ 2,322 2026 ​ 2,334 ​ 2,386 2027 ​ 2,371 ​ 2,416 2028 and thereafter ​ 118,227 ​ 86,094 Total lease payments ​ 129,522 ​ 98,036 Less: Imputed interest ​ ​ (63,764) ​ ​ (49,372) Present value of lease liabilities ​ $ 65,758 ​ $ 48,664 ​ ​ ​ ​ ​ ​ ​

SHARE-BASED COMPENSATION PLANS

SHARE-BASED COMPENSATION PLANS (Tables)	12 Months Ended
	Dec. 31, 2022
SHARE-BASED COMPENSATION PLANS
Schedule of assumptions used for estimating the fair value of share options using the Black-Scholes option-pricing model	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assumptions: 2022 2021 2020 Risk-free interest rate ​ 1.5 % ​ 0.6 % ​ 1.9 % Expected dividend yield ​ 3.7 % ​ 3.8 % ​ 3.9 % Volatility (1) ​ 25.00 % ​ 25.00 % ​ 20.00 % Weighted average expected life of the options (2) ​ 6.0 years ​ 6.0 years ​ 6.0 years Weighted average grant date fair value of options granted per share ​ $ 8.83 ​ $ 4.62 ​ $ 3.66 ​ Term ​ ​ 10.0 years ​ 10.0 years ​ 10.0 years ​ (1) Expected volatility is based upon the Company’s historical daily share prices. ​ (2) The expected life is based on the contractual term of the options as well as the vesting period. ​
Summary of option activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Options ​ Weighted Average Strike Price ​ Weighted Average Remaining Contractual Term (Years) Balance at December 31, 2021 2,263,804 ​ $ 29.63 ​ 6.82 ​ Options granted 324,840 ​ ​ 56.91 ​ 9.01 ​ Options exercised (51,606) ​ ​ 30.80 ​ 7.29 ​ Balance at December 31, 2022 2,537,038 ​ $ 33.10 ​ 6.21 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Vested or expected to vest at December 31, 2022 2,537,038 ​ $ 33.10 6.21 ​ Exercisable at December 31, 2022 1,636,544 ​ $ 28.42 5.14 ​ ​
Schedule of non-vested restricted share activity	​ ​ ​ ​ ​ ​ Number of Non- ​ ​ Vested Restricted ​ ​ Shares and Performance Units Non-Vested at January 1, 2022 387,701 ​ Granted 126,304 ​ Vested (164,228) ​ Forfeited (8,825) ​ Non-Vested at December 31, 2022 340,952 ​ ​
Schedule of estimation of the fair value of the awards, the key assumptions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assumptions: 2022 2021 2020 Risk-free interest rate ​ 1.0 % ​ 0.2 % ​ 1.7 % Volatility (1) ​ 28.00 % ​ 28.00 % ​ 19.00 % ​ (1) Expected volatility is based upon the Company’s historical daily share prices.

EARNINGS PER SHARE AND UNIT A_2

EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL (Tables)	12 Months Ended
	Dec. 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2022 ​ 2021 ​ 2020 ​ ​ (dollars and shares in thousands, except per share amounts) Net income $ 292,472 ​ ​ $ 230,813 ​ ​ $ 167,611 Noncontrolling interests in the Operating Partnership ​ (1,931) ​ ​ (7,873) ​ ​ (1,825) Noncontrolling interest in subsidiaries ​ 722 ​ ​ 542 ​ ​ (165) Net income attributable to the Company’s common shareholders ​ $ 291,263 ​ ​ $ 223,482 ​ ​ $ 165,621 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average basic shares outstanding ​ 224,928 ​ ​ 203,832 ​ ​ 194,147 Share options and restricted share units ​ 953 ​ ​ 1,177 ​ ​ 796 Weighted average diluted shares outstanding (1) ​ 225,881 ​ ​ 205,009 ​ ​ 194,943 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic earnings per share attributable to common shareholders ​ $ 1.29 ​ ​ $ 1.10 ​ ​ $ 0.85 Diluted earnings per share attributable to common shareholders (2) ​ $ 1.29 ​ ​ $ 1.09 ​ ​ $ 0.85 ​ Earnings per common unit and capital ​ The following is a summary of the elements used in calculating basic and diluted earnings per common unit: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2022 ​ 2021 ​ 2020 ​ ​ (dollars and units in thousands, except per unit amounts) Net income $ 292,472 ​ ​ $ 230,813 ​ ​ $ 167,611 Operating Partnership interests of third parties ​ (1,931) ​ ​ (7,873) ​ ​ (1,825) Noncontrolling interest in subsidiaries ​ 722 ​ ​ 542 ​ ​ (165) Net income attributable to common unitholders ​ $ 291,263 ​ ​ $ 223,482 ​ ​ $ 165,621 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average basic units outstanding ​ 224,928 ​ ​ 203,832 ​ ​ 194,147 Unit options and restricted share units ​ 953 ​ ​ 1,177 ​ ​ 796 Weighted average diluted units outstanding (1) ​ 225,881 ​ ​ 205,009 ​ ​ 194,943 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic earnings per unit attributable to common unitholders ​ $ 1.29 ​ ​ $ 1.10 ​ ​ $ 0.85 Diluted earnings per unit attributable to common unitholders (2) ​ $ 1.29 ​ ​ $ 1.09 ​ ​ $ 0.85 ​ (1) For the years ended December 31, 2022, 2021 and 2020, the Company declared cash dividends per common share/unit of $1.78 , $1.45 and $1.33 , respectively. ​ (2) The amounts of anti-dilutive options that were excluded from the computation of diluted earnings per share/unit as the exercise price was higher than the average share price of the Company for the years ended December 31, 2022 and 2020 were 0.3 million and 0.8 million, respectively. There were no anti-dilutive options for the year ended December 31, 2021. ​
Schedule of common shares sold pursuant to equity distribution agreements	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2022 ​ 2021 ​ 2020 ​ ​ (dollars and shares in thousands, except per share amounts) Number of shares sold ​ ​ 102 ​ ​ 4,982 ​ ​ 3,627 Average sales price per share ​ $ 50.64 ​ $ 40.57 ​ $ 33.69 Net proceeds after deducting offering costs ​ $ 4,936 ​ $ 199,977 ​ $ 120,727 ​
Summary of OP and Common units	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2022 ​ 2021 ​ 2020 Outstanding OP units 1,426,549 ​ 1,901,595 ​ 7,420,828 Outstanding common units ​ 224,603,462 ​ 223,917,993 ​ 197,405,989 ​

ORGANIZATION AND NATURE OF OP_2

ORGANIZATION AND NATURE OF OPERATIONS (Details)	12 Months Ended
	Dec. 31, 2022 state segment
Number of states in which self-storage facilities are located | state	24
Number of reportable segments | segment	1
Common stock, conversion ratio	1
CubeSmart, L.P. and Subsidiaries
Percentage of the entity's partnership interest in Operating Partnership	99.40%

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Operating Partnership, Purchase Allocation, Depreciation and Amortization (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating Partnership Ownership
Increase (decrease) to OP units owned by third parties and a corresponding decrease to capital	$ (27,203)	$ 164,109	$ 4,230
Purchase Price Allocation
Amount of purchase price allocated to above- or below-market lease intangibles	0
Depreciation and Amortization
Write-off of fully depreciated real estate assets	32,300	52,700
Write-off of fully amortized in-place lease intangible assets	121,600	59,900
Impairment losses	$ 0	0	0
Minimum
Depreciation and Amortization
Useful lives of self-storage facilities and improvements	5 years
Maximum
Depreciation and Amortization
Useful lives of self-storage facilities and improvements	39 years
CubeSmart, L.P. and Subsidiaries
Operating Partnership Ownership
Increase (decrease) to OP units owned by third parties and a corresponding decrease to capital	$ (27,203)	$ 164,109	$ 4,230

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Restricted Cash, Loan Costs and Other Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Long-Lived Assets held for sale, timing of expected sale	1 year
Loan procurement costs
Loan procurement costs	$ 53,900	$ 50,100
Loan procurement costs, accumulated amortization	19,800	14,300
Other Assets
Intangible assets, net of accumulated amortization of $2,263 and $12,760	1,181	108,794
Accounts receivable, net	7,932	8,145
Prepaid property taxes	8,033	6,938
Prepaid property and casualty insurance	2,129	3,352
Amounts due from affiliates (see note 14)	15,947	15,417
Assets related to deferred compensation arrangements	55,572	60,297
Right-of-use assets - operating leases	$ 49,491	$ 54,741
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Total	Total
Equity investment recorded at cost	$ 6,138
Other	7,559	$ 8,021
Total	153,982	265,705
Accumulated amortization	$ 2,263	$ 12,760

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Advertising, Equity Offering Costs and Capitalized Interest (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Advertising and Marketing Costs
Advertising and marketing expenses	$ 22.4	$ 21	$ 16.9
Equity Offering Costs
Equity offering costs	0.2	28.3	1.5
Capitalized Interest
Interest costs, capitalized	$ 1.3	$ 1.9	$ 2.7

SUMMARY OF SIGNIFICANT ACCOUN_7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Income Taxes, Earnings per Share and Unit and Derivatives (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Taxes
Net tax basis in the entity's assets	$ 6,145.8	$ 6,113.5
Percentage of distributions characterized as ordinary income dividends	88.7377%
Percentage of distributions characterized as capital gain dividends	11.2623%
Federal excise tax rate (as a percent)	4%
Percentage of ordinary income considered for the calculation of annual amount which is subject to federal excise tax	85%
Percentage of net capital gain considered for the calculation of annual amount which is subject to Federal excise tax	95%
Percentage of prior year taxable income considered for the calculation of annual amount which is subject to federal excise tax	100%
Sales and Excise Tax Payable	$ 0	0	$ 0
Net deferred tax liability	$ 1	$ 0.7
Earnings per Share and Unit
Potential dilutive securities included in the calculation of diluted earnings per share (in shares)	953,000	1,177,000	796,000
Foreign currency
Derivatives outstanding	$ 0	$ 0
Impairment	0	0
Equity method investment, difference between carrying amount and underlying equity	$ 32.7	$ 33.6

SUMMARY OF SIGNIFICANT ACCOUN_8

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Concentration of Credit Risk (Details) - Revenues - Location of facilities	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
New York
Concentration of Credit Risk
Percentage of total revenues (as a percent)	16%	19%	16%
Florida
Concentration of Credit Risk
Percentage of total revenues (as a percent)	15%	15%	15%
California
Concentration of Credit Risk
Percentage of total revenues (as a percent)	11%	8%	8%
Texas
Concentration of Credit Risk
Percentage of total revenues (as a percent)	9%	9%	9%

STORAGE PROPERTIES - Summary (D

STORAGE PROPERTIES - Summary (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
STORAGE FACILITIES
Storage properties	$ 7,295,778	$ 7,183,494
Less: Accumulated depreciation	(1,247,775)	(1,085,824)
Storage properties, net (including VIE assets of $167,180 and $149,467, respectively)	6,048,003	6,097,670	$ 4,505,814
Land
STORAGE FACILITIES
Storage properties	1,588,138	1,565,463
Buildings and improvements
STORAGE FACILITIES
Storage properties	5,483,506	5,368,383
Equipment
STORAGE FACILITIES
Storage properties	144,605	129,531
Construction in progress
STORAGE FACILITIES
Storage properties	37,584	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		12 Months Ended
	Dec. 09, 2021 facility item $ / shares shares	Dec. 31, 2022 USD ($) facility	Dec. 31, 2021 USD ($) facility	Dec. 31, 2020 USD ($) facility
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
Ownership interest held by the entity (as a percent)			50%
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 | LAACO
STORAGE FACILITIES
Percentage of interest acquired	50%
2022 Acquisitions
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties)		3
Purchase Price | $		$ 75,700
2022 Acquisitions | Maryland Asset February 2022
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties)		1
Purchase Price | $		$ 32,000
2022 Acquisitions | Texas Asset June 2022
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties)		1
Purchase Price | $		$ 23,000
2022 Acquisitions | Georgia Asset July 2022
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties)		1
Purchase Price | $		$ 20,700
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
Sale Price | $			$ 21,700
2021 Dispositions | Texas Asset November 2021
STORAGE FACILITIES
Number of Facilities, dispositions (in properties)			1
Sale Price | $			$ 5,200
2020 Acquisitions
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties)				21
Purchase Price | $				$ 735,875
2020 Acquisitions | Texas Asset February 2020
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties)				1
Purchase Price | $				$ 9,025
2020 Acquisitions | Maryland Asset April 2020
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties)				1
Purchase Price | $				$ 17,200
2020 Acquisitions | New Jersey Asset April 2020
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties)				1
Purchase Price | $				$ 48,450
2020 Acquisitions | Florida Asset November 2020
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties)				1
Purchase Price | $				$ 3,900
2020 Acquisitions | Texas Asset, Austin, November 2020
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties)				1
Purchase Price | $				$ 10,750
2020 Acquisitions | Texas Asset, Dallas, November 2020
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties)				1
Purchase Price | $				$ 10,150
2020 Acquisitions | Nevada Asset December 2020
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties)				1
Purchase Price | $				$ 16,800
2020 Acquisitions | New York Asset December 2020
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties)				1
Purchase Price | $				$ 6,750
2020 Acquisitions | Storage Deluxe Assets December 2020
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties)				8
Purchase Price | $				$ 540,000
2020 Acquisitions | Florida Asset, Orlando, December 2020
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties)				3
Purchase Price | $				$ 45,500
2020 Acquisitions | Florida Assets, Tampa, December 2020
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties)				1
Purchase Price | $				$ 10,000
2020 Acquisitions | Virginia Asset December 2020
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties)				1
Purchase Price | $				$ 17,350
2020 Dispositions
STORAGE FACILITIES
Number of Facilities, dispositions (in properties)				1
Sale Price | $				$ 12,750
2020 Dispositions | New York Asset Four Member
STORAGE FACILITIES
Number of Facilities, dispositions (in properties)				1
Sale Price | $				$ 12,750
LAACO | 2021 Acquisitions
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties)	57
Outstanding partnership unit purchased (in shares) | shares	167,557
Partnership units (dollars per share) | $ / shares	$ 9,838
Number of joint ventures | item	2
LAACO | 2021 Acquisitions | Acquisitions
STORAGE FACILITIES
Ownership interest held by the entity (as a percent)	50%

INVESTMENT ACTIVITY (Details)

INVESTMENT ACTIVITY (Details)

1 Months Ended

3 Months Ended

12 Months Ended

24 Months Ended

36 Months Ended

Apr. 28, 2022 USD ($)

Feb. 02, 2022 USD ($)

Dec. 14, 2021 USD ($)

Dec. 09, 2021 facility item

Jun. 29, 2021 USD ($)

Dec. 22, 2020 USD ($)

Sep. 29, 2020 USD ($) shares

Jul. 31, 2020 USD ($)

Dec. 31, 2021 USD ($)

Dec. 31, 2022 USD ($) facility shares

Dec. 31, 2021 USD ($) facility shares

Dec. 31, 2020 USD ($) facility item shares

Dec. 31, 2021 USD ($) item

Dec. 31, 2022 USD ($) facility

Self-storage facilities

Gains from sales of real estate, net

$ 32,698,000

$ 6,710,000

Number of facilities, construction completed and opened

$ 7

Total Construction Costs

202,600,000

Acquisition of noncontrolling interest

$ 3,397,000

OP units redeemed | shares

475,046

5,519,233

100,000

Right-of-use assets - operating leases

$ 54,741,000

$ 49,491,000

$ 54,741,000

$ 54,741,000

$ 49,491,000

LAACO

Self-storage facilities

Gains from sales of real estate, net

0

New York

Self-storage facilities

Cash paid for acquisition

$ 1,000,000

Units issued (in shares) | shares

276,497

Units issued

$ 9,000,000

LAACO.

Self-storage facilities

Gains from sales of real estate, net

$ 0

Self storage under construction

Self-storage facilities

Number of self-storage facilities | facility

2

2

Development costs

$ 27,600,000

$ 27,600,000

Expected construction cost

$ 64,000,000

$ 64,000,000

Self storage under construction | New York

Self-storage facilities

Number of self-storage facilities | facility

1

1

Self storage under construction | New Jersey

Self-storage facilities

Number of self-storage facilities | facility

1

1

Self Storage Facility in Valley Stream, NY

Self-storage facilities

Number of facilities, construction completed and opened

$ 1

Ownership interest held by the entity (as a percent)

51%

Total Construction Costs

$ 39,000,000

Self Storage Facility in Vienna, VA

Self-storage facilities

Number of facilities, construction completed and opened

$ 1

Ownership interest held by the entity (as a percent)

80%

Total Construction Costs

$ 21,800,000

Self Storage Facility in Newton, MA

Self-storage facilities

Number of facilities, construction completed and opened

$ 1

Ownership interest held by the entity (as a percent)

100%

Total Construction Costs

$ 20,800,000

Self-storage facility in East Meadow, NY

Self-storage facilities

Number of facilities, construction completed and opened

$ 1

Ownership interest held by the entity (as a percent)

100%

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

Ownership interest held by the entity (as a percent)

70%

Total Construction Costs

$ 22,800,000

Self-storage Facility in Arlington, VA

Self-storage facilities

Number of facilities, construction completed and opened

$ 1

Ownership interest held by the entity (as a percent)

90%

Total Construction Costs

$ 26,400,000

Self Storage Facility in Brooklyn, NY I

Self-storage facilities

Number of facilities, construction completed and opened

$ 1

Ownership interest held by the entity (as a percent)

100%

Total Construction Costs

$ 45,900,000

2021 Acquisitions

Self-storage facilities

Number of self-storage facilities acquired | facility

66

Aggregate purchase price

$ 1,801,251,000

2021 Acquisitions | LAACO

Self-storage facilities

Number of self-storage facilities acquired | facility

57

Intangible value of the in-place leases

$ 109,700,000

109,700,000

Estimated life

12 months

Amortization expense

$ 100,600,000

$ 9,100,000

Number of facilities under contract | facility

1

Number of joint ventures | item

2

2021 Acquisitions | Acquisitions | LAACO

Self-storage facilities

Ownership interest held by the entity (as a percent)

50%

2021 Acquisitions | LAACO

Self-storage facilities

Percentage of interest acquired

50%

2021 Acquisitions | Texas | LAACO

Self-storage facilities

Number of self-storage facilities acquired | facility

7

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

Intangible value of the in-place leases

11,900,000

$ 11,900,000

11,900,000

Estimated life

12 months

Amortization expense

$ 8,300,000

$ 3,600,000

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%

2022 Acquisitions

Self-storage facilities

Number of self-storage facilities acquired | facility

3

Aggregate purchase price

$ 75,700,000

Intangible value of the in-place leases

$ 3,400,000

3,400,000

Estimated life

12 months

2022 Acquisitions | Leases, Acquired-in-Place

Self-storage facilities

Amortization expense

$ 2,300,000

2022 Acquisitions | Texas

Self-storage facilities

Number of self-storage facilities acquired | facility

1

2022 Acquisitions | Maryland

Self-storage facilities

Number of self-storage facilities acquired | facility

1

2022 Acquisitions | Georgia

Self-storage facilities

Number of self-storage facilities acquired | facility

1

2022 Acquisitions | Self-storage Facility in Bronx, NY

Self-storage facilities

Aggregate purchase price

$ 7,500,000

Lease liability derecognized

5,000,000

Right of use Assets derecognized

$ 4,100,000

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

2020 Acquisitions

Self-storage facilities

Number of self-storage facilities acquired | facility

21

Aggregate purchase price

$ 735,875,000

2020 Acquisitions | Texas

Self-storage facilities

Number of self-storage facilities acquired | facility

3

2020 Acquisitions | Florida

Self-storage facilities

Number of self-storage facilities acquired | facility

5

2020 Acquisitions | New York

Self-storage facilities

Number of self-storage facilities acquired | facility

1

2020 Acquisitions | Maryland

Self-storage facilities

Number of self-storage facilities acquired | facility

1

2020 Acquisitions | Nevada

Self-storage facilities

Number of self-storage facilities acquired | facility

1

2020 Acquisitions | Virginia

Self-storage facilities

Number of self-storage facilities acquired | facility

1

2020 Acquisitions | New Jersey

Self-storage facilities

Number of self-storage facilities acquired | facility

1

2020 Acquisitions | Self-storage facilities located in US

Self-storage facilities

Number of self-storage facilities acquired | facility

13

Aggregate purchase price

$ 195,900,000

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

Self-storage facilities

Intangible value of the in-place leases

11,400,000

Estimated life

12 months

Amortization expense

0

$ 9,300,000

$ 2,100,000

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

Self-storage facilities

Real estate property acquired, land subject to ground lease

$ 9,500,000

Decrease in right-of-use asset

5,100,000

Decrease in Operating Lease Liability

$ 5,000,000

2020 Acquisitions | Self-storage facilities located in New York

Self-storage facilities

Number of self-storage facilities acquired | facility

8

Number of real estate property acquisition tranches | item

2

Aggregate purchase price

$ 540,000,000

Cash paid for acquisition

210,500,000

Issuance of OP Shares

175,100,000

Repayments of debt

33,200,000

Units issued

$ 5,272,023

Number of properties, assumed mortgage | item

6

Assumed mortgage debt, at fair value

$ 169,200,000

$ 169,200,000

$ 169,200,000

Outstanding principal balance of mortgage debt assumed on acquisitions

$ 154,400,000

$ 154,400,000

Premium on debt assumed on acquisitions

$ 14,800,000

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

Self-storage facilities

Intangible value of the in-place leases

$ 48,600,000

Estimated life

12 months

Amortization expense

$ 48,600,000

Number of assumed ground leases | item

3

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

2

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

1

2020 Dispositions

Self-storage facilities

Aggregate sale price

$ 12,750,000

2020 Dispositions | Self-storage facilities located in New York

Self-storage facilities

Aggregate sale price

$ 12,800,000

Gains from sales of real estate, net

$ 6,700,000

Joint Venture | Acquisitions

Self-storage facilities

Real estate property acquired, land subject to ground lease

$ 6,100,000

Percentage of interest acquired

20%

Joint Venture | Self Storage Facility in Newton, MA

Self-storage facilities

Total consideration

$ 3,400,000

Acquisition, gain (loss) recognized

$ 0

Ownership interest held by the entity (as a percent)

90%

Minority ownership interest (as a percent)

0%

Acquisition of noncontrolling interest

$ 2,700,000

Repayments of debt

$ 13,200,000

Joint Venture | Self Storage Facility in Newton, MA | Joint Venture

Self-storage facilities

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

10%

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

Self-storage facilities

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

49%

Option to put ownership interest in the venture

$ 6,600,000

Joint Venture | Self-storage Facility in Brooklyn, NY

Self-storage facilities

Issuance of OP Shares

$ 9,000,000

Ownership interest held by the entity (as a percent)

51%

Number of joint ventures | item

2

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

49%

Option to put ownership interest in the venture

$ 10,000,000

Cash portion of put option paid

$ 1,000,000

Units issued (in shares) | shares

276,497

INVESTMENT ACTIVITY - Component

INVESTMENT ACTIVITY - Components contemplated in the acquisition of LAACO (Details) - LAACO - 2021 Acquisitions - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Dec. 09, 2021	Dec. 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
Partnership units (dollars per share)	$ 9,838
Other income (expense)
Capitalized costs:
Payments and anticipated payments to LAACO management (expensed) (2)		$ 10,300	$ 14,800

INVESTMENT ACTIVITY - Accountin

INVESTMENT ACTIVITY - Accounting for LAACO acquisition (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 09, 2021	Dec. 31, 2020
Significant Acquisitions and Disposals [Line Items]
Storage facilities, net	$ 6,048,003	$ 6,097,670		$ 4,505,814
Cash and cash equivalents	6,064	11,140
Investment in real estate ventures, at equity	105,993	119,751
Assets held for sale	3,745	49,313
Other assets, net	153,982	265,705
Accounts payable, accrued expenses and other liabilities	(213,297)	(199,985)
Deferred revenue	(38,757)	(37,144)
Security deposits	(1,087)	(1,065)
Liabilities held for sale	$ (1,773)	$ (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			12 Months Ended
	Aug. 30, 2022 USD ($) facility	Sep. 29, 2020 USD ($)	Dec. 31, 2022 USD ($) property facility	Dec. 31, 2021 USD ($) property	Dec. 31, 2020 USD ($)	Dec. 09, 2021 facility
Investment in Unconsolidated Real Estate Venture
Investment in real estate entities			$ 105,993	$ 119,751
Equity method investment, difference between carrying amount and underlying equity			32,700	33,600
Acquisitions of storage facilities			89,004	151,547	$ 417,988
Investment in real estate ventures			(21)	(28,261)	(7,022)
Credit facility, outstanding			60,900	209,900
Investment in joint venture			6,138
ASSETS
Storage facilities, net			6,048,003	6,097,670	4,505,814
Total assets			6,325,830	6,548,079
Equity
CubeSmart			2,826,203	2,871,563
Joint venture partners			14,178	18,597
Total liabilities and equity			6,325,830	6,548,079
Total revenues			1,009,624	822,564	679,177
Gains from sales of real estate, net				32,698	6,710
Net income			292,472	230,813	167,611
Company's share of net income (loss)			48,877	25,275	178
HVPSE
Investment in Unconsolidated Real Estate Venture
Number of assets sold | facility	14
Net proceeds from sale of assets	$ 150,100
Aggregate sale price	235,000
Investment in real estate ventures	49,900
Amount of cash retained by venture			3,500
Equity
Gains from sales of real estate, net	114,100
HVPSE | Term Loan Facility
Investment in Unconsolidated Real Estate Venture
Amount of debt repaid	$ 81,600
New York
Investment in Unconsolidated Real Estate Venture
Cash paid for acquisition of remaining interest in real estate ventures		$ 1,000
Florida | HVPSE
Investment in Unconsolidated Real Estate Venture
Number of assets sold | facility	2
South Carolina | HVPSE
Investment in Unconsolidated Real Estate Venture
Number of assets sold | facility	4
Georgia | HVPSE
Investment in Unconsolidated Real Estate Venture
Number of assets sold | facility	8
Ventures
ASSETS
Storage facilities, net			741,563	850,250
Other assets			11,708	34,760
Total assets			753,271	885,010
LIABILITIES AND CAPITAL
Debt			468,783	526,972
Other liabilities			16,626	14,500
Equity
CubeSmart			73,289	86,083
Joint venture partners			194,573	257,455
Total liabilities and equity			753,271	885,010
Total revenues			102,910	88,449	67,239
Operating expenses			(42,408)	(37,967)	(30,755)
Other (expenses) income			(484)	(1,138)	(430)
Interest expense, net			(15,568)	(12,031)	(11,585)
Depreciation and amortization			(36,866)	(37,805)	(33,086)
Gains from sales of real estate, net			114,107	46,966
Net income			121,691	46,474	$ (8,617)
Ventures
Investment in Unconsolidated Real Estate Venture
Investment in real estate entities			$ 105,993	$ 119,751
Number of storage facilities owned by investee | property			77	90
Fontana
Investment in Unconsolidated Real Estate Venture
Investment in real estate entities			$ 13,789	$ 14,225
Ownership interest in partnership (as a percent)			50%			50%
Equity method investment, difference between carrying amount and underlying equity			$ 13,100
Number of storage facilities owned by investee			1	1		1
RCSS
Investment in Unconsolidated Real Estate Venture
Investment in real estate entities			$ 20,994	$ 21,536
Ownership interest in partnership (as a percent)			50%			50%
Equity method investment, difference between carrying amount and underlying equity			$ 19,600
Number of storage facilities owned by investee | property			1	1
HVP V
Investment in Unconsolidated Real Estate Venture
Investment in real estate entities			$ 14,318	$ 16,080
Ownership interest in partnership (as a percent)			20%
Number of storage facilities owned by investee | property			6	5
HVP V | New Jersey
Investment in Unconsolidated Real Estate Venture
Number of self-storage facilities acquired | facility			1
Acquisitions of storage facilities			$ 33,200
Contribution To Real Estate Venture			$ 100
HVPSE
Investment in Unconsolidated Real Estate Venture
Investment in real estate entities				$ 4,541
Ownership interest in partnership (as a percent)			10%
Number of storage facilities owned by investee | property				14
HVP IV
Investment in Unconsolidated Real Estate Venture
Investment in real estate entities			$ 19,853	$ 23,223
Ownership interest in partnership (as a percent)			20%
Number of storage facilities owned by investee | property			28	28
HHFNE
Investment in Unconsolidated Real Estate Venture
Investment in real estate entities			$ 1,101	$ 1,291
Ownership interest in partnership (as a percent)			10%
Number of storage facilities owned by investee | property			13	13
HHF
Investment in Unconsolidated Real Estate Venture
Investment in real estate entities			$ 35,938	$ 38,855
Ownership interest in partnership (as a percent)			50%
Number of storage facilities owned by investee | property			28	28

UNSECURED SENIOR NOTES (Details

UNSECURED SENIOR NOTES (Details) $ in Thousands			12 Months Ended
	Apr. 04, 2017 USD ($)	Oct. 26, 2015 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Jan. 24, 2019 USD ($)
Mortgage loans and Notes payable
Total unsecured senior notes, net			$ 2,772,350	$ 2,768,209
Loss on early extinguishment of debt				(20,328)	$ (18,020)
CubeSmart, L.P. and Subsidiaries
Mortgage loans and Notes payable
Less: Loan procurement costs, net			(5,182)	(2,322)
Total unsecured senior notes, net			2,772,350	2,768,209
Loss on early extinguishment of debt				(20,328)	$ (18,020)
Senior Notes
Mortgage loans and Notes payable
Less: Discount on issuance of notes, net			(11,801)	(13,455)
Less: Loan procurement costs, net			(15,849)	(18,336)
Total unsecured senior notes, net			$ (2,772,350)	(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%
Senior notes 4.375% due December 15, 2023
Mortgage loans and Notes payable
Senior notes, principal amount			$ 300,000	300,000		$ 300,000
Interest rate (as a percent)			4%			4.375%
Effective interest rate (as a percent)			3.99%
Senior notes 4.000% due 2025
Mortgage loans and Notes payable
Senior notes, principal amount			$ 300,000	300,000
Interest rate (as a percent)	4%	4%	3.125%
Effective interest rate (as a percent)	3.811%	4.032%	3.18%
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			$ 550,000	550,000
Interest rate (as a percent)			2.25%
Effective interest rate (as a percent)			2.33%
Senior Notes 2.250 % Due 2028
Mortgage loans and Notes payable
Senior notes, principal amount			$ 350,000	350,000
Interest rate (as a percent)			4.375%
Effective interest rate (as a percent)			4.46%
Senior Notes 4.375 % Due 2029
Mortgage loans and Notes payable
Senior notes, principal amount			$ 350,000	350,000
Interest rate (as a percent)			3%
Effective interest rate (as a percent)			3.04%
Senior Notes 3.000 % Due 2030
Mortgage loans and Notes payable
Senior notes, principal amount			$ 450,000	450,000
Interest rate (as a percent)			2%
Effective interest rate (as a percent)			2.10%
Senior Notes 2.000 % Due 2031
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%
Senior Notes 2.500 % Due 2032
Mortgage loans and Notes payable
Senior notes, principal amount			$ 2,800,000	$ 2,800,000

REVOLVING CREDIT FACILITY AND_2

REVOLVING CREDIT FACILITY AND UNSECURED TERM LOANS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Oct. 26, 2022	Dec. 31, 2021
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Loan procurement costs capitalized	$ 53.9		$ 50.1
Revolver
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Remaining borrowing capacity	788.5
Outstanding letter of credit	$ 0.6
Interest rate (as a percent)	5.33%
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%
Credit Facility | Revolver
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Maximum borrowing capacity		$ 850
Interest rate, basis spread (as a percent)	0.775%
Facility fee (as a percent)	0.15%
Facility fee, adjustment (as a percent)	0.10%

MORTGAGE LOANS AND NOTES PAYA_3

MORTGAGE LOANS AND NOTES PAYABLE - Summary (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Mortgage loans and Notes payable
Total mortgage loans and notes payable	$ 162,918	$ 167,676
Net book value of self-storage facilities	6,048,003	6,097,670	$ 4,505,814
Mortgage Loans
Mortgage loans and Notes payable
Principal amount of debt	153,959	156,385
Carrying value	153,959
Plus: Unamortized fair value adjustment	10,228	12,981
Less: Loan procurement costs, net	(1,269)	(1,690)
Total mortgage loans and notes payable	162,918	167,676
Net book value of self-storage facilities used to secure debt	442,900	450,700
Nashville V, TN | Mortgage Loans
Mortgage loans and Notes payable
Carrying value	$ 2,148	2,206
Effective interest rate (as a percent)	3.85%
New York, NY | Mortgage Loans
Mortgage loans and Notes payable
Carrying value	$ 28,669	29,340
Effective interest rate (as a percent)	3.51%
Annapolis I, MD | Mortgage Loans
Mortgage loans and Notes payable
Carrying value	$ 4,906	5,099
Effective interest rate (as a percent)	3.78%
Brooklyn XV, NY | Mortgage Loans
Mortgage loans and Notes payable
Carrying value	$ 15,093	15,423
Effective interest rate (as a percent)	2.15%
Long Island City IV, NY | Mortgage Loans
Mortgage loans and Notes payable
Carrying value	$ 12,270	12,580
Effective interest rate (as a percent)	2.15%
Long Island City II, NY | Mortgage Loans
Mortgage loans and Notes payable
Carrying value	$ 18,283	18,714
Effective interest rate (as a percent)	2.25%
Long Island City III, NY | Mortgage Loans
Mortgage loans and Notes payable
Carrying value	$ 18,290	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
Effective interest rate (as a percent)	2.15%

MORTGAGE LOANS AND NOTES PAYA_4

MORTGAGE LOANS AND NOTES PAYABLE - Future Payments (Details) - USD ($) $ in Thousands	Dec. 31, 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	$ 162,918	$ 167,676
Mortgage Loans
Future principal payment requirements on the outstanding mortgage loans and notes payable at year end
2023	32,591
2024	32,329
2025	979
2026	33,760
2028 and thereafter	54,300
Total mortgage payments	153,959
Plus: Unamortized fair value adjustment	10,228	12,981
Less: Loan procurement costs, net	(1,269)	(1,690)
Total mortgage loans and notes payable, net	$ 162,918	$ 167,676

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Changes in accumulated other comprehensive income by component
Balance	$ 2,890,160	$ 1,840,848	$ 1,807,336
Reclassification of realized losses on interest rate swaps	81	81	81
Balance	2,840,381	2,890,160	1,840,848
AOCI Including Portion Attributable to Noncontrolling Interest
Changes in accumulated other comprehensive income by component
Balance	(575)	(656)
Reclassification of realized losses on interest rate swaps	81	81
Balance	(494)	(575)	(656)
Accumulated Other Comprehensive Income (Loss)
Changes in accumulated other comprehensive income by component
Balance	(570)	(632)	(729)
Balance	(491)	(570)	$ (632)
AOCI Attributable to Noncontrolling Interest
Changes in accumulated other comprehensive income by component
Balance	5
Balance	$ 3	$ 5

RISK MANAGEMENT AND USE OF FI_2

RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands		12 Months Ended
	Jan. 24, 2019	Dec. 31, 2022	Dec. 31, 2021	Dec. 24, 2018
Derivative financial instruments
Amount estimated to be reclassified as an increase to interest expense		$ 100
Loss Reclassified from Accumulated OCI into Income		$ 100
Derivative Instrument, Loss Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration]		Interest Expense, Debt
Senior notes 4.375% due December 15, 2023
Derivative financial instruments
Senior notes, principal amount	$ 300,000	$ 300,000	$ 300,000
Interest rate (as a percent)	4.375%	4%
Senior Notes 4.375 % Due 2029
Derivative financial instruments
Senior notes, principal amount		$ 350,000	$ 350,000
Interest rate (as a percent)		3%
Designated as an accounting hedge | Cash flow | Interest rate swap
Derivative financial instruments
Notional Amount				$ 150,000
Settlement of hedge transactions	$ 800

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - Level 2 - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Fair value of financial assets and liabilities carried at fair value
Aggregate carrying value of total debt	$ 2,996,168	$ 3,145,785
Estimated fair value of total debt	$ 2,568,103	$ 3,256,128

NONCONTROLLING INTERESTS - Inte

NONCONTROLLING INTERESTS - Interests in Consolidated Real Estate Joint Ventures (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) facility	Dec. 31, 2021 USD ($)
Variable Interest Entity [Line Items]
Total assets	$ 6,325,830	$ 6,548,079
Total liabilities	3,428,030	$ 3,549,699
VIE
Variable Interest Entity [Line Items]
Total assets	167,478
Total liabilities	83,111
Carrying amount of mortgage loans	64,445
1074 Raritan Road, LLC | VIE
Variable Interest Entity [Line Items]
Total assets	3,500
Total liabilities	5
Astoria Investors, LLC | VIE
Variable Interest Entity [Line Items]
Total assets	24,763
Total liabilities	10,161
Carrying amount of mortgage loans	9,238
CS Vienna LLC | VIE
Variable Interest Entity [Line Items]
Total assets	32,400
Total liabilities	35,085
Carrying amount of mortgage loans	34,875
CS 750 W Merrick Rd LLC | VIE
Variable Interest Entity [Line Items]
Total assets	37,140
Total liabilities	17,142
CS Valley Forge Village Storage LLC | VIE
Variable Interest Entity [Line Items]
Total assets	20,576
Total liabilities	14,863
Carrying amount of mortgage loans	14,792
SH3, LLC | VIE
Variable Interest Entity [Line Items]
Total assets	38,165
Total liabilities	274
C S Lock Up Anoka LLC | VIE
Variable Interest Entity [Line Items]
Total assets	10,934
Total liabilities	5,581
Carrying amount of mortgage loans	$ 5,540
VIE | VIE
Variable Interest Entity [Line Items]
Number of self-storage facilities owned and operated | facility	7
VIE | 1074 Raritan Road, 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%
VIE | Astoria Investors, 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)	70%
VIE | CS Vienna 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)	80%
VIE | CS 750 W Merrick Rd 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)	51%
VIE | CS Valley Forge Village Storage 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)	70%
VIE | 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%
VIE | C S Lock Up Anoka 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)	50%

NONCONTROLLING INTERESTS - Oper

NONCONTROLLING INTERESTS - Operating Partnership Ownership (Details) $ in Thousands		1 Months Ended	12 Months Ended
	Sep. 29, 2020 USD ($) shares	Dec. 31, 2020 USD ($) item shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($) shares	Dec. 31, 2020 USD ($) shares
Operating Partnership Ownership
OP Units outstanding which are not owned by the general partner (as a percent)			0.60%	0.80%
OP units redeemed | shares			475,046	5,519,233	100,000
OP units outstanding (in shares) | shares		7,420,828	1,426,549	1,901,595	7,420,828
Adjustment for noncontrolling interests in the Operating Partnership			$ 27,203	$ (164,109)	$ (4,230)
Acquisition of noncontrolling interest				$ 3,397
New York
Operating Partnership Ownership
Acquisition of noncontrolling interest	$ 10,000
Cash paid for acquisition	$ 1,000
Units issued (in shares) | shares	276,497
Units issued	$ 9,000
Storage Deluxe assets
Operating Partnership Ownership
Purchase Price		$ 540,000
Number of real estate property acquisition tranches | item		2
Units issued (in shares) | shares		5,272,023
Units issued		$ 175,100
CubeSmart, L.P. and Subsidiaries
Operating Partnership Ownership
OP units outstanding (in shares) | shares			1,426,549	1,901,595
OP Units, redemption value			$ 57,400
Adjustment for noncontrolling interests in the Operating Partnership			$ 27,203	$ (164,109)	$ (4,230)
Acquisition of noncontrolling interest				$ 3,397

LEASES - Narrative (Details)

LEASES - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
LEASES
Lessor, Administrative and late fees income	$ 27,800	$ 21,300	$ 20,000
Lessee, Operating Lease, Existence of Option to Extend [true false]	true
Lessee, Operating Lease, Existence of Option to Terminate [true false]	true
Operating leases - Right-of-use assets	$ 49,491	$ 54,741
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other Assets	Other Assets
Operating lease liabilities	$ 48,664	$ 54,018
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Accounts Payable and Accrued Liabilities	Accounts Payable and Accrued Liabilities
Weighted-average remaining lease term - operating leases	33 years 3 months 18 days	34 years
Weighted-average discount rate - operating leases	4.44%	4.46%
Operating lease amount paid	$ 2,453	$ 2,513	$ 2,186
Maximum
LEASES
Operating lease term (in years)	42 years
Operating lease renewal term (in years)	69 years

LEASES - Lease Cost (Details)

LEASES - Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Lease information
Amortization of finance lease right of-of-use assets	$ 964	$ 964	$ 49
Interest expense related to finance lease liabilities	2,140	2,139	64
Operating lease cost	2,980	3,278	2,856
Short-term lease cost	868	1,173	1,114
Total lease cost	6,952	7,554	4,083
Operating cash outflows for finance leases	2,183	1,938
Operating cash outflows for operating leases	2,453	2,513	2,186
Total cash outflows for lease liability measurement	$ 4,636	$ 4,451	$ 2,186
Automobiles
Lease information
Lease term	12 months

LEASES - Balance Sheet Informat

LEASES - Balance Sheet Information (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Lease information
Finance leases - Right-of-use assets	$ 41,945	$ 40,932
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Real Estate Investment Property, at Cost	Real Estate Investment Property, at Cost
Finance lease liabilities	$ 65,758	$ 65,801
Operating leases - Right-of-use assets	$ 49,491	$ 54,741
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other Assets	Other Assets
Operating lease liabilities	$ 48,664	$ 54,018
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Accounts Payable and Accrued Liabilities	Accounts Payable and Accrued Liabilities
Weighted-average remaining lease term - finance leases	41 years 6 months	42 years 6 months
Weighted-average remaining lease term - operating leases	33 years 3 months 18 days	34 years
Weighted-average discount rate - finance leases	3.25%	3.25%
Weighted-average discount rate - operating leases	4.44%	4.46%

LEASES - Future Operating Lease

LEASES - Future Operating Lease Liability Maturities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Future operating lease liability maturities
2023	$ 2,484
2024	2,334
2025	2,322
2026	2,386
2027	2,416
2028 and thereafter	86,094
Total operating lease payments	98,036
Less: Imputed interest	(49,372)
Operating lease liabilities	48,664	$ 54,018
Operating lease amount paid	2,453	2,513	$ 2,186
Future finance lease liability maturities
2023	2,183
2024	2,183
2025	2,224
2026	2,334
2027	2,371
2028 and thereafter	118,227
Total lease payments	129,522
Less: Imputed interest	(63,764)
Finance lease liabilities	$ 65,758	$ 65,801

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Lease agreements with related parties
RELATED PARTY TRANSACTIONS
Ground lease income	$ 0.2
Joint ventures related to affiliated real estate investments
RELATED PARTY TRANSACTIONS
Management fees	5.1	$ 4.9	$ 3.8
Amounts due to the Company from related parties	15.9	15.4
Mortgage loans receivable from consolidated joint ventures	64.4	32.4
Acquisition fees	$ 0.6	$ 1.3	$ 0.7

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Insurance Recovery (Details) $ in Millions	Dec. 31, 2022 USD ($) facility
COMMITMENTS AND CONTINGENCIES
Number of self-storage units under development | facility	2
Future milestone payments | $	$ 34.6

SHARE-BASED COMPENSATION PLAN_2

SHARE-BASED COMPENSATION PLANS (Details) - USD ($)	1 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share Options
Assumptions used for estimating the fair value of share options
Risk-free interest rate (as a percent)		1.50%	0.60%	1.90%
Expected dividend yield (as a percent)		3.70%	3.80%	3.90%
Volatility (as a percent)		25%	25%	20%
Weighted average expected life of the options		6 years	6 years	6 years
Weighted average grant date fair value of options granted per share (in dollars per share)		$ 8.83	$ 4.62	$ 3.66
Term		10 years	10 years	10 years
Share options, additional general disclosures
Compensation expense recognized (in dollars)		$ 2,500,000	$ 2,300,000	$ 2,000,000
Vesting period		3 years
Unrecognized compensation cost		$ 2,800,000
Unrecognized compensation cost recorded, period		1 year 8 months 12 days
Number of Shares Under Option
Balance at the beginning of the period (in shares)		2,263,804
Options granted (in shares)		324,840
Options exercised (in shares)		(51,606)
Balance at the end of the period (in shares)		2,537,038	2,263,804
Vested or expected to vest at the end of the period (in shares)		2,537,038
Exercisable at the end of the period (in shares)		1,636,544
Weighted Average Exercise Price
Balance at the beginning of the period (in dollars per share)		$ 29.63
Options granted (in dollars per share)		56.91
Options exercised (in dollars per share)		30.80
Balance at the end of the period (in dollars per share)		33.10	$ 29.63
Vested or expected to vest at the end of the period (in dollars per share)		33.10
Exercisable at the end of the period (in dollars per share)		$ 28.42
Weighted Average Remaining Contractual Term
Balance at the end of the period		6 years 2 months 15 days	6 years 9 months 25 days
Options granted		9 years 3 days
Options exercised		7 years 3 months 14 days
Vested or expected to vest at the end of the period		6 years 2 months 15 days
Exercisable at the end of the period		5 years 1 month 20 days
Aggregate intrinsic value
Options, exercisable (in dollars)		$ 19,400,000
Options, vested or expected to vest and exercisable (in dollars)		23,600,000
Options exercised (in dollars)		$ 1,000,000	$ 10,600,000	$ 900,000
Restricted Shares | Minimum
Share options, additional general disclosures
Vesting period		3 years
Restricted Shares | Maximum
Share options, additional general disclosures
Vesting period		5 years
Performance Shares
Assumptions used for estimating the fair value of share options
Term		3 years
Restricted Stock and Performance Shares
Assumptions used for estimating the fair value of share options
Risk-free interest rate (as a percent)		1%	0.20%	1.70%
Volatility (as a percent)		28%	28%	19%
Share options, additional general disclosures
Compensation expense recognized (in dollars)		$ 6,500,000	$ 5,800,000	$ 5,200,000
Unrecognized compensation cost		$ 7,600,000
Unrecognized compensation cost recorded, period		2 years
Number of Non-Vested Restricted Shares
Non-vested at the beginning of the period (in shares)		387,701
Granted (in shares)		126,304
Vested (in shares)		(164,228)
Forfeited (in shares)		(8,825)
Non-vested at the end of the period (in shares)		340,952	387,701
Restricted Shares & Performance Units
Weighted average fair value of restricted shares and performance units granted		$ 61.41	$ 39.37	$ 32.39
Total fair value of restricted shares and performance units vested		$ 5.6	$ 4.8	$ 6
Plan
SHARE-BASED COMPENSATION PLANS
Additional shares authorized	4,500,000
Shares reserved for future issuance	991,117
Shares available for future awards		1,941,786
Percentage of shares that may not be subject to specific limitations		5%
Maximum term of options		10 years
Plan | Minimum
Share options, additional general disclosures
Vesting period		1 year
Plan | Share Options
Number of Shares Under Option
Balance at the end of the period (in shares)		2,537,038
Plan | Restricted Shares
Number of Non-Vested Restricted Shares
Non-vested at the end of the period (in shares)		340,952

EARNINGS PER SHARE AND UNIT A_3

EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL - Earnings Per Share and Unit (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Basic and diluted earnings per common share
Net income	$ 292,472	$ 230,813	$ 167,611
Noncontrolling interests in the Operating Partnership	(1,931)	(7,873)	(1,825)
Noncontrolling interest in subsidiaries	722	542	(165)
NET INCOME ATTRIBUTABLE TO THE COMPANY'S COMMON SHAREHOLDERS	$ 291,263	$ 223,482	$ 165,621
Weighted average basic shares outstanding (in shares)	224,928,000	203,832,000	194,147,000
Share options and restricted share units (in shares)	953,000	1,177,000	796,000
Weighted-average diluted shares outstanding (in shares)	225,881,000	205,009,000	194,943,000
Basic earnings per share attributable to common shareholders (in dollars per share)	$ 1.29	$ 1.10	$ 0.85
Diluted earnings per share attributable to common shareholders (in dollars per share)	$ 1.29	$ 1.09	$ 0.85
Basic and diluted earnings per common unit
Net Income	$ 292,472	$ 230,813	$ 167,611
Noncontrolling interests in the Operating Partnership	$ (1,931)	$ (7,873)	$ (1,825)
Weighted average basic shares outstanding (in shares)	224,928,000	203,832,000	194,147,000
Share options and restricted share units (in shares)	953,000	1,177,000	796,000
Weighted-average diluted shares outstanding (in shares)	225,881,000	205,009,000	194,943,000
Diluted earnings per share attributable to common shareholders (in dollars per share)	$ 1.29	$ 1.09	$ 0.85
Potentially dilutive shares not included in the earnings per share calculation as their effect is antidilutive (in shares)	300,000	0	800,000
Common stock, cash dividends declared (in dollars per share)	$ 1.78	$ 1.45	$ 1.33
OP units outstanding (in shares)	1,426,549	1,901,595	7,420,828
Common shares, shares outstanding	224,603,462	223,917,993	197,405,989
CubeSmart, L.P. and Subsidiaries
Basic and diluted earnings per common share
Net income	$ 292,472	$ 230,813	$ 167,611
Noncontrolling interests in the Operating Partnership	$ (1,931)	$ (7,873)	$ (1,825)
Weighted average basic shares outstanding (in shares)	224,928,000	203,832,000	194,147,000
Share options and restricted share units (in shares)	953,000	1,177,000	796,000
Weighted-average diluted shares outstanding (in shares)	225,881,000	205,009,000	194,943,000
Diluted earnings per share attributable to common shareholders (in dollars per share)	$ 1.29	$ 1.09	$ 0.85
Basic and diluted earnings per common unit
Net Income	$ 292,472	$ 230,813	$ 167,611
Noncontrolling interests in the Operating Partnership	(1,931)	(7,873)	(1,825)
Noncontrolling interest in subsidiaries	722	542	(165)
Net income attributable to common unitholders	$ 291,263	$ 223,482	$ 165,621
Weighted average basic shares outstanding (in shares)	224,928,000	203,832,000	194,147,000
Share options and restricted share units (in shares)	953,000	1,177,000	796,000
Weighted-average diluted shares outstanding (in shares)	225,881,000	205,009,000	194,943,000
Basic earnings per unit attributable to common unitholders	$ 1.29	$ 1.10	$ 0.85
Diluted earnings per share attributable to common shareholders (in dollars per share)	$ 1.29	$ 1.09	$ 0.85
OP units outstanding (in shares)	1,426,549	1,901,595

EARNINGS PER SHARE AND UNIT A_4

EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL - Common Shares (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		12 Months Ended
	Nov. 19, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Issuance of Common and Preferred Shares
Net proceeds after deducting offering costs		$ 4,877	$ 965,638	$ 120,727
Net proceeds from sale of common shares		$ 4,877	$ 965,638	$ 120,727
Over-Allotment Option
Issuance of Common and Preferred Shares
Public offering price	$ 51
Net proceeds after deducting offering costs	$ 765,600
Number of common stock sold (in shares)	15,500
Equity Distribution Agreements | Maximum
Issuance of Common and Preferred Shares
Number of shares that may be sold		60,000
Common Shares | Equity Distribution Agreements
Issuance of Common and Preferred Shares
Number of common stock sold (in shares)		102	4,982	3,627
Average sales price per common share (in dollars per share)		$ 50.64	$ 40.57	$ 33.69
Net proceeds from sale of common shares		$ 4,936	$ 199,977	$ 120,727
Common shares remained available for issuance		5,800	5,900	10,900

EARNINGS PER SHARE AND UNIT A_5

EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL - Summary of OP and Common Units (Details) - shares	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL
Outstanding OP units	1,426,549	1,901,595	7,420,828
Common shares outstanding	224,603,462	223,917,993	197,405,989

SCHEDULE III REAL ESTATE AND _2

SCHEDULE III REAL ESTATE AND RELATED DEPRECIATION (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) ft² property
REAL ESTATE AND RELATED DEPRECIATION
Number of stores | property	611
Area of facility (in square feet) | ft²	44,106,746
Encumbrances	$ 153,959
Initial cost
Land	1,555,906
Building and Improvements	5,403,802
Costs Subsequent to Acquisition	427,251
Gross Carrying Amount at year end
Land	1,588,138
Building and Improvements	5,483,506
Total	7,071,644
Accumulated Depreciation	$ 1,178,092
Minimum
Gross Carrying Amount at year end
Estimated useful lives	5 years
Maximum
Gross Carrying Amount at year end
Estimated useful lives	39 years
Arizona
REAL ESTATE AND RELATED DEPRECIATION
Number of stores | property	48
Area of facility (in square feet) | ft²	3,089,826
Initial cost
Land	$ 98,442
Building and Improvements	389,514
Costs Subsequent to Acquisition	26,017
Gross Carrying Amount at year end
Land	99,495
Building and Improvements	399,753
Total	499,248
Accumulated Depreciation	$ 49,843
California
REAL ESTATE AND RELATED DEPRECIATION
Number of stores | property	63
Area of facility (in square feet) | ft²	4,765,486
Initial cost
Land	$ 371,460
Building and Improvements	683,683
Costs Subsequent to Acquisition	33,592
Gross Carrying Amount at year end
Land	373,301
Building and Improvements	660,593
Total	1,033,894
Accumulated Depreciation	$ 98,929
Colorado
REAL ESTATE AND RELATED DEPRECIATION
Number of stores | property	10
Area of facility (in square feet) | ft²	654,252
Initial cost
Land	$ 11,812
Building and Improvements	46,755
Costs Subsequent to Acquisition	4,386
Gross Carrying Amount at year end
Land	11,787
Building and Improvements	45,056
Total	56,843
Accumulated Depreciation	$ 13,740
Connecticut
REAL ESTATE AND RELATED DEPRECIATION
Number of stores | property	22
Area of facility (in square feet) | ft²	1,200,002
Initial cost
Land	$ 22,023
Building and Improvements	82,375
Costs Subsequent to Acquisition	20,316
Gross Carrying Amount at year end
Land	23,568
Building and Improvements	86,984
Total	110,552
Accumulated Depreciation	$ 34,873
Florida
REAL ESTATE AND RELATED DEPRECIATION
Number of stores | property	90
Area of facility (in square feet) | ft²	6,796,098
Initial cost
Land	$ 104,987
Building and Improvements	531,360
Costs Subsequent to Acquisition	91,455
Gross Carrying Amount at year end
Land	112,652
Building and Improvements	548,011
Total	660,663
Accumulated Depreciation	$ 174,952
Georgia
REAL ESTATE AND RELATED DEPRECIATION
Number of stores | property	22
Area of facility (in square feet) | ft²	1,657,378
Initial cost
Land	$ 20,015
Building and Improvements	117,825
Costs Subsequent to Acquisition	10,212
Gross Carrying Amount at year end
Land	19,825
Building and Improvements	115,798
Total	135,623
Accumulated Depreciation	$ 30,589
Illinois
REAL ESTATE AND RELATED DEPRECIATION
Number of stores | property	43
Area of facility (in square feet) | ft²	2,760,969
Initial cost
Land	$ 54,493
Building and Improvements	221,022
Costs Subsequent to Acquisition	30,106
Gross Carrying Amount at year end
Land	54,358
Building and Improvements	226,591
Total	280,949
Accumulated Depreciation	$ 71,326
Indiana
REAL ESTATE AND RELATED DEPRECIATION
Number of stores | property	1
Area of facility (in square feet) | ft²	70,386
Initial cost
Land	$ 1,134
Building and Improvements	5,589
Costs Subsequent to Acquisition	250
Gross Carrying Amount at year end
Land	1,134
Building and Improvements	5,833
Total	6,967
Accumulated Depreciation	$ 1,565
Maryland
REAL ESTATE AND RELATED DEPRECIATION
Number of stores | property	20
Area of facility (in square feet) | ft²	1,683,821
Encumbrances	$ 4,906
Initial cost
Land	40,467
Building and Improvements	214,985
Costs Subsequent to Acquisition	13,729
Gross Carrying Amount at year end
Land	41,324
Building and Improvements	216,272
Total	257,596
Accumulated Depreciation	$ 50,456
Massachusetts
REAL ESTATE AND RELATED DEPRECIATION
Number of stores | property	20
Area of facility (in square feet) | ft²	1,252,577
Initial cost
Land	$ 31,948
Building and Improvements	159,000
Costs Subsequent to Acquisition	10,742
Gross Carrying Amount at year end
Land	32,203
Building and Improvements	163,982
Total	196,185
Accumulated Depreciation	$ 32,521
Minnesota
REAL ESTATE AND RELATED DEPRECIATION
Number of stores | property	2
Area of facility (in square feet) | ft²	176,296
Initial cost
Land	$ 2,621
Building and Improvements	21,655
Costs Subsequent to Acquisition	408
Gross Carrying Amount at year end
Land	2,621
Building and Improvements	22,063
Total	24,684
Accumulated Depreciation	$ 2,740
Nevada
REAL ESTATE AND RELATED DEPRECIATION
Number of stores | property	22
Area of facility (in square feet) | ft²	1,702,416
Initial cost
Land	$ 69,956
Building and Improvements	394,023
Costs Subsequent to Acquisition	6,198
Gross Carrying Amount at year end
Land	71,703
Building and Improvements	398,249
Total	469,952
Accumulated Depreciation	$ 22,383
New Jersey
REAL ESTATE AND RELATED DEPRECIATION
Number of stores | property	28
Area of facility (in square feet) | ft²	1,983,356
Initial cost
Land	$ 45,864
Building and Improvements	188,139
Costs Subsequent to Acquisition	37,639
Gross Carrying Amount at year end
Land	49,372
Building and Improvements	206,349
Total	255,721
Accumulated Depreciation	$ 65,269
New Mexico
REAL ESTATE AND RELATED DEPRECIATION
Number of stores | property	3
Area of facility (in square feet) | ft²	182,261
Initial cost
Land	$ 2,866
Building and Improvements	9,367
Costs Subsequent to Acquisition	1,826
Gross Carrying Amount at year end
Land	2,867
Building and Improvements	7,977
Total	10,844
Accumulated Depreciation	$ 3,433
New York
REAL ESTATE AND RELATED DEPRECIATION
Number of stores | property	59
Area of facility (in square feet) | ft²	4,742,378
Encumbrances	$ 146,905
Initial cost
Land	427,921
Building and Improvements	1,331,857
Costs Subsequent to Acquisition	50,817
Gross Carrying Amount at year end
Land	440,133
Building and Improvements	1,354,122
Total	1,794,255
Accumulated Depreciation	$ 290,358
North Carolina
REAL ESTATE AND RELATED DEPRECIATION
Number of stores | property	9
Area of facility (in square feet) | ft²	611,792
Initial cost
Land	$ 10,349
Building and Improvements	44,680
Costs Subsequent to Acquisition	6,534
Gross Carrying Amount at year end
Land	10,788
Building and Improvements	47,530
Total	58,318
Accumulated Depreciation	$ 13,397
Ohio
REAL ESTATE AND RELATED DEPRECIATION
Number of stores | property	20
Area of facility (in square feet) | ft²	1,294,303
Initial cost
Land	$ 13,529
Building and Improvements	51,265
Costs Subsequent to Acquisition	18,083
Gross Carrying Amount at year end
Land	14,938
Building and Improvements	54,639
Total	69,577
Accumulated Depreciation	$ 21,590
Pennsylvania
REAL ESTATE AND RELATED DEPRECIATION
Number of stores | property	12
Area of facility (in square feet) | ft²	890,385
Initial cost
Land	$ 18,769
Building and Improvements	99,199
Costs Subsequent to Acquisition	10,731
Gross Carrying Amount at year end
Land	18,723
Building and Improvements	104,496
Total	123,219
Accumulated Depreciation	$ 21,935
Rhode Island
REAL ESTATE AND RELATED DEPRECIATION
Number of stores | property	4
Area of facility (in square feet) | ft²	247,305
Initial cost
Land	$ 3,480
Building and Improvements	17,156
Costs Subsequent to Acquisition	1,633
Gross Carrying Amount at year end
Land	3,480
Building and Improvements	18,732
Total	22,212
Accumulated Depreciation	$ 4,839
South Carolina
REAL ESTATE AND RELATED DEPRECIATION
Number of stores | property	8
Area of facility (in square feet) | ft²	432,389
Initial cost
Land	$ 6,117
Building and Improvements	31,039
Costs Subsequent to Acquisition	1,363
Gross Carrying Amount at year end
Land	6,117
Building and Improvements	32,402
Total	38,519
Accumulated Depreciation	$ 3,362
Tennessee
REAL ESTATE AND RELATED DEPRECIATION
Number of stores | property	9
Area of facility (in square feet) | ft²	755,655
Encumbrances	$ 2,148
Initial cost
Land	9,117
Building and Improvements	54,403
Costs Subsequent to Acquisition	5,781
Gross Carrying Amount at year end
Land	8,992
Building and Improvements	52,924
Total	61,916
Accumulated Depreciation	$ 14,483
Texas
REAL ESTATE AND RELATED DEPRECIATION
Number of stores | property	76
Area of facility (in square feet) | ft²	5,446,871
Initial cost
Land	$ 110,252
Building and Improvements	476,749
Costs Subsequent to Acquisition	34,511
Gross Carrying Amount at year end
Land	110,569
Building and Improvements	485,325
Total	595,894
Accumulated Depreciation	$ 103,599
Utah
REAL ESTATE AND RELATED DEPRECIATION
Number of stores | property	4
Area of facility (in square feet) | ft²	239,388
Initial cost
Land	$ 10,763
Building and Improvements	2,844
Costs Subsequent to Acquisition	2,831
Gross Carrying Amount at year end
Land	10,622
Building and Improvements	4,208
Total	14,830
Accumulated Depreciation	$ 1,944
Virginia
REAL ESTATE AND RELATED DEPRECIATION
Number of stores | property	11
Area of facility (in square feet) | ft²	1,060,480
Initial cost
Land	$ 37,282
Building and Improvements	138,668
Costs Subsequent to Acquisition	4,355
Gross Carrying Amount at year end
Land	37,283
Building and Improvements	135,792
Total	173,075
Accumulated Depreciation	$ 29,041
Washington D.C.
REAL ESTATE AND RELATED DEPRECIATION
Number of stores | property	5
Area of facility (in square feet) | ft²	410,676
Initial cost
Land	$ 28,759
Building and Improvements	80,996
Costs Subsequent to Acquisition	2,369
Gross Carrying Amount at year end
Land	28,803
Building and Improvements	78,847
Total	107,650
Accumulated Depreciation	18,078
Other Corporate Assets
Initial cost
Land	1,480
Building and Improvements	9,654
Costs Subsequent to Acquisition	1,367
Gross Carrying Amount at year end
Land	1,480
Building and Improvements	10,978
Total	12,458
Accumulated Depreciation	$ 2,847

SCHEDULE III REAL ESTATE AND _3

SCHEDULE III REAL ESTATE AND RELATED DEPRECIATION (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Activity in Storage facilities
Balance at beginning of year	$ 7,183,494	$ 5,489,754	$ 4,699,844
Acquisitions & improvements	191,495	1,795,965	825,247
Fully depreciated assets	(32,344)	(52,722)	(83,418)
Dispositions and other	(6,230)	(19,408)	(8,533)
Construction in progress, net	(40,637)	(30,095)	14,718
Right-of-use assets - finance leases			41,896
Balance at end of year	7,295,778	7,183,494	5,489,754
Activity in Accumulated depreciation
Balance at beginning of year	1,085,824	983,940	925,359
Depreciation expense	195,522	160,933	143,952
Fully depreciated assets	(32,344)	(52,722)	(83,418)
Dispositions and other	(1,227)	(6,327)	(1,953)
Balance at end of year	1,247,775	1,085,824	983,940
Storage properties, net	6,048,003	$ 6,097,670	$ 4,505,814
Aggregate cost of real estate investments for federal income tax purposes	$ 7,643,800

CONSOLIDATED BALANCE SHEETS (LP

CONSOLIDATED BALANCE SHEETS (LP cube) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
ASSETS
Storage properties	$ 7,295,778	$ 7,183,494
Less: Accumulated depreciation	(1,247,775)	(1,085,824)
Storage properties, net (including VIE assets of $167,180 and $149,467, respectively)	6,048,003	6,097,670
Cash and cash equivalents	6,064	11,140
Restricted cash	2,861	2,178
Loan procurement costs, net of amortization	5,182	2,322
Investment in real estate ventures, at equity	105,993	119,751
Assets held for sale	3,745	49,313
Other assets, net	153,982	265,705
Total assets	6,325,830	6,548,079
LIABILITIES AND CAPITAL
Unsecured senior notes, net	2,772,350	2,768,209
Revolving credit facility	60,900	209,900
Mortgage loans and notes payable, net	162,918	167,676
Lease liabilities - finance leases	65,758	65,801
Accounts payable, accrued expenses and other liabilities	213,297	199,985
Distributions payable	111,190	97,417
Deferred revenue	38,757	37,144
Security deposits	1,087	1,065
Liabilities held for sale	1,773	2,502
Total liabilities	3,428,030	3,549,699
Limited Partnership interests of third parties	57,419	108,220
Commitments and contingencies
Capital
Accumulated other comprehensive loss	(491)	(570)
Total liabilities and equity	6,325,830	6,548,079
CubeSmart, L.P. and Subsidiaries
ASSETS
Storage properties	7,295,778	7,183,494
Less: Accumulated depreciation	(1,247,775)	(1,085,824)
Storage properties, net (including VIE assets of $167,180 and $149,467, respectively)	6,048,003	6,097,670
Cash and cash equivalents	6,064	11,140
Restricted cash	2,861	2,178
Investment in real estate ventures, at equity	105,993	119,751
Assets held for sale	3,745	49,313
Other assets, net	153,982	265,705
Total assets	6,325,830	6,548,079
LIABILITIES AND CAPITAL
Unsecured senior notes, net	2,772,350	2,768,209
Revolving credit facility	60,900	209,900
Mortgage loans and notes payable, net	162,918	167,676
Lease liabilities - finance leases	65,758	65,801
Accounts payable, accrued expenses and other liabilities	213,297	199,985
Distributions payable	111,190	97,417
Deferred revenue	38,757	37,144
Security deposits	1,087	1,065
Liabilities held for sale	1,773	2,502
Total liabilities	3,428,030	3,549,699
Limited Partnership interests of third parties	57,419	108,220
Commitments and contingencies
Capital
Operating Partner	2,826,694	2,872,133
Accumulated other comprehensive loss	(491)	(570)
Total CubeSmart, L.P. capital	2,826,203	2,871,563
Noncontrolling interests in subsidiaries	14,178	18,597
Total capital	2,840,381	2,890,160
Total liabilities and equity	$ 6,325,830	$ 6,548,079

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (Parenthetical) (LP cube) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Storage facilities, net	$ 6,048,003	$ 6,097,670
VIE
Storage facilities, net	167,180	149,467
CubeSmart, L.P. and Subsidiaries
Storage facilities, net	6,048,003	6,097,670
CubeSmart, L.P. and Subsidiaries | VIE
Storage facilities, net	$ 167,180	$ 149,467

CONSOLIDATED STATEMENTS OF OP_2

CONSOLIDATED STATEMENTS OF OPERATIONS (LP cube) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
REVENUES
Rental income	$ 879,289	$ 707,751	$ 581,009
Total revenues	1,009,624	822,564	679,177
OPERATING EXPENSES
Property operating expenses	293,260	252,104	223,634
Depreciation and amortization	310,610	232,049	156,573
General and administrative	54,623	47,809	41,423
Total operating expenses	658,493	531,962	421,630
Interest:
Interest expense on loans	(93,284)	(78,448)	(75,890)
Loan procurement amortization expense	(3,897)	(8,168)	(2,674)
Loss on early extinguishment of debt		(20,328)	(18,020)
Equity in earnings of real estate ventures	48,877	25,275	178
Gains from sales of real estate, net		32,698	6,710
Other	(10,355)	(10,818)	(240)
Total other expense	(58,659)	(59,789)	(89,936)
NET INCOME	292,472	230,813	167,611
NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS
Operating Partnership interests of third parties	$ (1,931)	$ (7,873)	$ (1,825)
Diluted earnings per share attributable to common shareholders (in dollars per share)	$ 1.29	$ 1.09	$ 0.85
Weighted-average basic units outstanding (in units)	224,928	203,832	194,147
Weighted-average diluted units outstanding (in units)	225,881	205,009	194,943
Weighted average basic shares outstanding (in shares)	224,928	203,832	194,147
Other Property Related Income
REVENUES
Property related income	$ 96,166	$ 83,605	$ 70,723
Property Management Fee Income
REVENUES
Property related income	34,169	31,208	27,445
CubeSmart, L.P. and Subsidiaries
REVENUES
Rental income	879,289	707,751	581,009
Total revenues	1,009,624	822,564	679,177
OPERATING EXPENSES
Property operating expenses	293,260	252,104	223,634
Depreciation and amortization	310,610	232,049	156,573
General and administrative	54,623	47,809	41,423
Total operating expenses	658,493	531,962	421,630
Interest:
Interest expense on loans	(93,284)	(78,448)	(75,890)
Loan procurement amortization expense	(3,897)	(8,168)	(2,674)
Loss on early extinguishment of debt		(20,328)	(18,020)
Equity in earnings of real estate ventures	48,877	25,275	178
Gains from sales of real estate, net		32,698	6,710
Other	(10,355)	(10,818)	(240)
Total other expense	(58,659)	(59,789)	(89,936)
NET INCOME	292,472	230,813	167,611
NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS
Noncontrolling interest in subsidiaries	722	542	(165)
NET INCOME ATTRIBUTABLE TO CUBESMART L.P.	293,194	231,355	167,446
Operating Partnership interests of third parties	(1,931)	(7,873)	(1,825)
NET INCOME ATTRIBUTABLE TO COMMON UNITHOLDERS	$ 291,263	$ 223,482	$ 165,621
Basic earnings per unit attributable to common unitholders	$ 1.29	$ 1.10	$ 0.85
Diluted earnings per share attributable to common shareholders (in dollars per share)	$ 1.29	$ 1.09	$ 0.85
Weighted-average basic units outstanding (in units)	224,928	203,832	194,147
Weighted-average diluted units outstanding (in units)	225,881	205,009	194,943
Weighted average basic shares outstanding (in shares)	224,928	203,832	194,147
CubeSmart, L.P. and Subsidiaries | Other Property Related Income
REVENUES
Property related income	$ 96,166	$ 83,605	$ 70,723
CubeSmart, L.P. and Subsidiaries | Property Management Fee Income
REVENUES
Property related income	$ 34,169	$ 31,208	$ 27,445

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (LP cube) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
NET INCOME	$ 292,472	$ 230,813	$ 167,611
Other comprehensive income:
Reclassification of realized losses on interest rate swaps	81	81	81
OTHER COMPREHENSIVE INCOME:	81	81	81
COMPREHENSIVE INCOME	292,553	230,894	167,692
Comprehensive income attributable to Operating Partnership interests of third parties	(1,933)	(7,892)	(1,809)
Comprehensive loss (income) attributable to noncontrolling interest in subsidiaries	722	542	(165)
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE COMPANY	291,342	223,544	165,718
CubeSmart, L.P. and Subsidiaries
NET INCOME	$ 292,472	$ 230,813	$ 167,611

CONSOLIDATED STATEMENTS OF CAPI

CONSOLIDATED STATEMENTS OF CAPITAL (LP cube) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Increase (Decrease) in Partners' Capital
Balance of Noncontrolling Interests in the Operating Partnership	$ 108,220
Contributions from noncontrolling interests in subsidiaries	3,690	$ 11,404	$ 682
Distributions paid to noncontrolling interest in subsidiaries	$ (7,387)	(246)	$ (205)
Acquisition of noncontrolling interest in subsidiary		$ (3,397)
Preferred OP unit redemption (in units)	475,046	5,519,233	100,000
Partners' Capital Account, Units, Redeemed	475,046	5,519,233	100,000
Adjustment for Operating Partnership interests of third parties	$ 27,203	$ (164,109)	$ (4,230)
Net income (loss)	290,541	222,940	165,786
Other comprehensive income (loss), net	79	62	97
Balance of Noncontrolling Interests in the Operating Partnership	57,419	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	62,088
Issuance of OP units			186,933
Adjustment for Operating Partnership interests of third parties	(27,203)	164,109	4,230
Net income (loss)	1,931	7,873	1,825
Other comprehensive income (loss), net	2	19	(16)
Balance of Noncontrolling Interests in the Operating Partnership	57,419	108,220	249,414
CubeSmart, L.P. and Subsidiaries
Increase (Decrease) in Partners' Capital
Balance	2,890,160	1,840,848	1,807,336
Balance of Noncontrolling Interests in the Operating Partnership	108,220
Contributions from noncontrolling interests in subsidiaries	3,690	11,404	682
Distributions paid to noncontrolling interest in subsidiaries	(7,387)	(246)	(205)
Issuance of common OP units	4,877	965,638	120,727
Issuance of restricted OP units	1
Acquisition of noncontrolling interest in subsidiary		(3,397)
Conversion from OP units to shares	22,948	305,015	2,824
Exercise of OP unit options	1,590	7,865	961
Amortization of restricted OP units	5,134	4,941	4,502
OP unit compensation expense	2,543	2,271	1,952
Adjustment for Operating Partnership interests of third parties	27,203	(164,109)	(4,230)
Net income (loss)	290,541	222,940	165,786
Other comprehensive income (loss), net	79	62	97
Common OP unit distributions	(400,998)	(303,072)	(259,584)
Balance	2,840,381	2,890,160	1,840,848
Balance of Noncontrolling Interests in the Operating Partnership	57,419	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	62,088
Issuance of OP units			(186,933)
Conversion from OP units to shares	(22,948)	(305,015)	(2,824)
Adjustment for Operating Partnership interests of third parties	(27,203)	164,109	4,230
Net income (loss)	1,931	7,873	1,825
Other comprehensive income (loss), net	2	19	(16)
Common OP unit distributions	(2,583)	(8,180)	(2,822)
Balance of Noncontrolling Interests in the Operating Partnership	57,419	108,220	249,414
CubeSmart, L.P. and Subsidiaries | Total Shareholders' Equity
Increase (Decrease) in Partners' Capital
Balance	2,871,563	1,832,216	1,799,346
Issuance of common OP units	4,877	965,638	120,727
Issuance of restricted OP units	1
Acquisition of noncontrolling interest in subsidiary		(2,746)
Conversion from OP units to shares	22,948	305,015	2,824
Exercise of OP unit options	1,590	7,865	961
Amortization of restricted OP units	5,134	4,941	4,502
OP unit compensation expense	2,543	2,271	1,952
Adjustment for Operating Partnership interests of third parties	27,203	(164,109)	(4,230)
Net income (loss)	291,263	223,482	165,621
Other comprehensive income (loss), net	79	62	97
Common OP unit distributions	(400,998)	(303,072)	(259,584)
Balance	2,826,203	2,871,563	1,832,216
CubeSmart, L.P. and Subsidiaries | Operating Partner
Increase (Decrease) in Partners' Capital
Balance	$ 2,872,133	$ 1,832,848	$ 1,800,075
Balance (in units)	223,918,000	197,406,000	193,557,000
Issuance of common OP units	$ 4,877	$ 965,638	$ 120,727
Issuance of common OP units (in units)	102,000	20,508,000	3,627,000
Issuance of restricted OP units	$ 1
Issuance of restricted OP units (in units)	56,000	66,000	60,000
Acquisition of noncontrolling interest in subsidiary		$ (2,746)
Conversion from OP units to shares	$ 22,948	$ 305,015	$ 2,824
Conversion from OP units to shares (in units)	475,000	5,519,000	100,000
Exercise of OP unit options	$ 1,590	$ 7,865	$ 961
Exercise of OP unit options (in units)	52,000	419,000	62,000
Amortization of restricted OP units	$ 5,134	$ 4,941	$ 4,502
OP unit compensation expense	2,543	2,271	1,952
Adjustment for Operating Partnership interests of third parties	27,203	(164,109)	(4,230)
Net income (loss)	291,263	223,482	165,621
Common OP unit distributions	(400,998)	(303,072)	(259,584)
Balance	$ 2,826,694	$ 2,872,133	$ 1,832,848
Balance (in units)	224,603,000	223,918,000	197,406,000
CubeSmart, L.P. and Subsidiaries | Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) in Partners' Capital
Balance	$ (570)	$ (632)	$ (729)
Other comprehensive income (loss), net	79	62	97
Balance	(491)	(570)	(632)
CubeSmart, L.P. and Subsidiaries | Noncontrolling Interest in Subsidiaries
Increase (Decrease) in Partners' Capital
Balance	18,597	8,632	7,990
Contributions from noncontrolling interests in subsidiaries	3,690	11,404	682
Distributions paid to noncontrolling interest in subsidiaries	(7,387)	(246)	(205)
Acquisition of noncontrolling interest in subsidiary		(651)
Net income (loss)	(722)	(542)	165
Balance	$ 14,178	$ 18,597	$ 8,632

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) (LP cube) - $ / shares	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
CubeSmart, L.P. and Subsidiaries
Common OP unit distributions (in dollars per share)	$ 1.78	$ 1.45	$ 1.33

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (LP cube) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating Activities
Net income	$ 292,472	$ 230,813	$ 167,611
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	314,507	240,217	159,247
Non-cash portion of interest expense related to finance leases	(43)	202
Loss on early extinguishment of debt		20,328	18,020
Equity in earnings of real estate ventures	(48,877)	(25,275)	(178)
Gains from sales of real estate, net		(32,698)	(6,710)
Equity compensation expense	9,081	8,088	7,140
Accretion of fair market value adjustment of debt	(1,099)	(2,037)	(259)
Changes in other operating accounts:
Other assets	3,498	(9,247)	(9,674)
Accounts payable and accrued expenses	20,395	14,871	13,922
Other liabilities	1,532	3,923	1,914
Net cash provided by operating activities	591,466	449,185	351,033
Investing Activities
Acquisitions of storage properties	(89,004)	(151,547)	(417,988)
Acquisition of LAACO, Ltd., net of cash acquired		(1,678,984)
Additions and improvements to storage properties	(41,233)	(34,608)	(49,857)
Development costs	(24,358)	(69,887)	(55,286)
Investment in real estate ventures	(21)	(28,261)	(7,022)
Cash distributed from real estate ventures	62,656	66,593	6,246
Proceeds from sale of real estate, net	43,193	44,026	12,466
Net cash used in investing activities	(48,767)	(1,852,668)	(511,441)
Proceeds from:
Unsecured senior notes		1,043,427	445,833
Revolving credit facility	633,950	906,571	429,085
Principal payments on:
Unsecured senior notes		(300,000)	(250,000)
Revolving credit facility	(782,950)	(814,471)	(311,285)
Mortgage loans and notes payable	(2,426)	(87,263)	(46,093)
Loan procurement costs	(3,885)	(12,548)	(3,764)
Debt prepayment costs		(20,023)	(17,584)
Acquisition of noncontrolling interest in subsidiary, net		(3,397)
Cash paid upon vesting of restricted OP units	(1,403)	(876)	(686)
Contributions from noncontrolling interests in subsidiaries	350	8,031
Distributions paid to noncontrolling interests in subsidiaries	(7,387)	(246)	(205)
Distributions paid to common OP unitholders	(387,106)	(273,839)	(256,253)
Net cash (used in) provided by financing activities	(547,092)	1,410,572	108,196
Change in cash, cash equivalents and restricted cash	(4,393)	7,089	(52,212)
Cash, cash equivalents and restricted cash at beginning of period	13,318	6,229	58,441
Cash, cash equivalents and restricted cash at end of period	8,925	13,318	6,229
Supplemental Cash Flow and Noncash Information
Cash paid for interest, net of interest capitalized	92,293	79,148	80,792
Supplemental disclosure of noncash activities:
Acquisitions of storage properties	(700)		(2,623)
Right-of-use assets obtained in exchange for lease liabilities			61,423
Discount on issuance of unsecured senior notes		6,573	4,167
Mortgage loan assumptions		40,880	169,056
Accretion of put liability	2,444	9,777	7,917
Derivative valuation adjustment	81	81	81
Issuance of OP units (see note 4)			186,933
Contributions from noncontrolling interests in subsidiaries	3,340	3,373	682
CubeSmart, L.P. and Subsidiaries
Operating Activities
Net income	292,472	230,813	167,611
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	314,507	240,217	159,247
Non-cash portion of interest expense related to finance leases	(43)	202
Loss on early extinguishment of debt		20,328	18,020
Equity in earnings of real estate ventures	(48,877)	(25,275)	(178)
Gains from sales of real estate, net		(32,698)	(6,710)
Equity compensation expense	9,081	8,088	7,140
Accretion of fair market value adjustment of debt	(1,099)	(2,037)	(259)
Changes in other operating accounts:
Other assets	3,498	(9,247)	(9,674)
Accounts payable and accrued expenses	20,395	14,871	13,922
Other liabilities	1,532	3,923	1,914
Net cash provided by operating activities	591,466	449,185	351,033
Investing Activities
Acquisitions of storage properties	(89,004)	(151,547)	(417,988)
Acquisition of LAACO, Ltd., net of cash acquired		(1,678,984)
Additions and improvements to storage properties	(41,233)	(34,608)	(49,857)
Development costs	(24,358)	(69,887)	(55,286)
Investment in real estate ventures	(21)	(28,261)	(7,022)
Cash distributed from real estate ventures	62,656	66,593	6,246
Proceeds from sale of real estate, net	43,193	44,026	12,466
Net cash used in investing activities	(48,767)	(1,852,668)	(511,441)
Proceeds from:
Unsecured senior notes		1,043,427	445,833
Revolving credit facility	633,950	906,571	429,085
Principal payments on:
Unsecured senior notes		(300,000)	(250,000)
Revolving credit facility	(782,950)	(814,471)	(311,285)
Mortgage loans and notes payable	(2,426)	(87,263)	(46,093)
Loan procurement costs	(3,885)	(12,548)	(3,764)
Debt prepayment costs		(20,023)	(17,584)
Acquisition of noncontrolling interest in subsidiary, net		(3,397)
Proceeds from issuance of common OP units	4,877	965,638	120,727
Cash paid upon vesting of restricted OP units	(1,403)	(876)	(686)
Exercise of OP unit options	1,590	7,865	961
Contributions from noncontrolling interests in subsidiaries	350	8,031
Distributions paid to noncontrolling interests in subsidiaries	(7,387)	(246)	(205)
Distributions paid to common OP unitholders	(389,808)	(282,136)	(258,793)
Net cash (used in) provided by financing activities	(547,092)	1,410,572	108,196
Change in cash, cash equivalents and restricted cash	(4,393)	7,089	(52,212)
Cash, cash equivalents and restricted cash at beginning of period	13,318	6,229	58,441
Cash, cash equivalents and restricted cash at end of period	8,925	13,318	6,229
Supplemental Cash Flow and Noncash Information
Cash paid for interest, net of interest capitalized	92,293	79,148	80,792
Supplemental disclosure of noncash activities:
Acquisitions of storage properties	(700)		(2,623)
Right-of-use assets obtained in exchange for lease liabilities			61,423
Discount on issuance of unsecured senior notes		6,573	4,167
Mortgage loan assumptions		40,880	169,056
Accretion of put liability	2,444	9,777	7,917
Derivative valuation adjustment	(81)	(81)	(81)
Issuance of OP units (see note 4)			186,933
Contributions from noncontrolling interests in subsidiaries	$ 3,340	$ 3,373	$ 682