CubeSmart 10-Q26 Apr 242024 Q1 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2024	Apr. 24, 2024
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2024
Entity File Number	001-32324
Entity Registrant Name	CUBESMART
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	20-1024732
Entity Address, Address Line One	5 Old Lancaster Rd. Malvern
Entity Address, City or Town	Malvern
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19355
City Area Code	610
Local Phone Number	535-5000
Title of 12(b) Security	Common Shares, $0.01 par value per share, of CubeSmart
Trading Symbol	CUBE
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		224,972,363
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001298675
Amendment Flag	false
CubeSmart, L.P. and Subsidiaries
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2024
Entity File Number	000-54462
Entity Registrant Name	CUBESMART, L.P.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	34-1837021
Entity Address, Address Line One	5 Old Lancaster Rd.
Entity Address, City or Town	Malvern
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19355
City Area Code	610
Local Phone Number	535-5000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001300485
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
ASSETS
Storage properties	$ 7,397,588	$ 7,367,613
Less: Accumulated depreciation	(1,458,854)	(1,416,377)
Storage properties, net	5,938,734	5,951,236
Cash and cash equivalents	5,587	6,526
Restricted cash	2,026	1,691
Loan procurement costs, net of amortization	3,681	3,995
Investment in real estate ventures, at equity	96,227	98,288
Other assets, net	162,633	163,284
Total assets	6,208,888	6,225,020
LIABILITIES AND EQUITY
Unsecured senior notes, net	2,777,525	2,776,490
Revolving credit facility	18,400	18,100
Mortgage loans and notes payable, net	127,239	128,186
Lease liabilities - finance leases	65,699	65,714
Accounts payable, accrued expenses and other liabilities	202,800	201,419
Distributions payable	115,918	115,820
Deferred revenue	39,268	38,483
Total liabilities	3,346,849	3,344,212
Noncontrolling interests in the Operating Partnership	58,253	60,276
Commitments and contingencies
Equity
Common shares $.01 par value, 400,000,000 shares authorized, 224,965,172 and 224,921,053 shares issued and outstanding at March 31, 2024, and December 31, 2023, respectively	2,250	2,249
Additional paid-in capital	4,144,972	4,142,229
Accumulated other comprehensive loss	(391)	(411)
Accumulated deficit	(1,364,723)	(1,345,239)
Total CubeSmart shareholders' equity	2,782,108	2,798,828
Noncontrolling interests in subsidiaries	21,678	21,704
Total equity	2,803,786	2,820,532
Total liabilities and equity	$ 6,208,888	$ 6,225,020

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Storage properties	$ 5,938,734	$ 5,951,236
Cash and cash equivalents	$ 5,587	$ 6,526
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	224,965,172	224,921,053
Common shares, shares outstanding	224,965,172	224,921,053	224,671,525
VIE
Storage properties	$ 183,703	$ 180,615
Cash and cash equivalents	$ 1,995	$ 3,002

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
REVENUES
Rental income	$ 225,190	$ 223,584
Total revenues	261,406	256,528
OPERATING EXPENSES
Property operating expenses	77,037	71,127
Depreciation and amortization	50,717	50,329
General and administrative	15,625	14,674
Total operating expenses	143,379	136,130
Interest:
Interest expense on loans	(22,919)	(23,691)
Loan procurement amortization expense	(1,030)	(1,040)
Equity in earnings of real estate ventures	845	2,551
Other	(65)	(276)
Total other (expense) income	(23,169)	(22,456)
NET INCOME	94,858	97,942
NET (INCOME) LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS
Net income attributable to noncontrolling interests in the Operating Partnership	(541)	(614)
Net loss attributable to noncontrolling interests in subsidiaries	210	238
NET INCOME ATTRIBUTABLE TO THE COMPANY'S COMMON SHAREHOLDERS	$ 94,527	$ 97,566
Basic earnings per share attributable to common shareholders (in dollars per share)	$ 0.42	$ 0.43
Diluted earnings per share attributable to common shareholders (in dollars per share)	$ 0.42	$ 0.43
Weighted average basic shares outstanding (in shares)	225,767	225,294
Weighted average diluted shares outstanding (in shares)	226,575	226,183
Other Property Related Income
REVENUES
Property related income	$ 26,316	$ 24,384
Property Management Fee Income
REVENUES
Property related income	$ 9,900	$ 8,560

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
NET INCOME	$ 94,858	$ 97,942
Other comprehensive income:
Reclassification of realized losses on interest rate swaps	20	20
OTHER COMPREHENSIVE INCOME:	20	20
COMPREHENSIVE INCOME	94,878	97,962
Comprehensive income attributable to noncontrolling interests in the Operating Partnership	(541)	(614)
Comprehensive loss attributable to noncontrolling interest in subsidiaries	210	238
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE COMPANY	$ 94,547	$ 97,586

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Thousands, $ in Thousands	Total Shareholders' Equity	Common Shares	Additional Paid in Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit	Noncontrolling Interest in Subsidiaries	Noncontrolling Interests in the Operating Partnership	Total
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
Increase (Decrease) in Stockholders' Equity
Distributions paid to noncontrolling interest in subsidiaries						(107)		(107)
Issuance of common shares, net	(91)		(91)					(91)
Issuance of restricted shares (in shares)		22
Conversion from units to shares	361		361				(361)	361
Conversion from units to shares (in shares)		8
Exercise of stock options	915	$ 1	914					915
Exercise of stock options (in shares)		39
Amortization of restricted shares	1,171		1,171					1,171
Share compensation expense	730		730					730
Adjustment for noncontrolling interests in the Operating Partnership	(8,588)				(8,588)		8,588	(8,588)
Net income (loss)	97,566				97,566	(238)		97,328
Net income (loss)							614
Other comprehensive income (loss), net	20			20				20
Common share distributions	(110,524)				(110,524)		(695)	(110,524)
Balance at Mar. 31, 2023	2,807,763	$ 2,247	4,128,563	(471)	(1,322,576)	13,833		2,821,596
Balance (in shares) at Mar. 31, 2023		224,672
Balance of Noncontrolling Interests in the Operating Partnership at Mar. 31, 2023							65,565
Balance at Dec. 31, 2023	2,798,828	$ 2,249	4,142,229	(411)	(1,345,239)	21,704		2,820,532
Balance (in shares) at Dec. 31, 2023		224,921
Balance of Noncontrolling Interests in the Operating Partnership at Dec. 31, 2023							60,276	60,276
Increase (Decrease) in Stockholders' Equity
Contributions from noncontrolling interest in subsidiaries						309		309
Distributions paid to noncontrolling interest in subsidiaries						(125)		(125)
Issuance of common shares, net	(10)		(10)					(10)
Issuance of restricted shares	1	$ 1						1
Issuance of restricted shares (in shares)		24
Conversion from units to shares	561		561				(561)	561
Conversion from units to shares (in shares)		12
Exercise of stock options	201		201					201
Exercise of stock options (in shares)		8
Amortization of restricted shares	1,189		1,189					1,189
Share compensation expense	802		802					802
Adjustment for noncontrolling interests in the Operating Partnership	1,346				1,346		(1,346)	1,346
Net income (loss)	94,527				94,527	(210)		94,317
Net income (loss)							541
Other comprehensive income (loss), net	20			20				20
Common share distributions	(115,357)				(115,357)		(657)	(115,357)
Balance at Mar. 31, 2024	$ 2,782,108	$ 2,250	$ 4,144,972	$ (391)	$ (1,364,723)	$ 21,678		2,803,786
Balance (in shares) at Mar. 31, 2024		224,965
Balance of Noncontrolling Interests in the Operating Partnership at Mar. 31, 2024							$ 58,253	$ 58,253

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
CONSOLIDATED STATEMENTS OF EQUITY
Common share distributions (in dollars per share)	$ 0.51	$ 0.49

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating Activities
Net income	$ 94,858	$ 97,942
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	51,747	51,369
Non-cash portion of interest expense related to finance leases	(15)	(18)
Equity in earnings of real estate ventures	(845)	(2,551)
Cash distributed from real estate ventures	1,222	1,200
Equity compensation expense	2,829	2,536
Accretion of fair market value adjustment of debt	(172)	(260)
Changes in other operating accounts:
Other assets	56	(3,317)
Accounts payable and accrued expenses	(235)	(10,912)
Other liabilities	705	717
Net cash provided by operating activities	150,150	136,706
Investing Activities
Acquisitions of storage properties	(20,147)
Additions and improvements to storage properties	(9,656)	(11,150)
Development costs	(6,101)	(18,067)
Investment in real estate ventures	(305)	(5)
Cash distributed from real estate ventures	1,989	3,662
Net cash used in investing activities	(34,220)	(25,560)
Proceeds from:
Revolving credit facility	213,920	220,073
Principal payments on:
Revolving credit facility	(213,620)	(219,573)
Mortgage loans and notes payable	(456)	(638)
Loan procurement costs		(39)
Issuance of common shares, net	(9)	(91)
Cash paid upon vesting of restricted shares	(838)	(635)
Exercise of stock options	201	915
Contributions from noncontrolling interests in subsidiaries	309
Distributions paid to noncontrolling interests in subsidiaries	(125)	(107)
Distributions paid to common shareholders	(115,253)	(110,495)
Distributions paid to noncontrolling interests in Operating Partnership	(663)	(699)
Net cash used in financing activities	(116,534)	(111,289)
Change in cash, cash equivalents and restricted cash	(604)	(143)
Cash, cash equivalents and restricted cash at beginning of period	8,217	8,925
Cash, cash equivalents and restricted cash at end of period	7,613	8,782
Supplemental Cash Flow and Noncash Information
Cash paid for interest, net of interest capitalized	31,551	32,202
Supplemental disclosure of noncash activities:
Derivative valuation adjustment	$ 20	$ 20

ORGANIZATION AND NATURE OF OPER

ORGANIZATION AND NATURE OF OPERATIONS	3 Months Ended
ORGANIZATION AND NATURE OF OPERATIONS	Mar. 31, 2024
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 unaudited consolidated financial statements, the terms “the Company”, “we” or “our” are used to refer to the Parent Company and the Operating Partnership together, unless the context indicates otherwise. As of March 31, 2024, 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 March 31, 2024, the Parent Company owned approximately 99.4% of the partnership interests (“OP Units” or “common units”) of the Operating Partnership. The remaining OP Units, consisting exclusively of limited partner interests, are held by persons who contributed their interests in properties to the Operating Partnership in exchange for OP Units. Under the partnership agreement, these persons have the right to tender their OP Units for redemption to the Operating Partnership at any time following a specified restricted period for cash equal to the fair value of an equivalent number of common shares of the Parent Company. In lieu of delivering cash, however, the Parent Company, as the Operating Partnership’s general partner, may, at its option, choose to acquire any OP Units so tendered by issuing common shares in exchange for the tendered OP Units. If the Parent Company so chooses, its common shares will be exchanged for OP Units on a one-for-one basis. This one-for-one exchange ratio is subject to adjustment to prevent dilution. With each such exchange or redemption, the Parent Company’s percentage ownership in the Operating Partnership will increase. In addition, whenever the Parent Company issues common or other classes of its shares, it contributes the net proceeds it receives from the issuance to the Operating Partnership and the Operating Partnership issues to the Parent Company an equal number of OP Units or other partnership interests having preferences and rights that mirror the preferences and rights of the shares issued. This structure is commonly referred to as an umbrella partnership REIT or “UPREIT.” The Company typically experiences seasonal fluctuations in the occupancy levels of its stores, which are generally slightly higher during the summer months due to increased moving activity.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Mar. 31, 2024
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting and, in the opinion of each of the Parent Company’s and Operating Partnership’s respective management, include all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of financial position, results of operations and cash flows for each respective company for the interim periods presented in accordance with generally accepted accounting principles in the United States (“GAAP”). Accordingly, readers of this Quarterly Report on Form 10-Q should refer to the Parent Company’s and the Operating Partnership’s combined audited financial statements prepared in accordance with GAAP, and the related notes thereto, for the year ended December 31, 2023, which are included in the Parent Company’s and the Operating Partnership’s combined Annual Report on Form 10-K for the fiscal year ended December 31, 2023 The Operating Partnership meets the criteria as a variable interest entity (“VIE”). The Parent Company’s sole significant asset is its investment in the Operating Partnership. As a result, substantially all of the Parent Company’s assets and liabilities represent those assets and liabilities of the Operating Partnership. All of the Parent Company’s debt is an obligation of the Operating Partnership, and the Parent Company guarantees the unsecured debt obligations of the Operating Partnership. Reclassifications Certain amounts within the Company’s and the Operating Partnership’s unaudited consolidated financial statements have been reclassified in prior years to conform to the current year presentation. Recently Issued Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07 – Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amended guidance requires the disclosure of incremental segment information, including significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and a reconciliation of segment profit or loss to net income. The title and position of the CODM must also be disclosed, along with how the CODM uses the reported measures to assess segment performance and to allocate resources. Entities with a single reportable segment (such as the Company) will be required to provide the disclosures required by Topic 280, as amended. The standard became effective for the Company on January 1, 2024 and the required disclosures for the Company will begin with its Annual Report on Form 10-K for the fiscal year ending December 31, 2024. The adoption and implementation of this guidance is not expected to have a material impact on the Company’s consolidated financial statements.

STORAGE PROPERTIES

STORAGE PROPERTIES	3 Months Ended
STORAGE PROPERTIES	Mar. 31, 2024
STORAGE PROPERTIES
STORAGE PROPERTIES	3. STORAGE PROPERTIES The book value of the Company’s real estate assets is summarized as follows: March 31, December 31, 2024 2023 (in thousands) Land $ 1,599,314 $ 1,594,742 Buildings and improvements 5,542,740 5,517,544 Equipment 141,954 144,372 Construction in progress 71,635 69,010 Right-of-use assets - finance leases 41,945 41,945 Storage properties 7,397,588 7,367,613 Less: Accumulated depreciation (1,458,854) (1,416,377) Storage properties, net $ 5,938,734 $ 5,951,236 The following table summarizes the Company’s acquisition and disposition activity since January 1, 2023. Number of Transaction Price Asset/Portfolio Metropolitan Statistical Area Transaction Date Stores (in thousands) 2024 Acquisitions: Connecticut Assets Hartford-West Hartford-East Hartford, CT January 2024 2 $ 20,200 2 $ 20,200 2023 Acquisition: New Jersey Asset New York-Northern New Jersey-Long Island, NY-NJ-PA December 2023 1 $ 22,000 1 $ 22,000 2023 Disposition: Illinois Asset (1) Chicago-Naperville-Joliet, IL-IN-WI December 2023 1 $ 8,000 1 $ 8,000 (1) This store was subject to an involuntary conversion by the Department of Transportation of the State of Illinois.

INVESTMENT ACTIVITY

INVESTMENT ACTIVITY	3 Months Ended
INVESTMENT ACTIVITY	Mar. 31, 2024
INVESTMENT ACTIVITY
INVESTMENT ACTIVITY	4. INVESTMENT ACTIVITY 2024 Acquisitions During the three months ended March 31, 2024, the Company acquired a two -store portfolio located in Connecticut for an aggregate purchase price of $20.2 million. In connection with this transaction, which was accounted for as an asset acquisition, the Company allocated the purchase price and acquisition-related costs to the tangible and intangible assets acquired based on relative fair value. Intangible assets consisted of in-place leases, which aggregated to $0.9 million at the time of the acquisition and prior to amortization of such amounts. The estimated life of these in-place leases is 12 months and the amortization expense that was recognized during the three months ended March 31, 2024 was approximately $0.1 million. 2023 Acquisition During the year ended December 31, 2023, the Company acquired one store located in New Jersey for a purchase price of $22.0 million. In connection with this transaction, which was accounted for as an asset acquisition, the Company allocated the purchase price and acquisition-related costs to the tangible and intangible assets acquired based on relative fair value. Intangible assets consisted of in-place leases, which aggregated to $2.0 million at the time of the acquisition and prior to amortization of such amounts. The estimated life of these in-place leases is 12 months and the amortization expense that was recognized during the three months ended March 31, 2024 was approximately $0.5 million. No amortization expense related to this store was recognized during the three months ended March 31, 2023. 2023 Dispositions During the year ended December 31, 2023, the Company sold the California Yacht Club, which it purchased in December 2021 as part of the LAACO acquisition, for $0.8 million. A loss of $0.2 million was recognized in conjunction with the sale. Additionally, in December 2023, a store was subject to an involuntary conversion by the Department of Transportation of the State of Illinois. The Company received $8.0 million as consideration and recorded a gain of $4.8 million. Development Activity As of March 31, 2024, the Company had invested in consolidated joint ventures to develop four self-storage properties located in New Jersey (1) and New York (3). Construction for these projects is expected to be completed at various times during 2024 and 2025. As of March 31, 2024, development costs incurred to date for these projects totaled $57.3 million. Total construction costs for these projects are expected to be $109.7 million. These costs are capitalized to construction in progress while the project is under development and are reflected in Storage properties on the Company’s consolidated balance sheets.

INVESTMENT IN UNCONSOLIDATED RE

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES	3 Months Ended
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES	Mar. 31, 2024
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 March 31, December 31, March 31, December 31, Unconsolidated Real Estate Ventures Interest 2024 2023 2024 2023 Fontana Self Storage, LLC ("Fontana") (1) 50% 1 1 $ 13,461 $ 13,575 Rancho Cucamonga Self Storage, LLC ("RCSS") (1) 50% 1 1 20,524 20,679 191 V CUBE LLC ("HVP V") 20% 6 6 12,628 12,759 191 IV CUBE LLC ("HVP IV") 20% 28 28 16,385 17,085 CUBE HHF Northeast Venture LLC ("HHFNE") 10% 13 13 909 951 CUBE HHF Limited Partnership ("HHF") 50% 28 28 32,320 33,239 77 77 $ 96,227 $ 98,288 (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. These differences are being amortized over the expected useful life of the self-storage properties owned by the ventures. As of March 31, 2024, the remaining unamortized difference was $12.7 million for Fontana and $18.9 million for RCSS. As of March 31, 2024, the Company also held a 10% interest in 191 IV CUBE Southeast LLC ("HVPSE"). 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. During the three months ended March 31, 2023, the Company received distributions of $1.7 million in excess of its investment in HVPSE from proceeds that were held back at the time of the sale. These distributions are included in Equity in earnings of real estate ventures within the Company’s consolidated statements of operations. As of March 31, 2024, HVPSE had no significant assets or liabilities. The Company determined that Fontana, RCSS, HVP V, HVPSE, HVP IV, HHFNE and HHF (collectively, 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 within 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 March 31, 2024 and December 31, 2023. March 31, December 31, 2024 2023 Assets (in thousands) Storage properties, net $ 702,149 $ 715,142 Other assets 18,224 10,382 Total assets $ 720,373 $ 725,524 Liabilities and equity Debt $ 471,020 $ 470,573 Other liabilities 19,550 18,557 Equity CubeSmart 64,601 66,446 Joint venture partners 165,202 169,948 Total liabilities and equity $ 720,373 $ 725,524 The following is a summary of results of operations of the Ventures for the three months ended March 31, 2024 and 2023. Three Months Ended March 31, 2024 2023 (in thousands) Total revenues $ 24,586 $ 24,064 Operating expenses (10,375) (10,519) Other expenses (106) (69) Interest expense, net (4,658) (4,084) Depreciation and amortization (7,532) (7,772) Net income $ 1,915 $ 1,620 Company’s share of net income $ 845 $ 2,551

OTHER ASSETS

OTHER ASSETS	3 Months Ended
OTHER ASSETS	Mar. 31, 2024
Other Assets, Unclassified [Abstract]
OTHER ASSETS	6. OTHER ASSETS Other assets were comprised of the following as of March 31, 2024 and December 31, 2023: March 31, December 31, 2024 2023 (in thousands) Intangible assets, net of accumulated amortization of $801 and $164, respectively $ 2,036 $ 1,806 Accounts receivable, net 7,907 8,944 Prepaid property taxes 5,738 8,171 Prepaid insurance 2,174 4,879 Amounts due from affiliates (see note 15) 20,018 18,045 Assets related to deferred compensation arrangements 62,142 60,038 Right-of-use assets - operating leases 50,179 50,476 Ground lease receivable 6,206 6,193 Other 6,233 4,732 Total other assets, net $ 162,633 $ 163,284

UNSECURED SENIOR NOTES

UNSECURED SENIOR NOTES	3 Months Ended
UNSECURED SENIOR NOTES	Mar. 31, 2024
UNSECURED SENIOR NOTES
UNSECURED SENIOR NOTES	7. UNSECURED SENIOR NOTES The Company’s unsecured senior notes are summarized as follows (collectively referred to as the “Senior Notes”): March 31, December 31, Effective Issuance Maturity Unsecured Senior Notes 2024 2023 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 (9,735) (10,148) Less: Loan procurement costs, net (12,740) (13,362) Total unsecured senior notes, net $ 2,777,525 $ 2,776,490 (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 three months ended March 31, 2024, the Operating Partnership was in compliance with all of the financial covenants under the Senior Notes.

REVOLVING CREDIT FACILITY

REVOLVING CREDIT FACILITY	3 Months Ended
REVOLVING CREDIT FACILITY	Mar. 31, 2024
REVOLVING CREDIT FACILITY
REVOLVING CREDIT FACILITY	8. 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 the Secured Overnight Financing Rate ("SOFR") plus a 0.10% SOFR adjustment. As of March 31, 2024, borrowings under the Revolver had an interest rate of 6.37%. Additionally, as of March 31, 2024, $831.0 million was available for borrowing under the Revolver. The available balance under the Revolver is reduced by an outstanding letter of credit of $0.6 million. Under the 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 three months ended March 31, 2024, the Operating Partnership was in compliance with all financial covenants of the Second Amended and Restated Credit Facility.

MORTGAGE LOANS AND NOTES PAYABL

MORTGAGE LOANS AND NOTES PAYABLE	3 Months Ended
MORTGAGE LOANS AND NOTES PAYABLE	Mar. 31, 2024
MORTGAGE LOANS AND NOTES PAYABLE
MORTGAGE LOANS AND NOTES PAYABLE	9. MORTGAGE LOANS AND NOTES PAYABLE The Company’s mortgage loans and notes payable are summarized as follows: Carrying Value as of March 31, December 31, Effective Maturity Mortgage Loans and Notes Payable 2024 2023 Interest Rate Date (in thousands) Annapolis I, MD $ 4,651 $ 4,703 3.78 % May-24 Brooklyn XV, NY 14,657 14,746 2.15 % May-24 Long Island City IV, NY 11,862 11,946 2.15 % May-24 Long Island City II, NY 17,719 17,834 2.25 % Jul-26 Long Island City III, NY 17,723 17,839 2.25 % Aug-26 Flushing II, NY 54,300 54,300 2.15 % Jul-29 Principal balance outstanding 120,912 121,368 Plus: Unamortized fair value adjustment 7,103 7,689 Less: Loan procurement costs, net (776) (871) Total mortgage loans and notes payable, net $ 127,239 $ 128,186 As of March 31, 2024 and December 31, 2023, the Company’s mortgage loans payable were secured by certain of its self-storage properties with net book values of approximately $354.6 million and $356.1 million, respectively. The following table represents the future principal payment requirements on the outstanding mortgage loans and notes payable as of March 31, 2024 (in thousands): 2024 $ 31,873 2025 979 2026 33,760 2027 — 2028 — 2029 54,300 Total principal payments $ 120,912

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE LOSS	3 Months Ended
ACCUMULATED OTHER COMPREHENSIVE LOSS	Mar. 31, 2024
ACCUMULATED OTHER COMPREHENSIVE LOSS
ACCUMULATED OTHER COMPREHENSIVE LOSS	10. ACCUMULATED OTHER COMPREHENSIVE LOSS Accumulated other comprehensive loss represents unrealized losses on interest rate swaps (see note 11). The following table summarizes the changes in accumulated other comprehensive loss for the three months ended March 31, 2024 (in thousands). March 31, 2024 (in thousands) Beginning balance at December 31, 2023 $ (413) Reclassification of realized losses on interest rate swaps (1) 20 Ending balance at March 31, 2024 (393) Less: portion included in noncontrolling interests in the Operating Partnership 2 Total accumulated other comprehensive loss included in equity $ (391) (1) See note 11 for additional information about the effects of the amounts reclassified.

RISK MANAGEMENT AND USE OF FINA

RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS	3 Months Ended
RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS	Mar. 31, 2024
RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS
RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS	11. RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS The Company is exposed to credit risk with regard to its cash accounts. The Company holds deposits at certain financial institutions in excess of Federal Deposit Insurance Corporation limits. The Company’s cash accounts are held with major financial institutions and management believes that the risk of loss due to disruption at these financial institutions is low. 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 within its consolidated statements of operations realized and unrealized gains and losses with respect to the derivative. As of March 31, 2024 and December 31, 2023, 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 Company’s consolidated balance sheets 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 twenty thousand dollars of unrealized losses from accumulated other comprehensive loss as an increase to interest expense during the three months ended March 31, 2024. The Company estimates that $0.1 million will be reclassified as an increase to interest expense in the next 12 months.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
FAIR VALUE MEASUREMENTS	Mar. 31, 2024
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS	12. FAIR VALUE MEASUREMENTS The Company applies the methods of determining fair value as described in authoritative guidance, to value its financial assets and liabilities. As defined in the guidance, fair value is based on the price that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In order to increase consistency and comparability in fair value measurements, the guidance establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three broad levels, which are described below: Level 1: Quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs. Level 2: Observable prices that are based on inputs not quoted on active markets, but corroborated by market data. Level 3: Unobservable inputs are used when little or no market data is available. The fair value hierarchy gives the lowest priority to Level 3 inputs. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs, to the extent possible, as well as considering counterparty credit risk in its assessment of fair value. 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 March 31, 2024 and December 31, 2023. The following table summarizes the carrying value and estimated fair value of the Company’s debt as of March 31, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 (in thousands) Carrying value $ 2,923,164 $ 2,922,776 Fair value 2,607,864 2,631,221 The fair value of debt estimates were based on a discounted cash flow analysis assuming market interest rates for comparable obligations at March 31, 2024 and December 31, 2023. The Company estimates the fair value of its fixed-rate debt and the credit spreads over variable market rates on its variable-rate debt by discounting the future cash flows of each instrument at estimated market rates or credit spreads consistent with the maturity of the debt obligation with similar credit policies, which is classified within level 2 of the fair value hierarchy. Rates and credit spreads take into consideration general market conditions and maturity.

NONCONTROLLING INTERESTS

NONCONTROLLING INTERESTS	3 Months Ended
NONCONTROLLING INTERESTS	Mar. 31, 2024
NONCONTROLLING INTERESTS
NONCONTROLLING INTERESTS	13. NONCONTROLLING INTERESTS Interests in Consolidated Joint Ventures Noncontrolling interests in subsidiaries represent the ownership interests of third parties in the Company’s consolidated 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 March 31, 2024 Number Ownership Total Total Related Party Consolidated Joint Ventures of Stores Interest Assets Liabilities Loans (1) (in thousands) New Rochelle Investors, LLC ("New Rochelle") 1 70% $ 24,855 $ 1,253 $ 599 1074 Raritan Road, LLC ("Clark") 1 90% 14,141 7,931 6,642 350 Main Street, LLC ("Port Chester") 1 90% 5,862 19 — Astoria Investors, LLC ("Astoria") 1 70% 43,338 28,937 27,397 CS Lock Up Anoka, LLC ("Anoka") 1 50% 10,216 5,625 5,540 CS Valley Forge Village Storage, LLC ("VFV") 1 70% 19,149 14,873 14,792 CS Vienna, LLC ("Vienna") 1 80% 30,200 35,325 34,875 SH3, LLC ("SH3") 1 90% 36,621 521 — 8 $ 184,382 $ 94,484 $ 89,845 (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 As of March 31, 2024 and December 31, 2023, 1,288,205 and 1,300,462 OP units, respectively, were owned by third parties. The per unit cash redemption amount of the outstanding OP units owned by third parties was calculated based upon the closing price of the common shares of CubeSmart on the New York Stock Exchange on the final trading day of the quarter. Based on the Company’s evaluation of the redemption value of the redeemable noncontrolling 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 March 31, 2024 and December 31, 2023. The aggregate redemption value of the 1,288,205 OP Units owned by third parties as of March 31, 2024 was $58.3 million.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
COMMITMENTS AND CONTINGENCIES	Mar. 31, 2024
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	14. COMMITMENTS AND CONTINGENCIES Development Commitments The Company has agreements with developers for the construction of four new self-storage properties (see note 4), which will require payments of approximately $38.5 million, due in installments upon completion of certain construction milestones, during 2024 and 2025. 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.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
RELATED PARTY TRANSACTIONS	Mar. 31, 2024
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	15. RELATED PARTY TRANSACTIONS The Company provides management services to certain joint ventures and other related parties. Management agreements provide for fee income to the Company based on a percentage of revenues at the managed stores. Total management fees for unconsolidated real estate ventures or other entities in which the Company held an ownership interest totaled $1.2 million for each of the three-month periods ended March 31, 2024 and 2023. 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 $20.0 million and $18.0 million as of March 31, 2024 and December 31, 2023, respectively, and are included in Other assets, net on the consolidated balance sheets. Additionally, the Company had outstanding mortgage loans receivable from consolidated joint ventures of $89.8 million and $86.3 million as of March 31, 2024 and December 31, 2023, 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. There were no such fees recognized during the three months ended March 31, 2024 or 2023. The Company serves as lessor in a ground lease related to land underlying an HVP IV property located in Texas. During each of the three-month periods ended March 31, 2024 and 2023, the Company recognized income associated with this ground lease of $0.1 million. This income is included in the component of other (expense) income designated as Other within the Company’s consolidated statements of operations.

EARNINGS PER SHARE AND UNIT AND

EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL	3 Months Ended
	Mar. 31, 2024
EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL
EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL	16. EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS’ EQUITY AND CAPITAL Earnings per share and shareholders’ equity The following is a summary of the elements used in calculating basic and diluted earnings per share: Three Months Ended March 31, 2024 2023 (dollars and units in thousands, except per share amounts) Net income $ 94,858 $ 97,942 Net income attributable to noncontrolling interests in the Operating Partnership (541) (614) Net loss attributable to noncontrolling interests in subsidiaries 210 238 Net income attributable to the Company's common shareholders $ 94,527 $ 97,566 Weighted average basic shares outstanding 225,767 225,294 Share options and restricted share units 808 889 Weighted average diluted shares outstanding (1) 226,575 226,183 Basic earnings per share attributable to common shareholders $ 0.42 $ 0.43 Diluted earnings per share attributable to common shareholders (2) $ 0.42 $ 0.43 Income allocated to noncontrolling interests of the Operating Partnership has been excluded from the numerator and OP units owned by third parties have been omitted from the denominator for the purpose of computing diluted earnings per share since the effect of including these amounts in the numerator and denominator would be anti-dilutive. Weighted average outstanding OP units owned by third parties for the three months ended March 31, 2024 and 2023 were 1.3 million and 1.4 million, respectively. Earnings per unit and capital The following is a summary of the elements used in calculating basic and diluted earnings per unit: Three Months Ended March 31, 2024 2023 (dollars and units in thousands, except per unit amounts) Net income $ 94,858 $ 97,942 Net loss attributable to noncontrolling interests in subsidiaries 210 238 Net income attributable to CubeSmart, L.P. $ 95,068 $ 98,180 Weighted average basic units outstanding (3) 227,057 226,717 Unit options and restricted share units 808 889 Weighted average diluted units outstanding (1) (3) 227,865 227,606 Basic earnings per unit attributable to CubeSmart, L.P. $ 0.42 $ 0.43 Diluted earnings per unit attributable to CubeSmart, L.P. (2) $ 0.42 $ 0.43 (1) For the three months ended March 31, 2024 and 2023, the Company declared cash dividends per common share/unit of $0.51 and $0.49 , respectively. (2) The amounts of anti-dilutive options that were excluded from the computation of diluted earnings per share/unit for the three months ended March 31, 2024 and 2023 were 1.1 million and 0.7 million, respectively. (3) Prior period amounts have been updated to conform to current year presentation. The OP Units owned by the General Partner and the OP Units owned by third parties have essentially the same economic characteristics as they share equally in the total net income or loss and distributions of the Operating Partnership. OP Units owned by third parties may be redeemed for cash or, at the Company’s option, common shares of CubeSmart on a one-for-one basis. The following is a summary of OP Units outstanding: As of March 31, 2024 2023 Outstanding OP Units owned by third parties 1,288,205 1,418,549 Outstanding OP Units owned by the General Partner 224,965,172 224,671,525

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Mar. 31, 2024
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation	Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting and, in the opinion of each of the Parent Company’s and Operating Partnership’s respective management, include all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of financial position, results of operations and cash flows for each respective company for the interim periods presented in accordance with generally accepted accounting principles in the United States (“GAAP”). Accordingly, readers of this Quarterly Report on Form 10-Q should refer to the Parent Company’s and the Operating Partnership’s combined audited financial statements prepared in accordance with GAAP, and the related notes thereto, for the year ended December 31, 2023, which are included in the Parent Company’s and the Operating Partnership’s combined Annual Report on Form 10-K for the fiscal year ended December 31, 2023 The Operating Partnership meets the criteria as a variable interest entity (“VIE”). The Parent Company’s sole significant asset is its investment in the Operating Partnership. As a result, substantially all of the Parent Company’s assets and liabilities represent those assets and liabilities of the Operating Partnership. All of the Parent Company’s debt is an obligation of the Operating Partnership, and the Parent Company guarantees the unsecured debt obligations of the Operating Partnership.
Reclassifications	Reclassifications Certain amounts within the Company’s and the Operating Partnership’s unaudited consolidated financial statements have been reclassified in prior years to conform to the current year presentation.
Recent Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07 – Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amended guidance requires the disclosure of incremental segment information, including significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and a reconciliation of segment profit or loss to net income. The title and position of the CODM must also be disclosed, along with how the CODM uses the reported measures to assess segment performance and to allocate resources. Entities with a single reportable segment (such as the Company) will be required to provide the disclosures required by Topic 280, as amended. The standard became effective for the Company on January 1, 2024 and the required disclosures for the Company will begin with its Annual Report on Form 10-K for the fiscal year ending December 31, 2024. The adoption and implementation of this guidance is not expected to have a material impact on the Company’s consolidated financial statements.

STORAGE PROPERTIES (Tables)

STORAGE PROPERTIES (Tables)	3 Months Ended
STORAGE PROPERTIES (Tables)	Mar. 31, 2024
STORAGE PROPERTIES
Summary of real estate assets	March 31, December 31, 2024 2023 (in thousands) Land $ 1,599,314 $ 1,594,742 Buildings and improvements 5,542,740 5,517,544 Equipment 141,954 144,372 Construction in progress 71,635 69,010 Right-of-use assets - finance leases 41,945 41,945 Storage properties 7,397,588 7,367,613 Less: Accumulated depreciation (1,458,854) (1,416,377) Storage properties, net $ 5,938,734 $ 5,951,236
Schedule of acquisitions and dispositions of real estate assets	The following table summarizes the Company’s acquisition and disposition activity since January 1, 2023. Number of Transaction Price Asset/Portfolio Metropolitan Statistical Area Transaction Date Stores (in thousands) 2024 Acquisitions: Connecticut Assets Hartford-West Hartford-East Hartford, CT January 2024 2 $ 20,200 2 $ 20,200 2023 Acquisition: New Jersey Asset New York-Northern New Jersey-Long Island, NY-NJ-PA December 2023 1 $ 22,000 1 $ 22,000 2023 Disposition: Illinois Asset (1) Chicago-Naperville-Joliet, IL-IN-WI December 2023 1 $ 8,000 1 $ 8,000

INVESTMENT IN UNCONSOLIDATED _2

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURE (Tables)	3 Months Ended
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURE (Tables)	Mar. 31, 2024
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES
Schedule of investments in 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 March 31, December 31, March 31, December 31, Unconsolidated Real Estate Ventures Interest 2024 2023 2024 2023 Fontana Self Storage, LLC ("Fontana") (1) 50% 1 1 $ 13,461 $ 13,575 Rancho Cucamonga Self Storage, LLC ("RCSS") (1) 50% 1 1 20,524 20,679 191 V CUBE LLC ("HVP V") 20% 6 6 12,628 12,759 191 IV CUBE LLC ("HVP IV") 20% 28 28 16,385 17,085 CUBE HHF Northeast Venture LLC ("HHFNE") 10% 13 13 909 951 CUBE HHF Limited Partnership ("HHF") 50% 28 28 32,320 33,239 77 77 $ 96,227 $ 98,288 (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. These differences are being amortized over the expected useful life of the self-storage properties owned by the ventures. As of March 31, 2024, the remaining unamortized difference was $12.7 million for Fontana and $18.9 million for RCSS.
Summary of the financial position of the ventures	March 31, December 31, 2024 2023 Assets (in thousands) Storage properties, net $ 702,149 $ 715,142 Other assets 18,224 10,382 Total assets $ 720,373 $ 725,524 Liabilities and equity Debt $ 471,020 $ 470,573 Other liabilities 19,550 18,557 Equity CubeSmart 64,601 66,446 Joint venture partners 165,202 169,948 Total liabilities and equity $ 720,373 $ 725,524
Summary of results of operations of the ventures	Three Months Ended March 31, 2024 2023 (in thousands) Total revenues $ 24,586 $ 24,064 Operating expenses (10,375) (10,519) Other expenses (106) (69) Interest expense, net (4,658) (4,084) Depreciation and amortization (7,532) (7,772) Net income $ 1,915 $ 1,620 Company’s share of net income $ 845 $ 2,551

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	3 Months Ended
OTHER ASSETS (Tables)	Mar. 31, 2024
Other Assets, Unclassified [Abstract]
Schedule of other assets	March 31, December 31, 2024 2023 (in thousands) Intangible assets, net of accumulated amortization of $801 and $164, respectively $ 2,036 $ 1,806 Accounts receivable, net 7,907 8,944 Prepaid property taxes 5,738 8,171 Prepaid insurance 2,174 4,879 Amounts due from affiliates (see note 15) 20,018 18,045 Assets related to deferred compensation arrangements 62,142 60,038 Right-of-use assets - operating leases 50,179 50,476 Ground lease receivable 6,206 6,193 Other 6,233 4,732 Total other assets, net $ 162,633 $ 163,284

UNSECURED SENIOR NOTES (Tables)

UNSECURED SENIOR NOTES (Tables)	3 Months Ended
UNSECURED SENIOR NOTES (Tables)	Mar. 31, 2024
Senior Notes
Summary of debt	March 31, December 31, Effective Issuance Maturity Unsecured Senior Notes 2024 2023 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 (9,735) (10,148) Less: Loan procurement costs, net (12,740) (13,362) Total unsecured senior notes, net $ 2,777,525 $ 2,776,490 (1) On April 4, 2017, the Operating Partnership issued $50.0 million of its 4.000% senior notes due 2025, which are part of the same series as the $250.0 million principal amount of the Operating Partnership’s 4.000% senior notes due November 15, 2025 issued on October 26, 2015. The $50.0 million and $250.0 million tranches were priced at 101.343% and 99.735% , respectively, of the principal amount to yield 3.811% and 4.032% , respectively, to maturity. The combined weighted average effective interest rate of the 2025 notes is 3.994% .

MORTGAGE LOANS AND NOTES PAYA_2

MORTGAGE LOANS AND NOTES PAYABLE (Tables) - Mortgage Loans	3 Months Ended
MORTGAGE LOANS AND NOTES PAYABLE (Tables) - Mortgage Loans	Mar. 31, 2024
Summary of debt	Carrying Value as of March 31, December 31, Effective Maturity Mortgage Loans and Notes Payable 2024 2023 Interest Rate Date (in thousands) Annapolis I, MD $ 4,651 $ 4,703 3.78 % May-24 Brooklyn XV, NY 14,657 14,746 2.15 % May-24 Long Island City IV, NY 11,862 11,946 2.15 % May-24 Long Island City II, NY 17,719 17,834 2.25 % Jul-26 Long Island City III, NY 17,723 17,839 2.25 % Aug-26 Flushing II, NY 54,300 54,300 2.15 % Jul-29 Principal balance outstanding 120,912 121,368 Plus: Unamortized fair value adjustment 7,103 7,689 Less: Loan procurement costs, net (776) (871) Total mortgage loans and notes payable, net $ 127,239 $ 128,186
Schedule of the future principal payment requirements on the outstanding mortgage loans and notes payable	The following table represents the future principal payment requirements on the outstanding mortgage loans and notes payable as of March 31, 2024 (in thousands): 2024 $ 31,873 2025 979 2026 33,760 2027 — 2028 — 2029 54,300 Total principal payments $ 120,912

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	3 Months Ended
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	Mar. 31, 2024
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 11). The following table summarizes the changes in accumulated other comprehensive loss for the three months ended March 31, 2024 (in thousands). March 31, 2024 (in thousands) Beginning balance at December 31, 2023 $ (413) Reclassification of realized losses on interest rate swaps (1) 20 Ending balance at March 31, 2024 (393) Less: portion included in noncontrolling interests in the Operating Partnership 2 Total accumulated other comprehensive loss included in equity $ (391) (1) See note 11 for additional information about the effects of the amounts reclassified.

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
FAIR VALUE MEASUREMENTS (Tables)	Mar. 31, 2024
FAIR VALUE MEASUREMENTS
Schedule of financial assets and liabilities carried at fair value	March 31, 2024 December 31, 2023 (in thousands) Carrying value $ 2,923,164 $ 2,922,776 Fair value 2,607,864 2,631,221

NONCONTROLLING INTERESTS (Table

NONCONTROLLING INTERESTS (Tables)	3 Months Ended
NONCONTROLLING INTERESTS (Tables)	Mar. 31, 2024
NONCONTROLLING INTERESTS
Schedule of noncontrolling interests in subsidiaries	CubeSmart March 31, 2024 Number Ownership Total Total Related Party Consolidated Joint Ventures of Stores Interest Assets Liabilities Loans (1) (in thousands) New Rochelle Investors, LLC ("New Rochelle") 1 70% $ 24,855 $ 1,253 $ 599 1074 Raritan Road, LLC ("Clark") 1 90% 14,141 7,931 6,642 350 Main Street, LLC ("Port Chester") 1 90% 5,862 19 — Astoria Investors, LLC ("Astoria") 1 70% 43,338 28,937 27,397 CS Lock Up Anoka, LLC ("Anoka") 1 50% 10,216 5,625 5,540 CS Valley Forge Village Storage, LLC ("VFV") 1 70% 19,149 14,873 14,792 CS Vienna, LLC ("Vienna") 1 80% 30,200 35,325 34,875 SH3, LLC ("SH3") 1 90% 36,621 521 — 8 $ 184,382 $ 94,484 $ 89,845 (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.

EARNINGS PER SHARE AND UNIT A_2

EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL (Tables)	3 Months Ended
	Mar. 31, 2024
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 share and shareholders’ equity The following is a summary of the elements used in calculating basic and diluted earnings per share: Three Months Ended March 31, 2024 2023 (dollars and units in thousands, except per share amounts) Net income $ 94,858 $ 97,942 Net income attributable to noncontrolling interests in the Operating Partnership (541) (614) Net loss attributable to noncontrolling interests in subsidiaries 210 238 Net income attributable to the Company's common shareholders $ 94,527 $ 97,566 Weighted average basic shares outstanding 225,767 225,294 Share options and restricted share units 808 889 Weighted average diluted shares outstanding (1) 226,575 226,183 Basic earnings per share attributable to common shareholders $ 0.42 $ 0.43 Diluted earnings per share attributable to common shareholders (2) $ 0.42 $ 0.43 Income allocated to noncontrolling interests of the Operating Partnership has been excluded from the numerator and OP units owned by third parties have been omitted from the denominator for the purpose of computing diluted earnings per share since the effect of including these amounts in the numerator and denominator would be anti-dilutive. Weighted average outstanding OP units owned by third parties for the three months ended March 31, 2024 and 2023 were 1.3 million and 1.4 million, respectively. Earnings per unit and capital The following is a summary of the elements used in calculating basic and diluted earnings per unit: Three Months Ended March 31, 2024 2023 (dollars and units in thousands, except per unit amounts) Net income $ 94,858 $ 97,942 Net loss attributable to noncontrolling interests in subsidiaries 210 238 Net income attributable to CubeSmart, L.P. $ 95,068 $ 98,180 Weighted average basic units outstanding (3) 227,057 226,717 Unit options and restricted share units 808 889 Weighted average diluted units outstanding (1) (3) 227,865 227,606 Basic earnings per unit attributable to CubeSmart, L.P. $ 0.42 $ 0.43 Diluted earnings per unit attributable to CubeSmart, L.P. (2) $ 0.42 $ 0.43 (1) For the three months ended March 31, 2024 and 2023, the Company declared cash dividends per common share/unit of $0.51 and $0.49 , respectively. (2) The amounts of anti-dilutive options that were excluded from the computation of diluted earnings per share/unit for the three months ended March 31, 2024 and 2023 were 1.1 million and 0.7 million, respectively. (3) Prior period amounts have been updated to conform to current year presentation.
Summary of OP units outstanding	As of March 31, 2024 2023 Outstanding OP Units owned by third parties 1,288,205 1,418,549 Outstanding OP Units owned by the General Partner 224,965,172 224,671,525

ORGANIZATION AND NATURE OF OP_2

ORGANIZATION AND NATURE OF OPERATIONS (Details)	3 Months Ended
ORGANIZATION AND NATURE OF OPERATIONS (Details)	Mar. 31, 2024 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
Percentage of the entity's partnership interest in Operating Partnership	99.40%

STORAGE PROPERTIES - Summary (D

STORAGE PROPERTIES - Summary (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
STORAGE FACILITIES
Storage properties	$ 7,397,588	$ 7,367,613
Less: Accumulated depreciation	(1,458,854)	(1,416,377)
Storage properties, net	5,938,734	5,951,236
Land
STORAGE FACILITIES
Storage properties	1,599,314	1,594,742
Buildings and improvements
STORAGE FACILITIES
Storage properties	5,542,740	5,517,544
Equipment
STORAGE FACILITIES
Storage properties	141,954	144,372
Construction in progress
STORAGE FACILITIES
Storage properties	71,635	69,010
Right-of-use assets - finance leases
STORAGE FACILITIES
Storage properties	$ 41,945	$ 41,945

STORAGE PROPERTIES - Activity (

STORAGE PROPERTIES - Activity (Details) $ in Thousands	3 Months Ended	12 Months Ended
STORAGE PROPERTIES - Activity (Details) $ in Thousands	Mar. 31, 2024 USD ($) facility	Dec. 31, 2023 USD ($) facility
2023 Acquisitions
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) \| facility		1
Purchase Price		$ 22,000
2023 Acquisitions \| New Jersey Asset December 2023
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) \| facility		1
Purchase Price		$ 22,000
2024 Acquisitions
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) \| facility	2
Purchase Price	$ 20,200
2024 Acquisitions \| Connecticut Assets January 2024
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) \| facility	2
Purchase Price	$ 20,200
2023 Dispositions
STORAGE FACILITIES
Number of Facilities, dispositions (in properties) \| facility		1
Sale Price		$ 8,000
2023 Dispositions \| Illinois Asset December 2023
STORAGE FACILITIES
Number of Facilities, dispositions (in properties) \| facility		1
Sale Price		$ 8,000
LAACO \| 2023 Dispositions
STORAGE FACILITIES
Sale Price		$ 800

INVESTMENT ACTIVITY (Details)

INVESTMENT ACTIVITY (Details) $ in Thousands	3 Months Ended		12 Months Ended
INVESTMENT ACTIVITY (Details) $ in Thousands	Mar. 31, 2024 USD ($) facility	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($) facility
Self-storage facilities
Right-of-use assets - operating leases	$ 50,179		$ 50,476
Self storage under construction
Self-storage facilities
Number of self-storage facilities \| facility	4
Development costs	$ 57,300
Expected construction cost	$ 109,700
Self storage under construction \| New York
Self-storage facilities
Number of self-storage facilities \| facility	3
Self storage under construction \| New Jersey
Self-storage facilities
Number of self-storage facilities \| facility	1
2024 Acquisitions
Self-storage facilities
Number of self-storage facilities acquired \| facility	2
Aggregate purchase price	$ 20,200
Intangible value of the in-place leases	$ 900
Estimated life	12 months
Amortization expense	$ 100
Purchase Price	$ 20,200
2023 Acquisitions
Self-storage facilities
Number of self-storage facilities acquired \| facility			1
Aggregate purchase price			$ 22,000
Intangible value of the in-place leases			2,000
Estimated life	12 months
Amortization expense	$ 500	$ 0
Purchase Price			$ 22,000
2023 Acquisitions \| New Jersey
Self-storage facilities
Number of self-storage facilities acquired \| facility			1
2023 Dispositions
Self-storage facilities
Aggregate sale price			$ 8,000
2023 Dispositions \| LAACO
Self-storage facilities
Aggregate sale price			800
Gain (loss) from sale of real estate			(200)
2023 Dispositions \| Illinois
Self-storage facilities
Proceeds from involuntary conversion, net			8,000
Gain on involuntary conversion, net			$ (4,800)
Cubesmart
Self-storage facilities
Ownership interest by Parent	99.40%

INVESTMENT IN UNCONSOLIDATED _3

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURE (Details) $ in Thousands		3 Months Ended
	Aug. 30, 2022 USD ($) facility	Mar. 31, 2024 USD ($) property	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($) property	Dec. 09, 2021 facility
Investment in Unconsolidated Real Estate Venture
Investment in real estate entities		$ 96,227		$ 98,288
Acquisitions of storage facilities		20,147
Investment in real estate ventures		(305)	$ (5)
Credit facility, outstanding		18,400		18,100
Principal amount of debt		2,800,000		2,800,000
Total liabilities		3,346,849		3,344,212
ASSETS
Storage facilities, net		5,938,734		5,951,236
Total assets		6,208,888		6,225,020
Equity
CubeSmart		2,782,108		2,798,828
Joint venture partners		21,678		21,704
Total liabilities and equity		6,208,888		6,225,020
Total revenues		261,406	256,528
Net income		94,858	97,942
Company's share of net income (loss)		$ 845	2,551
HVPSE
Investment in Unconsolidated Real Estate Venture
Ownership interest held by the entity (as a percent)		10%
Number of assets sold \| facility	14
Aggregate amount of sale price of real estate property	$ 235,000
Proceeds from venture related to real estate contribution		$ 1,700
ASSETS
Total assets		0
Ventures
ASSETS
Storage facilities, net		702,149		715,142
Other assets		18,224		10,382
Total assets		720,373		725,524
LIABILITIES AND CAPITAL
Debt		471,020		470,573
Other liabilities		19,550		18,557
Equity
CubeSmart		64,601		66,446
Joint venture partners		165,202		169,948
Total liabilities and equity		720,373		725,524
Total revenues		24,586	24,064
Operating expenses		(10,375)	(10,519)
Other income (expenses)		(106)	(69)
Interest expense, net		(4,658)	(4,084)
Depreciation and amortization		(7,532)	(7,772)
Net income		1,915	1,620
Ventures
Investment in Unconsolidated Real Estate Venture
Investment in real estate entities		$ 96,227		$ 98,288
Number of storage facilities owned by investee \| property		77		77
Equity
Company's share of net income (loss)		$ 845	$ 2,551
Fontana
Investment in Unconsolidated Real Estate Venture
Investment in real estate entities		$ 13,461		$ 13,575
Ownership interest in partnership (as a percent)		50%			50%
Equity method investment, difference between carrying amount and underlying equity		$ 12,700
Number of storage facilities owned by investee		1		1	1
RCSS
Investment in Unconsolidated Real Estate Venture
Investment in real estate entities		$ 20,524		$ 20,679
Ownership interest in partnership (as a percent)		50%			50%
Equity method investment, difference between carrying amount and underlying equity		$ 18,900
Number of storage facilities owned by investee \| property		1		1
HVP V
Investment in Unconsolidated Real Estate Venture
Investment in real estate entities		$ 12,628		$ 12,759
Ownership interest in partnership (as a percent)		20%
Number of storage facilities owned by investee \| property		6		6
HVP IV
Investment in Unconsolidated Real Estate Venture
Investment in real estate entities		$ 16,385		$ 17,085
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		$ 909		$ 951
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		$ 32,320		$ 33,239
Ownership interest in partnership (as a percent)		50%
Number of storage facilities owned by investee \| property		28		28

OTHER ASSETS (Details)

OTHER ASSETS (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Other Assets
Intangible assets, net of accumulated amortization of $801 and $164, respectively	$ 2,036	$ 1,806
Accounts receivable, net	7,907	8,944
Prepaid property taxes	5,738	8,171
Prepaid insurance	2,174	4,879
Amounts due from affiliates (see note 14)	20,018	18,045
Assets related to deferred compensation arrangements	62,142	60,038
Right-of-use assets - operating leases	50,179	50,476
Ground lease receivable	6,206	6,193
Other	6,233	4,732
Total	162,633	163,284
Accumulated amortization	$ 801	$ 164

UNSECURED SENIOR NOTES (Details

UNSECURED SENIOR NOTES (Details) $ in Thousands			3 Months Ended
UNSECURED SENIOR NOTES (Details) $ in Thousands	Apr. 04, 2017 USD ($)	Oct. 26, 2015 USD ($)	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jan. 24, 2019	Jan. 14, 2019 USD ($)
Mortgage loans and Notes payable
Senior notes, principal amount			$ 2,800,000	$ 2,800,000
Total unsecured senior notes, net			2,777,525	2,776,490
CubeSmart, L.P. and Subsidiaries
Mortgage loans and Notes payable
Total unsecured senior notes, net			2,777,525	2,776,490
Senior Notes
Mortgage loans and Notes payable
Less: Discount on issuance of notes, net			(9,735)	(10,148)
Less: Loan procurement costs, net			(12,740)	(13,362)
Total unsecured senior notes, net			$ 2,777,525	2,776,490
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 4.000% due 2025
Mortgage loans and Notes payable
Senior notes, principal amount	$ 50,000	$ 250,000	$ 300,000	300,000
Interest rate (as a percent)	4%	4%	4%
Effective interest rate (as a percent)	3.811%	4.032%	3.99%
Effective weighted average interest rate (as a percent)			3.994%
Proceeds from senior notes	$ 50,000	$ 250,000
Debt instrument, redemption percentage	101.343%	99.735%
Senior Notes 3.125% Due 2026
Mortgage loans and Notes payable
Senior notes, principal amount			$ 300,000	300,000
Interest rate (as a percent)			3.125%
Effective interest rate (as a percent)			3.18%
Senior Notes 2.250 % Due 2028
Mortgage loans and Notes payable
Senior notes, principal amount			$ 550,000	550,000
Interest rate (as a percent)			2.25%
Effective interest rate (as a percent)			2.33%
Senior Notes 4.375 % Due 2029
Mortgage loans and Notes payable
Senior notes, principal amount			$ 350,000	350,000		$ 300,000
Interest rate (as a percent)			4.375%		4.375%
Effective interest rate (as a percent)			4.46%
Senior Notes 3.000 % Due 2030
Mortgage loans and Notes payable
Senior notes, principal amount			$ 350,000	350,000
Interest rate (as a percent)			3%
Effective interest rate (as a percent)			3.04%
Senior Notes 2.000 % Due 2031
Mortgage loans and Notes payable
Senior notes, principal amount			$ 450,000	450,000
Interest rate (as a percent)			2%
Effective interest rate (as a percent)			2.10%
Senior Notes 2.500 % Due 2032
Mortgage loans and Notes payable
Senior notes, principal amount			$ 500,000	$ 500,000
Interest rate (as a percent)			2.50%
Effective interest rate (as a percent)			2.59%

REVOLVING CREDIT FACILITY (Deta

REVOLVING CREDIT FACILITY (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Oct. 26, 2022
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Debt amount	$ 2,800,000	$ 2,800,000
Revolver
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Remaining borrowing capacity	831,000
Outstanding letter of credit	$ 600
Effective weighted average interest rate (as a percent)	6.37%
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			$ 850,000
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	Mar. 31, 2024	Dec. 31, 2023
Mortgage loans and Notes payable
Principal amount of debt	$ 2,800,000	$ 2,800,000
Total mortgage loans and notes payable	127,239	128,186
Net book value of self-storage facilities	5,938,734	5,951,236
Mortgage Loans
Mortgage loans and Notes payable
Carrying value	120,912	121,368
Plus: Unamortized fair value adjustment	7,103	7,689
Less: Loan procurement costs, net	(776)	(871)
Total mortgage loans and notes payable	127,239	128,186
Net book value of self-storage facilities	354,600	356,100
Annapolis I, MD \| Mortgage Loans
Mortgage loans and Notes payable
Carrying value	$ 4,651	4,703
Effective interest rate (as a percent)	3.78%
Brooklyn XV, NY \| Mortgage Loans
Mortgage loans and Notes payable
Carrying value	$ 14,657	14,746
Effective interest rate (as a percent)	2.15%
Long Island City IV, NY \| Mortgage Loans
Mortgage loans and Notes payable
Carrying value	$ 11,862	11,946
Effective interest rate (as a percent)	2.15%
Long Island City II, NY \| Mortgage Loans
Mortgage loans and Notes payable
Carrying value	$ 17,719	17,834
Effective interest rate (as a percent)	2.25%
Long Island City III, NY \| Mortgage Loans
Mortgage loans and Notes payable
Carrying value	$ 17,723	17,839
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	Mar. 31, 2024	Dec. 31, 2023
Future principal payment requirements on the outstanding mortgage loans and notes payable at year end
Total mortgage loans and notes payable, net	$ 127,239	$ 128,186
Mortgage Loans
Future principal payment requirements on the outstanding mortgage loans and notes payable at year end
2024	31,873
2025	979
2026	33,760
2029	54,300
Total mortgage payments	120,912	121,368
Plus: Unamortized fair value adjustment	7,103	7,689
Less: Loan procurement costs, net	(776)	(871)
Total mortgage loans and notes payable, net	$ 127,239	$ 128,186

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Changes in accumulated other comprehensive income by component
Balance	$ 2,820,532	$ 2,840,381
Reclassification of realized losses on interest rate swaps	20	20
Balance	2,803,786	2,821,596
Unrealized losses on interest rate swaps
Changes in accumulated other comprehensive income by component
Reclassification of realized losses on interest rate swaps	20
AOCI Including Portion Attributable to Noncontrolling Interest
Changes in accumulated other comprehensive income by component
Balance	(413)
Balance	(393)
Accumulated Other Comprehensive Income (Loss)
Changes in accumulated other comprehensive income by component
Balance	(411)	(491)
Balance	(391)	$ (471)
AOCI Attributable to Noncontrolling Interest
Changes in accumulated other comprehensive income by component
Balance	$ 2

RISK MANAGEMENT AND USE OF FI_2

RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands		3 Months Ended
	Jan. 24, 2019	Mar. 31, 2024	Dec. 31, 2023	Jan. 14, 2019	Dec. 24, 2018
Derivative financial instruments
Realized losses reclassified from accumulated other comprehensive loss		$ 20
Amount estimated to be reclassified as an increase to interest expense		100
Senior notes, principal amount		2,800,000	$ 2,800,000
Interest rate swap
Derivative financial instruments
Notional Amount					$ 150,000
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Termination Premium	$ 800
Senior Notes 4.375 % Due 2029
Derivative financial instruments
Senior notes, principal amount		$ 350,000	$ 350,000	$ 300,000
Interest rate (as a percent)	4.375%	4.375%
Designated as an accounting hedge \| Cash flow
Derivative financial instruments
Settlement of hedge transactions	$ 800

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - Level 2 - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair value of financial assets and liabilities carried at fair value
Aggregate carrying value of total debt	$ 2,923,164	$ 2,922,776
Estimated fair value of total debt	$ 2,607,864	$ 2,631,221

NONCONTROLLING INTERESTS - Inte

NONCONTROLLING INTERESTS - Interests in Consolidated Real Estate Joint Ventures (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) facility	Dec. 31, 2023 USD ($)
Variable Interest Entity [Line Items]
Total assets	$ 6,208,888	$ 6,225,020
Total liabilities	$ 3,346,849	$ 3,344,212
VIE
Variable Interest Entity [Line Items]
Number of self-storage facilities owned and operated \| facility	8
Total assets	$ 184,382
Total liabilities	94,484
Carrying amount of mortgage loans	$ 89,845
New Rochelle Investors LLC \| VIE
Variable Interest Entity [Line Items]
Number of self-storage facilities owned and operated \| facility	1
Ownership interest held by the entity (as a percent)	70%
Total assets	$ 24,855
Total liabilities	1,253
Carrying amount of mortgage loans	$ 599
1074 Raritan Road, LLC \| VIE
Variable Interest Entity [Line Items]
Number of self-storage facilities owned and operated \| facility	1
Ownership interest held by the entity (as a percent)	90%
Total assets	$ 14,141
Total liabilities	7,931
Carrying amount of mortgage loans	$ 6,642
350 Main Street, LLC \| VIE
Variable Interest Entity [Line Items]
Number of self-storage facilities owned and operated \| facility	1
Ownership interest held by the entity (as a percent)	90%
Total assets	$ 5,862
Total liabilities	$ 19
Astoria Investors, LLC \| VIE
Variable Interest Entity [Line Items]
Number of self-storage facilities owned and operated \| facility	1
Ownership interest held by the entity (as a percent)	70%
Total assets	$ 43,338
Total liabilities	28,937
Carrying amount of mortgage loans	$ 27,397
CS Vienna LLC \| VIE
Variable Interest Entity [Line Items]
Number of self-storage facilities owned and operated \| facility	1
Ownership interest held by the entity (as a percent)	80%
Total assets	$ 30,200
Total liabilities	35,325
Carrying amount of mortgage loans	$ 34,875
CS Valley Forge Village Storage LLC \| VIE
Variable Interest Entity [Line Items]
Number of self-storage facilities owned and operated \| facility	1
Ownership interest held by the entity (as a percent)	70%
Total assets	$ 19,149
Total liabilities	14,873
Carrying amount of mortgage loans	$ 14,792
SH3, LLC \| VIE
Variable Interest Entity [Line Items]
Number of self-storage facilities owned and operated \| facility	1
Ownership interest held by the entity (as a percent)	90%
Total assets	$ 36,621
Total liabilities	$ 521
C S Lock Up Anoka LLC \| VIE
Variable Interest Entity [Line Items]
Number of self-storage facilities owned and operated \| facility	1
Ownership interest held by the entity (as a percent)	50%
Total assets	$ 10,216
Total liabilities	5,625
Carrying amount of mortgage loans	$ 5,540

NONCONTROLLING INTERESTS - Oper

NONCONTROLLING INTERESTS - Operating Partnership Ownership (Details) - CubeSmart, L.P. and Subsidiaries - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Operating Partnership Ownership
Outstanding units of noncontrolling interest in the Operating Partnership (in shares)	1,288,205	1,300,462	1,418,549
Redemption value of OP units owned by third parties	$ 58.3

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Insurance Recovery (Details) $ in Millions	Mar. 31, 2024 USD ($) facility
COMMITMENTS AND CONTINGENCIES
Number of self-storage units under development \| facility	4
Future milestone payments \| $	$ 38.5

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
RELATED PARTY TRANSACTIONS
Amounts due from affiliates (see note 14)	$ 20,018		$ 18,045
Acquisition fees	0	$ 0
Related party lease agreements
RELATED PARTY TRANSACTIONS
Ground lease income	100	100
Joint ventures related to affiliated real estate investments
RELATED PARTY TRANSACTIONS
Management fees	1,200	$ 1,200
Amounts due from affiliates (see note 14)	20,000		18,000
Mortgage loans receivable from consolidated joint ventures	$ 89,800		$ 86,300

EARNINGS PER SHARE AND UNIT A_3

EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL - Earnings Per Share and Unit (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Basic and diluted earnings per common share
Net income	$ 94,858	$ 97,942
Net income attributable to noncontrolling interests in the Operating Partnership	(541)	(614)
Net loss attributable to noncontrolling interests in subsidiaries	210	238
NET INCOME ATTRIBUTABLE TO THE COMPANY'S COMMON SHAREHOLDERS	$ 94,527	$ 97,566
Weighted average basic shares outstanding (in shares)	225,767,000	225,294,000
Share options and restricted share units (in shares)	808,000	889,000
Weighted-average diluted shares outstanding (in shares)	226,575,000	226,183,000
Basic earnings per share attributable to common shareholders (in dollars per share)	$ 0.42	$ 0.43
Diluted earnings per share attributable to common shareholders (in dollars per share)	$ 0.42	$ 0.43
Basic and diluted earnings per common unit
Weighted average basic shares outstanding (in shares)	225,767,000	225,294,000
Share options and restricted share units (in shares)	808,000	889,000
Weighted-average diluted shares outstanding (in shares)	226,575,000	226,183,000
Diluted earnings per share attributable to common shareholders (in dollars per share)	$ 0.42	$ 0.43
Potentially dilutive shares not included in the earnings per share calculation as their effect is antidilutive (in shares)	1,100,000	700,000
Common stock, cash dividends declared (in dollars per share)	$ 0.51	$ 0.49
Operating Partnership [Member]
Basic and diluted earnings per common unit
Potentially dilutive shares not included in the earnings per share calculation as their effect is antidilutive (in shares)	1,300,000	1,400,000
CubeSmart, L.P. and Subsidiaries
Basic and diluted earnings per common share
Net income	$ 94,858	$ 97,942
Weighted average basic shares outstanding (in shares)	227,057,000	226,717,000
Share options and restricted share units (in shares)	808,000	889,000
Weighted-average diluted shares outstanding (in shares)	227,865,000	227,606,000
Diluted earnings per share attributable to common shareholders (in dollars per share)	$ 0.42	$ 0.43
Basic and diluted earnings per common unit
Net Income	$ 94,858	$ 97,942
Net loss attributable to noncontrolling interest in subsidiaries	210	238
Net income attributable to CubeSmart L.P.	$ 95,068	$ 98,180
Weighted average basic shares outstanding (in shares)	227,057,000	226,717,000
Share options and restricted share units (in shares)	808,000	889,000
Weighted-average diluted shares outstanding (in shares)	227,865,000	227,606,000
Basic earnings per unit attributable to common unitholders (in dollars per share)	$ 0.42	$ 0.43
Diluted earnings per share attributable to common shareholders (in dollars per share)	$ 0.42	$ 0.43
Outstanding units of noncontrolling interest in the Operating Partnership (in shares)	1,288,205	1,418,549	1,300,462

EARNINGS PER SHARE AND UNIT A_4

EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL - Summary of OP and Common Units (Details) - shares	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
CubeSmart, L.P. and Subsidiaries
Accounts, Notes, Loans and Financing Receivable [Line Items]
Outstanding units of noncontrolling interest in the Operating Partnership (in shares)	1,288,205	1,300,462	1,418,549

CONSOLIDATED BALANCE SHEETS (LP

CONSOLIDATED BALANCE SHEETS (LP cube) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
ASSETS
Storage properties	$ 7,397,588	$ 7,367,613
Less: Accumulated depreciation	(1,458,854)	(1,416,377)
Storage properties, net	5,938,734	5,951,236
Cash and cash equivalents	5,587	6,526
Restricted cash	2,026	1,691
Loan procurement costs, net of amortization	3,681	3,995
Investment in real estate ventures, at equity	96,227	98,288
Other assets, net	162,633	163,284
Total assets	6,208,888	6,225,020
LIABILITIES AND CAPITAL
Unsecured senior notes, net	2,777,525	2,776,490
Revolving credit facility	18,400	18,100
Mortgage loans and notes payable, net	127,239	128,186
Lease liabilities - finance leases	65,699	65,714
Accounts payable, accrued expenses and other liabilities	202,800	201,419
Distributions payable	115,918	115,820
Deferred revenue	39,268	38,483
Total liabilities	3,346,849	3,344,212
Limited Partnership interests of third parties	58,253	60,276
Commitments and contingencies
Capital
Accumulated other comprehensive loss	(391)	(411)
Total liabilities and equity	6,208,888	6,225,020
CubeSmart, L.P. and Subsidiaries
ASSETS
Storage properties	7,397,588	7,367,613
Less: Accumulated depreciation	(1,458,854)	(1,416,377)
Storage properties, net	5,938,734	5,951,236
Cash and cash equivalents	5,587	6,526
Restricted cash	2,026	1,691
Loan procurement costs, net of amortization	3,681	3,995
Investment in real estate ventures, at equity	96,227	98,288
Other assets, net	162,633	163,284
Total assets	6,208,888	6,225,020
LIABILITIES AND CAPITAL
Unsecured senior notes, net	2,777,525	2,776,490
Revolving credit facility	18,400	18,100
Mortgage loans and notes payable, net	127,239	128,186
Lease liabilities - finance leases	65,699	65,714
Accounts payable, accrued expenses and other liabilities	202,800	201,419
Distributions payable	115,918	115,820
Deferred revenue	39,268	38,483
Total liabilities	3,346,849	3,344,212
Limited Partnership interests of third parties	58,253	60,276
Commitments and contingencies
Capital
General Partner	2,782,499	2,799,239
Accumulated other comprehensive loss	(391)	(411)
Total CubeSmart, L.P. capital	2,782,108	2,798,828
Noncontrolling interests in subsidiaries	21,678	21,704
Total capital	2,803,786	2,820,532
Total liabilities and equity	$ 6,208,888	$ 6,225,020

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (Parenthetical) (LP cube) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Storage facilities, net	$ 5,938,734	$ 5,951,236
Cash and cash equivalents	5,587	6,526
VIE
Storage facilities, net	183,703	180,615
Cash and cash equivalents	1,995	3,002
CubeSmart, L.P. and Subsidiaries
Storage facilities, net	5,938,734	5,951,236
Cash and cash equivalents	5,587	6,526
CubeSmart, L.P. and Subsidiaries \| VIE
Storage facilities, net	183,703	180,615
Cash and cash equivalents	$ 1,995	$ 3,002

CONSOLIDATED STATEMENTS OF OP_2

CONSOLIDATED STATEMENTS OF OPERATIONS (LP cube) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
REVENUES
Rental income	$ 225,190	$ 223,584
Total revenues	261,406	256,528
OPERATING EXPENSES
Property operating expenses	77,037	71,127
Depreciation and amortization	50,717	50,329
General and administrative	15,625	14,674
Total operating expenses	143,379	136,130
Interest:
Interest expense on loans	(22,919)	(23,691)
Loan procurement amortization expense	(1,030)	(1,040)
Equity in earnings of real estate ventures	845	2,551
Other	(65)	(276)
Total other (expense) income	(23,169)	(22,456)
NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS
Operating Partnership interests of third parties	$ (541)	$ (614)
Diluted earnings per share attributable to common shareholders (in dollars per share)	$ 0.42	$ 0.43
Weighted-average basic units outstanding (in units)	225,767	225,294
Weighted-average diluted units outstanding (in units)	226,575	226,183
Other Property Related Income
REVENUES
Property related income	$ 26,316	$ 24,384
Property Management Fee Income
REVENUES
Property related income	9,900	8,560
CubeSmart, L.P. and Subsidiaries
REVENUES
Rental income	225,190	223,584
Total revenues	261,406	256,528
OPERATING EXPENSES
Property operating expenses	77,037	71,127
Depreciation and amortization	50,717	50,329
General and administrative	15,625	14,674
Total operating expenses	143,379	136,130
Interest:
Interest expense on loans	(22,919)	(23,691)
Loan procurement amortization expense	(1,030)	(1,040)
Equity in earnings of real estate ventures	845	2,551
Other	(65)	(276)
Total other (expense) income	(23,169)	(22,456)
NET INCOME	94,858	97,942
NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS
Net loss attributable to noncontrolling interest in subsidiaries	210	238
NET INCOME ATTRIBUTABLE TO CUBESMART L.P.	95,068	98,180
NET INCOME ATTRIBUTABLE TO COMMON UNITHOLDERS	$ 95,068	$ 98,180
Basic earnings per unit attributable to common unitholders (in dollars per share)	$ 0.42	$ 0.43
Diluted earnings per share attributable to common shareholders (in dollars per share)	$ 0.42	$ 0.43
Weighted-average basic units outstanding (in units)	227,057	226,717
Weighted-average diluted units outstanding (in units)	227,865	227,606
CubeSmart, L.P. and Subsidiaries \| Other Property Related Income
REVENUES
Property related income	$ 26,316	$ 24,384
CubeSmart, L.P. and Subsidiaries \| Property Management Fee Income
REVENUES
Property related income	$ 9,900	$ 8,560

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (LP cube) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Other comprehensive income:
Reclassification of realized losses on interest rate swaps	$ 20	$ 20
OTHER COMPREHENSIVE INCOME:	20	20
COMPREHENSIVE INCOME	94,878	97,962
Comprehensive loss attributable to noncontrolling interest in subsidiaries	210	238
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE COMPANY	94,547	97,586
CubeSmart, L.P. and Subsidiaries
NET INCOME	94,858	97,942
Other comprehensive income:
Reclassification of realized losses on interest rate swaps	20	20
OTHER COMPREHENSIVE INCOME:	20	20
COMPREHENSIVE INCOME	94,878	97,962
Comprehensive loss attributable to noncontrolling interest in subsidiaries	210	238
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE COMPANY	$ 95,088	$ 98,200

CONSOLIDATED STATEMENTS OF CAPI

CONSOLIDATED STATEMENTS OF CAPITAL (LP cube) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Increase (Decrease) in Partners' Capital
Balance of Noncontrolling Interests in the Operating Partnership	$ 60,276
Contributions from noncontrolling interests in subsidiaries	309
Distributions paid to noncontrolling interest in subsidiaries	(125)	$ (107)
Adjustment for Operating Partnership interests of third parties	1,346	(8,588)
Net income (loss)	94,317	97,328
Other comprehensive income (loss), net	20	20
Balance of Noncontrolling Interests in the Operating Partnership	58,253
Noncontrolling Interests in the Operating Partnership
Increase (Decrease) in Partners' Capital
Balance of Noncontrolling Interests in the Operating Partnership	60,276	57,419
Adjustment for Operating Partnership interests of third parties	(1,346)	8,588
Net income (loss)	541	614
Balance of Noncontrolling Interests in the Operating Partnership	58,253	65,565
CubeSmart, L.P. and Subsidiaries
Increase (Decrease) in Partners' Capital
Balance	2,820,532	2,840,381
Balance of Noncontrolling Interests in the Operating Partnership	60,276
Contributions from noncontrolling interests in subsidiaries	309
Distributions paid to noncontrolling interest in subsidiaries	(125)	(107)
Issuance of restricted OP units	1
Issuance of common OP units	(10)	(91)
Conversion from OP units to shares	561	361
Exercise of OP unit options	201	915
Amortization of restricted OP units	1,189	1,171
OP unit compensation expense	802	730
Adjustment for Operating Partnership interests of third parties	1,346	(8,588)
Net income (loss)	94,317	97,328
Other comprehensive income (loss), net	20	20
Common OP unit distributions	(115,357)	(110,524)
Balance	2,803,786	2,821,596
Balance of Noncontrolling Interests in the Operating Partnership	58,253
CubeSmart, L.P. and Subsidiaries \| Noncontrolling Interests in the Operating Partnership
Increase (Decrease) in Partners' Capital
Balance of Noncontrolling Interests in the Operating Partnership	60,276	57,419
Conversion from OP units to shares	(561)	(361)
Adjustment for Operating Partnership interests of third parties	(1,346)	8,588
Net income (loss)	541	614
Common OP unit distributions	(657)	(695)
Balance of Noncontrolling Interests in the Operating Partnership	58,253	65,565
CubeSmart, L.P. and Subsidiaries \| Total Shareholders' Equity
Increase (Decrease) in Partners' Capital
Balance	2,798,828	2,826,203
Issuance of restricted OP units	1
Issuance of common OP units	(10)	(91)
Conversion from OP units to shares	561	361
Exercise of OP unit options	201	915
Amortization of restricted OP units	1,189	1,171
OP unit compensation expense	802	730
Adjustment for Operating Partnership interests of third parties	1,346	(8,588)
Net income (loss)	94,527	97,566
Other comprehensive income (loss), net	20	20
Common OP unit distributions	(115,357)	(110,524)
Balance	2,782,108	2,807,763
CubeSmart, L.P. and Subsidiaries \| Operating Partner
Increase (Decrease) in Partners' Capital
Balance	$ 2,799,239	$ 2,826,694
Balance (in units)	224,921	224,603
Issuance of restricted OP units	$ 1
Issuance of restricted OP units (in units)	24	22
Issuance of common OP units	$ (10)	$ (91)
Conversion from OP units to shares	$ 561	$ 361
Conversion from OP units to shares (in units)	12	8
Exercise of OP unit options	$ 201	$ 915
Exercise of OP unit options (in units)	8	39
Amortization of restricted OP units	$ 1,189	$ 1,171
OP unit compensation expense	802	730
Adjustment for Operating Partnership interests of third parties	1,346	(8,588)
Net income (loss)	94,527	97,566
Common OP unit distributions	(115,357)	(110,524)
Balance	$ 2,782,499	$ 2,808,234
Balance (in units)	224,965	224,672
CubeSmart, L.P. and Subsidiaries \| Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) in Partners' Capital
Balance	$ (411)	$ (491)
Other comprehensive income (loss), net	20	20
Balance	(391)	(471)
CubeSmart, L.P. and Subsidiaries \| Noncontrolling Interest in Subsidiaries
Increase (Decrease) in Partners' Capital
Balance	21,704	14,178
Contributions from noncontrolling interests in subsidiaries	309
Distributions paid to noncontrolling interest in subsidiaries	(125)	(107)
Net income (loss)	(210)	(238)
Balance	$ 21,678	$ 13,833

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CAPITAL (Parenthetical) (LP cube) - $ / shares	Mar. 31, 2024	Mar. 31, 2023
CubeSmart, L.P. and Subsidiaries
Common OP unit distributions (in dollars per share)	$ 0.51	$ 0.49

CONSOLIDATED STATEMENTS OF CA_3

CONSOLIDATED STATEMENTS OF CASH FLOWS (LP cube) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Operating Activities
Net income	$ 94,858	$ 97,942
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	51,747	51,369
Non-cash portion of interest expense related to finance leases	(15)	(18)
Equity in earnings of real estate ventures	(845)	(2,551)
Cash distributed from real estate ventures	1,222	1,200
Equity compensation expense	2,829	2,536
Accretion of fair market value adjustment of debt	(172)	(260)
Changes in other operating accounts:
Other assets	56	(3,317)
Accounts payable and accrued expenses	(235)	(10,912)
Other liabilities	705	717
Net cash provided by operating activities	150,150	136,706
Investing Activities
Acquisitions of storage properties	(20,147)
Additions and improvements to storage properties	(9,656)	(11,150)
Development costs	(6,101)	(18,067)
Investment in real estate ventures	(305)	(5)
Cash distributed from real estate ventures	1,989	3,662
Net cash used in investing activities	(34,220)	(25,560)
Proceeds from:
Revolving credit facility	213,920	220,073
Principal payments on:
Revolving credit facility	(213,620)	(219,573)
Mortgage loans and notes payable	(456)	(638)
Loan procurement costs		(39)
Cash paid upon vesting of restricted OP units	(838)	(635)
Contributions from noncontrolling interests in subsidiaries	309
Distributions paid to noncontrolling interests in subsidiaries	(125)	(107)
Distributions paid to common OP unitholders	(115,253)	(110,495)
Net cash used in financing activities	(116,534)	(111,289)
Change in cash, cash equivalents and restricted cash	(604)	(143)
Cash, cash equivalents and restricted cash at beginning of period	8,217	8,925	$ 8,925
Cash, cash equivalents and restricted cash at end of period	7,613	8,782	8,217
Supplemental Cash Flow and Noncash Information
Cash paid for interest, net of interest capitalized	31,551	32,202
Supplemental disclosure of noncash activities:
Derivative valuation adjustment	20	20
CubeSmart, L.P. and Subsidiaries
Operating Activities
Net income	94,858	97,942
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	51,747	51,369
Non-cash portion of interest expense related to finance leases	(15)	(18)
Equity in earnings of real estate ventures	(845)	(2,551)
Cash distributed from real estate ventures	1,222	1,200
Equity compensation expense	2,829	2,536
Accretion of fair market value adjustment of debt	(172)	(260)
Changes in other operating accounts:
Other assets	56	(3,317)
Accounts payable and accrued expenses	(235)	(10,912)
Other liabilities	705	717
Net cash provided by operating activities	150,150	136,706
Investing Activities
Acquisitions of storage properties	(20,147)
Additions and improvements to storage properties	(9,656)	(11,150)
Development costs	(6,101)	(18,067)
Investment in real estate ventures	(305)	(5)
Cash distributed from real estate ventures	1,989	3,662
Net cash used in investing activities	(34,220)	(25,560)
Proceeds from:
Revolving credit facility	213,920	220,073
Principal payments on:
Revolving credit facility	(213,620)	(219,573)
Mortgage loans and notes payable	(456)	(638)
Loan procurement costs		(39)
Issuance of common OP units, net	(9)	(91)
Cash paid upon vesting of restricted OP units	(838)	(635)
Exercise of OP unit options	201	915
Contributions from noncontrolling interests in subsidiaries	309
Distributions paid to noncontrolling interests in subsidiaries	(125)	(107)
Distributions paid to common OP unitholders	(115,916)	(111,194)
Net cash used in financing activities	(116,534)	(111,289)
Change in cash, cash equivalents and restricted cash	(604)	(143)
Cash, cash equivalents and restricted cash at beginning of period	8,217	8,925	8,925
Cash, cash equivalents and restricted cash at end of period	7,613	8,782	$ 8,217
Supplemental Cash Flow and Noncash Information
Cash paid for interest, net of interest capitalized	31,551	32,202
Supplemental disclosure of noncash activities:
Derivative valuation adjustment	$ 20	$ 20

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false