CubeSmart 10-K 19 Feb 16 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2015	Feb. 16, 2016	Jun. 30, 2015
Document and Entity Information
Entity Registrant Name	CubeSmart
Entity Central Index Key	1,298,675
Document Type	10-K
Document Period End Date	Dec. 31, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 3,877,874,154
Entity Common Stock, Shares Outstanding		175,728,317
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
ASSETS
Storage facilities	$ 3,467,032	$ 3,117,198
Less: Accumulated depreciation	(594,049)	(492,069)
Storage facilities, net (including VIE assets of $136,274 and $49,829, respectively)	2,872,983	2,625,129
Cash and cash equivalents	62,869	2,901
Restricted cash	24,600	3,305
Loan procurement costs, net of amortization	13,470	10,653
Investment in real estate venture, at equity	97,281	95,709
Other assets, net	43,631	48,642
Total assets	3,114,834	2,786,339
LIABILITIES AND EQUITY
Unsecured senior notes	750,000	500,000
Revolving credit facility		78,000
Unsecured term loans	400,000	400,000
Mortgage loans and notes payable	112,212	195,851
Accounts payable, accrued expenses and other liabilities	85,034	69,198
Distributions payable	38,685	28,137
Deferred revenue	17,519	15,311
Security deposits	403	401
Total liabilities	1,403,853	1,286,898
Noncontrolling interests in the Operating Partnership	$ 66,128	$ 49,823
Commitments and contingencies
Equity
7.75% Series A Preferred shares $.01 par value, 3,220,000 shares authorized, 3,100,000 shares issued and outstanding at December 31, 2015 and December 31, 2014, respectively	$ 31	$ 31
Common shares $.01 par value, 400,000,000 shares authorized, 174,667,870 and 163,956,675 shares issued and outstanding at December 31, 2015 and December 31, 2014, respectively	1,747	1,639
Additional paid in capital	2,231,181	1,974,308
Accumulated other comprehensive loss	(4,978)	(8,759)
Accumulated deficit	(584,654)	(519,193)
Total CubeSmart shareholders' equity	1,643,327	1,448,026
Noncontrolling interests in subsidiaries	1,526	1,592
Total equity	1,644,853	1,449,618
Total liabilities and equity	$ 3,114,834	$ 2,786,339

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Storage facilities, net	$ 2,872,983	$ 2,625,129
Series A Preferred shares, percentage	7.75%	7.75%
Series A Preferred shares, par value (in dollars per share)	$ 0.01	$ 0.01
Series A Preferred shares, shares authorized	3,220,000	3,220,000
Series A Preferred shares, shares issued	3,100,000	3,100,000
Series A Preferred shares, shares outstanding	3,100,000	3,100,000
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	174,667,870	163,956,675
Common shares, shares outstanding	174,667,870	163,956,675
VIE
Storage facilities, net	$ 136,274	$ 49,829

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
REVENUES
Rental income	$ 392,476	$ 330,898	$ 281,250
Other property related income	45,189	40,065	32,365
Property management fee income	6,856	6,000	4,780
Total revenues	444,521	376,963	318,395
OPERATING EXPENSES
Property operating expenses	153,172	132,701	118,222
Depreciation and amortization	151,789	126,813	112,313
General and administrative	28,371	28,422	29,563
Acquisition related costs	3,301	7,484	3,849
Total operating expenses	336,633	295,420	263,947
OPERATING INCOME	107,888	81,543	54,448
Interest:
Interest expense on loans	(43,736)	(46,802)	(40,424)
Loan procurement amortization expense	$ (2,324)	$ (2,190)	(2,058)
Loan procurement amortization expense - early repayment of debt			(414)
Equity in losses of real estate ventures	$ (411)	$ (6,255)	(1,151)
Gain from sale of real estate	17,567	475
Other	(228)	(405)	8
Total other expense	(29,132)	(55,177)	(44,039)
INCOME FROM CONTINUING OPERATIONS	$ 78,756	26,366	10,409
DISCONTINUED OPERATIONS
Income from discontinued operations		$ 336	4,145
Gain from disposition of discontinued operations			27,440
Total discontinued operations		$ 336	31,585
NET INCOME	$ 78,756	26,702	41,994
NET (INCOME) LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS
Noncontrolling interests in the Operating Partnership	(960)	(307)	(588)
Noncontrolling interest in subsidiaries	(84)	(16)	42
NET INCOME ATTRIBUTABLE TO THE COMPANY	77,712	26,379	41,448
Distribution to preferred shareholders	(6,008)	(6,008)	(6,008)
NET INCOME ATTRIBUTABLE TO THE COMPANY'S COMMON SHAREHOLDERS	$ 71,704	$ 20,371	$ 35,440
Basic earnings per share from continuing operations attributable to common shareholders (in dollars per share)	$ 0.43	$ 0.13	$ 0.03
Basic earnings per share from discontinued operations attributable to common shareholders (in dollars per share)		0.01	0.23
Basic earnings per share attributable to common shareholders (in dollars per share)	$ 0.43	0.14	0.26
Diluted earnings per share from continuing operations attributable to common shareholders (in dollars per share)	0.42	0.13	0.03
Diluted earnings per share from discontinued operations attributable to common shareholders (in dollars per share)		0.01	0.23
Diluted earnings per share attributable to common shareholders (in dollars per share)	$ 0.42	$ 0.14	$ 0.26
Weighted-average basic shares outstanding (in shares)	168,640	149,107	135,191
Weighted-average diluted shares outstanding (in shares)	170,191	150,863	137,742
AMOUNTS ATTRIBUTABLE TO THE COMPANY'S COMMON SHAREHOLDERS:
Income from continuing operations	$ 71,704	$ 20,040	$ 4,392
Total discontinued operations		331	31,048
Net income	$ 71,704	$ 20,371	$ 35,440

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
NET INCOME	$ 78,756	$ 26,702	$ 41,994
Other comprehensive (loss) income:
Unrealized (losses) gains on interest rate swaps	(3,409)	(3,944)	2,636
Reclassification of realized losses on interest rate swaps	6,263	6,408	6,266
Unrealized loss on foreign currency translation	(249)	(175)	56
Reclassification of realized loss on foreign currency translation	1,199
OTHER COMPREHENSIVE INCOME	3,804	2,289	8,958
COMPREHENSIVE INCOME	82,560	28,991	50,952
Comprehensive income attributable to noncontrolling interests in the Operating Partnership	(992)	(338)	(740)
Comprehensive income (loss) attributable to noncontrolling interests in subsidiaries	(75)	(19)	18
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE COMPANY	$ 81,493	$ 28,634	$ 50,230

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total Shareholders' Equity	Common Shares	Preferred Shares	Additional Paid-in Capital	Accumulated Other Comprehensive (Loss) Income	Accumulated Deficit	Noncontrolling Interest in Subsidiaries	Noncontrolling Interests in Operating Partnership	Total
Balance at Dec. 31, 2012	$ 989,791	$ 1,318	$ 31	$ 1,418,463	$ (19,796)	$ (410,225)	$ 118		$ 989,909
Balance (in shares) at Dec. 31, 2012		131,795,000	3,100,000
Balance of Noncontrolling Interests in the Operating Partnership at Dec. 31, 2012								$ 47,990
Increase (Decrease) in Stockholders' Equity
Contributions from noncontrolling interests in subsidiaries							831		831
Issuance of common shares, net	100,287	$ 57		100,230					100,287
Issuance of common shares, net (in shares)		5,700,000
Issuance of restricted shares	3	$ 3							3
Issuance of restricted shares (in shares)		301,000
Conversion from units to shares	14,698	$ 10		14,688				(14,698)	14,698
Conversion from units to shares (in shares)		1,018,000
Exercise of stock options	3,710	$ 5		3,705					3,710
Exercise of stock options (in shares)		514,000
Amortization of restricted shares	4,747			4,747					4,747
Share compensation expense	870			870					870
Adjustment for noncontrolling interest in the Operating Partnership	(3,292)					(3,292)		3,292	(3,292)
Net income (loss)	41,448					41,448	(42)		41,406
Net income (loss)								588
Other comprehensive income (loss), net	8,782				8,782		24		8,806
Other comprehensive income (loss), net								152
Preferred share distributions	(6,008)					(6,008)			(6,008)
Common share distributions	(62,760)					(62,760)		(1,049)	(62,760)
Balance at Dec. 31, 2013	1,092,276	$ 1,393	$ 31	1,542,703	(11,014)	(440,837)	931		1,093,207
Balance (in shares) at Dec. 31, 2013		139,328,000	3,100,000
Balance of Noncontrolling Interests in the Operating Partnership at Dec. 31, 2013								36,275
Increase (Decrease) in Stockholders' Equity
Contributions from noncontrolling interests in subsidiaries							642		642
Issuance of common shares, net	416,001	$ 227		415,774					416,001
Issuance of common shares, net (in shares)		22,704,000
Issuance of restricted shares	5	$ 5							5
Issuance of restricted shares (in shares)		482,000
Conversion from units to shares	308			308				(308)	308
Conversion from units to shares (in shares)		18,000
Exercise of stock options	13,802	$ 14		13,788					13,802
Exercise of stock options (in shares)		1,425,000
Amortization of restricted shares	182			182					182
Share compensation expense	1,553			1,553					1,553
Adjustment for noncontrolling interest in the Operating Partnership	(14,761)					(14,761)		14,761	(14,761)
Net income (loss)	26,379					26,379	16		26,395
Net income (loss)								307
Other comprehensive income (loss), net	2,255				2,255		3		2,258
Other comprehensive income (loss), net								31
Preferred share distributions	(6,008)					(6,008)			(6,008)
Common share distributions	(83,966)					(83,966)		(1,243)	(83,966)
Balance at Dec. 31, 2014	1,448,026	$ 1,639	$ 31	1,974,308	(8,759)	(519,193)	1,592		1,449,618
Balance (in shares) at Dec. 31, 2014		163,957,000	3,100,000
Balance of Noncontrolling Interests in the Operating Partnership at Dec. 31, 2014								49,823	49,823
Increase (Decrease) in Stockholders' Equity
Contributions from noncontrolling interests in subsidiaries							178		178
Distributions to noncontrolling interests in subsidiaries							(319)		(319)
Issuance of common shares, net	234,061	$ 91		233,970					234,061
Issuance of common shares, net (in shares)		8,978,000
Issuance of restricted shares	1	$ 1							1
Issuance of restricted shares (in shares)		161,000
Issuance of OP Units								500
Conversion from units to shares	3,275	$ 2		3,273				(3,275)	3,275
Conversion from units to shares (in shares)		118,000
Exercise of stock options	17,489	$ 14		17,475					17,489
Exercise of stock options (in shares)		1,454,000
Amortization of restricted shares	1,166			1,166					1,166
Share compensation expense	989			989					989
Adjustment for noncontrolling interest in the Operating Partnership	(19,619)					(19,619)		19,619	(19,619)
Net income (loss)	77,712					77,712	84		77,796
Net income (loss)								960
Other comprehensive income (loss), net	3,781				3,781		(9)		3,772
Other comprehensive income (loss), net								32
Preferred share distributions	(6,008)					(6,008)			(6,008)
Common share distributions	(117,546)					(117,546)		(1,531)	(117,546)
Balance at Dec. 31, 2015	$ 1,643,327	$ 1,747	$ 31	$ 2,231,181	$ (4,978)	$ (584,654)	$ 1,526		1,644,853
Balance (in shares) at Dec. 31, 2015		174,668,000	3,100,000
Balance of Noncontrolling Interests in the Operating Partnership at Dec. 31, 2015								$ 66,128	$ 66,128

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Operating Activities
Net income	$ 78,756	$ 26,702	$ 41,994
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	$ 154,113	$ 129,003	117,074
Loan procurement amortization expense - early repayment of debt			414
Equity in losses of real estate ventures	$ 411	$ 6,255	1,151
Gain from sale of real estate	(17,567)	(475)	(27,440)
Equity compensation expense	2,155	1,735	5,617
Accretion of fair market value adjustment of debt	(1,429)	(1,685)	(1,018)
Changes in other operating accounts:
Restricted cash	743	411	567
Other assets	(2,519)	808	(1,156)
Accounts payable and accrued expenses	(438)	2,699	4,564
Other liabilities	1,480	579	1,095
Net cash provided by operating activities	215,705	166,032	142,862
Investing Activities
Acquisitions of storage facilities	(275,726)	(547,515)	(181,612)
Additions and improvements to storage facilities	(24,695)	(19,967)	(20,320)
Development costs	(81,315)	(23,566)	(53,979)
Investment in real estate venture, at equity	(8,370)		(157,461)
Cash contributed to real estate venture	(63)	(2,550)
Cash distributed from real estate venture	6,451	56,896
Proceeds from sale of real estate, net	9,041	13,475	123,780
Fundings of notes receivable	(4,100)
Proceeds from notes receivable	4,100		5,192
Change in restricted cash	69	528	1,476
Net cash used in investing activities	(374,608)	(522,699)	(282,924)
Proceeds from financing activities:
Unsecured senior notes	249,338		247,488
Revolving credit facility	731,320	712,500	636,200
Principal payments on financing activities:
Revolving credit facility	(809,320)	(673,100)	(642,600)
Unsecured term loans			(100,000)
Mortgage loans and notes payable	(84,905)	(30,149)	(36,496)
Loan procurement costs	(4,433)	(274)	(4,400)
Proceeds from issuance of common shares, net	234,062	416,006	100,290
Exercise of stock options	17,489	13,802	3,710
Contributions from noncontrolling interests in subsidiaries	178	642	831
Distributions paid to noncontrolling interest in subsidiaries	(319)
Distributions paid to common shareholders	(107,093)	(75,849)	(59,159)
Distributions paid to preferred shareholders	(6,008)	(6,008)	(6,008)
Distributions paid to noncontrolling interests in Operating Partnership	(1,438)	(1,178)	(1,113)
Net cash provided by financing activities	218,871	356,392	138,743
Change in cash and cash equivalents	59,968	(275)	(1,319)
Cash and cash equivalents at beginning of year	2,901	3,176	4,495
Cash and cash equivalents at end of year	62,869	2,901	3,176
Supplemental Cash Flow and Noncash Information
Cash paid for interest, net of interest capitalized	46,216	50,024	43,130
Supplemental disclosure of noncash activities:
Accretion of liability	16,929	8,977
Restricted cash - acquisition of storage facilities	(14,353)
Restricted cash - disposition of real estate	36,372
Derivative valuation adjustment	2,854	2,464	8,902
Foreign currency translation adjustment	(249)	(175)	56
Discount on issuance of unsecured senior notes	662		2,512
Mortgage loan assumption - acquisitions of storage facilities	$ 2,695	$ 27,467	$ 8,866

ORGANIZATION AND NATURE OF OPER

ORGANIZATION AND NATURE OF OPERATIONS	12 Months Ended
	Dec. 31, 2015
ORGANIZATION AND NATURE OF OPERATIONS
ORGANIZATION AND NATURE OF OPERATIONS	1. ORGANIZATION AND NATURE OF OPERATIONS CubeSmart (the “Parent Company”) operates as a self-managed and self-administered real estate investment trust (“REIT”) with its operations conducted solely through CubeSmart, L.P. and its subsidiaries. CubeSmart, L.P., a Delaware limited partnership (the “Operating Partnership”), operates through an umbrella partnership structure, with the Parent Company, a Maryland REIT, as its sole general partner. In the notes to the consolidated financial statements, we use the terms the “Company”, “we”, or “our” to refer to the Parent Company and the Operating Partnership together, unless the context indicates otherwise. As of December 31, 2015 , the Company owned self-storage facilities located in 22 states throughout the United States and in the District of Columbia which are presented under one reportable segment: the Company owns, operates, develops, manages, and acquires self-storage facilities. As of December 31, 2015 , the Parent Company owned approximately 98.8% of the partnership interests (“OP Units”) of the Operating Partnership. The remaining OP Units, consisting exclusively of limited partner interests, are held by persons who contributed their interests in facilities to us 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 for cash equal to the fair value of an equivalent number of common shares of the Parent Company. In lieu of delivering cash, however, the Parent Company, as the Operating Partnership’s general partner, may, at its option, choose to acquire any OP Units so tendered by issuing common shares in exchange for the tendered OP Units. If the Parent Company so chooses, its common shares will be exchanged for OP Units on a one -for-one basis. This one-for-one exchange ratio is subject to adjustment to prevent dilution. With each such exchange or redemption, the Parent Company’s percentage ownership in the Operating Partnership will increase. In addition, whenever the Parent Company issues common or other classes of its shares, it contributes the net proceeds it receives from the issuance to the Operating Partnership and the Operating Partnership issues to the Parent Company an equal number of OP Units or other partnership interests having preferences and rights that mirror the preferences and rights of the shares issued. This structure is commonly referred to as an umbrella partnership REIT or “UPREIT”.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2015
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation The accompanying consolidated financial statements include all of the accounts of the Company, and its majority-owned and/or controlled subsidiaries. The portion of these entities not owned by the Company is presented as noncontrolling interests as of and during the periods consolidated. All significant intercompany accounts and transactions have been eliminated in consolidation. When the Company obtains an economic interest in an entity, the Company evaluates the entity to determine if the entity is deemed a variable interest entity (“VIE”), and if the Company is deemed to be the primary beneficiary, in accordance with authoritative guidance issued on the consolidation of VIEs. When an entity is not deemed to be a VIE, the Company considers the provisions of additional guidance to determine whether a general partner, or the general partners as a group, controls a limited partnership or similar entity when the limited partners have certain rights. The Company consolidates (i) entities that are VIEs and of which the Company is deemed to be the primary beneficiary, and (ii) entities that are non-VIEs which the Company controls and which the limited partners do not have the ability to dissolve or remove the Company without cause nor substantive participating rights. Noncontrolling Interests The Financial Accounting Standards Board (“FASB”) issued authoritative guidance regarding noncontrolling interests in consolidated financial statements which was effective on January 1, 2009. The guidance states that noncontrolling interests are the portion of equity (net assets) in a subsidiary not attributable, directly or indirectly, to a parent. The ownership interests in the subsidiary that are held by owners other than the parent are noncontrolling interests. Under the guidance, such noncontrolling interests are reported on the consolidated balance sheets within equity, separately from the Company’s equity. On the consolidated statements of operations, revenues, expenses, and net income or loss from controlled or consolidated entities that are less than wholly owned are reported at the consolidated amounts, including both the amounts attributable to the Company and noncontrolling interests. Presentation of consolidated equity activity is included for both quarterly and annual financial statements, including beginning balances, activity for the period, and ending balances for shareholders’ equity, noncontrolling interests and total equity. However, per the FASB issued authoritative guidance on the classification and measurement of redeemable securities, securities that are redeemable for cash or other assets at the option of the holder, not solely within the control of the issuer, must be classified outside of permanent equity. This would result in certain outside ownership interests being included as redeemable noncontrolling interests outside of permanent equity in the consolidated balance sheets. The Company makes this determination based on terms in applicable agreements, specifically in relation to redemption provisions. Additionally, with respect to noncontrolling interests for which the Company has a choice to settle the contract by delivery of its own shares, the Company considered the FASB issued guidance on accounting for derivative financial instruments indexed to, and potentially settled in, a Company’s own stock to evaluate whether the Company controls the actions or events necessary to issue the maximum number of shares that could be required to be delivered under share settlement of the contract. The guidance also requires that noncontrolling interests are adjusted each period so that the carrying value equals the greater of its carrying value based on the accumulation of historical cost or its redemption fair value. The consolidated results of the Company include results attributable to units of the Operating Partnership that are not owned by the Company. These interests were issued in the form of OP units and were a component of the consideration the Company paid to acquire certain self-storage facilities. Limited partners who acquired OP units have the right to require the Operating Partnership to redeem part or all of their OP units for, at the Company’s option, an equivalent number of common shares of the Company or cash based upon the fair value of an equivalent number of common shares of the Company. However, the operating agreement contains certain circumstances that could result in a net cash settlement outside the control of the Company, as the Company does not have the ability to settle in unregistered shares. Accordingly, consistent with the guidance discussed above, the Company will continue to record these noncontrolling interests outside of permanent equity in the consolidated balance sheets. Net income or loss related to these noncontrolling interests is excluded from net income or loss in the consolidated statements of operations. The Company has adjusted the carrying value of its noncontrolling interests subject to redemption value to the extent applicable. Based on the Company’s evaluation of the redemption value of the redeemable noncontrolling interests, the Operating Partnership reflected these interests at their redemption value as of December 31, 2015 , as the estimated redemption value exceeded their carrying value. The Operating Partnership recorded an increase to OP Units owned by third parties and a corresponding decrease to capital of $19.6 million as of December 31, 2015 . Disclosure of such redemption provisions is provided in note 12. Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Although we believe the assumptions and estimates we made are reasonable and appropriate, as discussed in the applicable sections throughout these consolidated financial statements, different assumptions and estimates could materially impact our reported results. The current economic environment has increased the degree of uncertainty inherent in these estimates and assumptions and changes in market conditions could impact our future operating results. Self-Storage Facilities Self-storage facilities are carried at historical cost less accumulated depreciation and impairment losses. The cost of self-storage facilities reflects their purchase price or development cost. Costs incurred for the renovation of a storage facility are capitalized to the Company’s investment in that facility. Acquisition costs and ordinary repairs and maintenance are expensed as incurred; major replacements and betterments, which improve or extend the life of the asset, are capitalized and depreciated over their estimated useful lives. The costs to develop self-storage facilities are capitalized to construction in progress while the project is under development. Purchase Price Allocation When facilities are acquired, the purchase price is allocated to the tangible and intangible assets acquired and liabilities assumed based on estimated fair values. When a portfolio of facilities is acquired, the purchase price is allocated to the individual facilities based upon the fair value determined using an income approach or a cash flow analysis using appropriate risk adjusted capitalization rates, which take into account the relative size, age and location of the individual facility along with current and projected occupancy and rental rate levels or appraised values, if available. Allocations to land, building and improvements, and equipment are recorded based upon their respective fair values as estimated by management. In allocating the purchase price for an acquisition, the Company determines whether the acquisition includes intangible assets or liabilities. The Company allocates a portion of the purchase price to an intangible asset attributed to the value of in-place leases. This intangible is generally amortized to expense over the expected remaining term of the respective leases. Substantially all of the leases in place at acquired facilities are at market rates, as the majority of the leases are month-to-month contracts. Accordingly, to date, no portion of the purchase price has been allocated to above- or below-market lease intangibles. To date, no intangible asset has been recorded for the value of customer relationships, because the Company does not have any concentrations of significant customers and the average customer turnover is fairly frequent. Depreciation and Amortization The costs of self-storage facilities and improvements are depreciated using the straight-line method based on useful lives ranging from five to 39 years. Impairment of Long-Lived Assets We evaluate long-lived assets for impairment when events and circumstances such as declines in occupancy and operating results indicate that there may be an impairment. The carrying value of these long-lived assets is compared to the undiscounted future net operating cash flows, plus a terminal value, attributable to the assets to determine if the facility’s basis is recoverable. If a facility’s basis is not considered recoverable, an impairment loss is recorded to the extent the net carrying value of the asset exceeds the fair value. The impairment loss recognized equals the excess of net carrying value over the related fair value of the asset. Long-Lived Assets Held for Sale We consider long-lived assets to be “held for sale” upon satisfaction of the following criteria: (a) management commits to a plan to sell a facility (or group of facilities), (b) the facility is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such facilities, (c) an active program to locate a buyer and other actions required to complete the plan to sell the facility have been initiated, (d) the sale of the facility is probable and transfer of the asset is expected to be completed within one year, (e) the facility is being actively marketed for sale at a price that is reasonable in relation to its current fair value, and (f) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Typically these criteria are all met when the relevant asset is under contract, significant non-refundable deposits have been made by the potential buyer, the assets are immediately available for transfer, and there are no contingencies related to the sale that may prevent the transaction from closing. However, each potential transaction is evaluated based on its separate facts and circumstances. Facilities classified as held for sale are reported at the lesser of carrying value or fair value less estimated costs to sell. Cash and Cash Equivalents Cash and cash equivalents are highly-liquid investments with original maturities of three months or less. The Company may maintain cash equivalents in financial institutions in excess of insured limits, but believes this risk is mitigated by only investing in or through major financial institutions. Restricted Cash Restricted cash consists of purchase deposits and cash deposits required for debt service requirements, capital replacement, and expense reserves in connection with the requirements of our loan agreements. As of December 31, 2015, restricted cash also consisted of approximately $22.0 million of proceeds from the sale of real estate held in escrow to fund future acquisitions unde r a tax free like kind exchange, which was completed in January 2016. Loan Procurement Costs Loan procurement costs related to borrowings were $20.7 million and $17.0 million as of December 31, 2015 and 2014 , respectively, and are reported net of accumulated amortization of $7.3 million and $6.4 million as of December 31, 2015 and 2014 , respectively. The costs are amortized over the estimated life of the related debt using the effective interest method and reported as Loan procurement amortization expense on the Company’s consolidated statements of operations. Other Assets Other assets are comprised of the following as of December 31, 2015 and 2014 (in thousands): December 31, 2015 2014 Intangible assets, net of accumulated amortization of $7,220 and $15,329 $ $ Deposits on future acquisitions Accounts receivable Prepaid real estate taxes Prepaid insurance Other Total $ $ Environmental Costs Our practice is to conduct or obtain environmental assessments in connection with the acquisition or development of additional facilities. Whenever the environmental assessment for one of our facilities indicates that a facility is impacted by soil or groundwater contamination from prior owners/operators or other sources, we will work with our environmental consultants and where appropriate, state governmental agencies, to ensure that the facility is either cleaned up, that no cleanup is necessary because the low level of contamination poses no significant risk to public health or the environment, or that the responsibility for cleanup rests with a third party. Revenue Recognition Management has determined that all of our leases are operating leases. Rental income is recognized in accordance with the terms of the leases, which generally are month to month. The Company recognizes gains from disposition of facilities only upon closing in accordance with the guidance on sales of real estate. Payments received from purchasers prior to closing are recorded as deposits. Profit on real estate sold is recognized using the full accrual method upon closing when the collectability of the sales price is reasonably assured and the Company is not obligated to perform significant activities after the sale. Profit may be deferred in whole or part until the sale meets the requirements of profit recognition on sales under this guidance. Advertising and Marketing Costs The Company incurs advertising and marketing costs primarily attributable to internet marketing campaigns and other media advertisements. The Company incurred $8.6 million, $7.7 million, and $7.6 million in advertising and marketing expenses for the years ended 2015, 2014 and 2013, respectively, which are included in property operating expenses on the Company’s consolidated statements of operations. Equity Offering Costs Underwriting discounts and commissions, financial advisory fees and offering costs are reflected as a reduction to additional paid-in capital. For the years ended December 31, 2015 , 2014, and 2013, the Company recognized $2.5 million, $6.0 million, and $1.8 million of equity offering costs related to the issuance of common shares during the years, respectively. Other Property Related Income Other property related income consists of late fees, administrative charges, customer insurance commissions, sales of storage supplies, and other ancillary revenues and is recognized in the period that it is earned. Capitalized Interest The Company capitalizes interest incurred that is directly associated with construction activities until the asset is placed into service. Interest is capitalized to the related assets using a weighted-average rate of the Company’s outstanding debt. The Company capitalized $2.6 million for the year ended December 31, 2015, $1.3 million for the year ended December 31, 2014, and $0.9 million for the year ended December 31, 2013. Derivative Financial Instruments The Company carries all derivatives on the balance sheet at fair value. The Company determines the fair value of derivatives by observable prices that are based on inputs not quoted on active markets, but corroborated by market data. The accounting for changes in the fair value of a derivative instrument depends on whether the derivative has been designated and qualifies as part of a hedging relationship and, if so, the reason for holding it. The Company’s use of derivative instruments has been limited to cash flow hedges of certain interest rate risks. The Company had interest rate swap agreements for notional principal amounts aggregating $400 million as of December 31, 2015 and 2014 , the fair value of which are included in accounts payable, accrued expenses and other liabilities. Income Taxes The Company has elected to be taxed as a real estate investment trust under Sections 856-860 of the Internal Revenue Code since the Company’s commencement of operations in 2004. In management’s opinion, the requirements to maintain these elections are being met. Accordingly, no provision for federal income taxes has been reflected in the consolidated financial statements other than for operations conducted through our taxable REIT subsidiaries. Earnings and profits, which determine the taxability of distributions to shareholders, differ from net income reported for financial reporting purposes due to differences in cost basis, the estimated useful lives used to compute depreciation, and the allocation of net income and loss for financial versus tax reporting purposes. The net tax basis in the Company’s assets was $2.7 billion and $2.6 billion as of December 31, 2015 and 2014 , respectively. Distributions to shareholders are usually taxable as ordinary income, although a portion of the distribution may be designated as capital gain or may constitute a tax-free return of capital. Annually, the Company provides each of its shareholders a statement detailing the tax characterization of dividends paid during the preceding year as ordinary income, capital gain, or return of capital. The characterization of the Company’s dividends for 2015 consisted of a 94.501% ordinary income distribution and a 5.499% capital gain distribution from earnings and profits. Distributions to 7.75 % Series A Cumulative Redeemable Preferred Shareholders are usually taxable as ordinary income, although a portion of the distribution may be designated as capital gain or may constitute a tax-free return of capital. Annually, the Company provides each of its shareholders a statement detailing preferred distributions paid during the preceding year and their characterization as ordinary income, capital gain, or return of capital. The characterization of our preferred dividends for 2015 consisted of a 94.501% ordinary income distribution and a 5.499% capital gain distribution from earnings and profits. The Company is subject to a 4% federal excise tax if sufficient taxable income is not distributed within prescribed time limits. The excise tax equals 4% of the annual amount, if any, by which the sum of (a) 85% of the Company’s ordinary income, (b) 95% of the Company’s net capital gains, and (c) 100% of prior taxable income exceeds cash distributions and certain taxes paid by the Company. No excise tax was incurred in 2015, 2014, or 2013. Taxable REIT subsidiaries (TRS) are subject to federal and state income taxes. Our taxable REIT subsidiaries have a net deferred tax asset related to expenses which are deductible for tax purposes in future periods of $1.7 million and $1.0 million as of December 31, 2015 and 2014 , respectively. The Protecting Americans from Tax Hikes Act (PATH Act) was enacted in December 2015, and included numerous law changes applicable to REITs. The provisions have various effective dates. We expect that the changes will not materially impact our operations, but will continue to monitor as regulatory guidance is issued. Earnings per Share and Unit Basic earnings per share and unit are calculated based on the weighted average number of common shares and restricted shares outstanding during the period. Diluted earnings per share and unit is calculated by further adjusting for the dilutive impact of share options, unvested restricted shares and contingently issuable shares outstanding during the period using the treasury stock method. Potentially dilutive securities calculated under the treasury stock method were 1,55 1 ,000; 1,756,000, and 2,551,000 in 2015, 2014, and 2013, respectively. Share-Based Payments We apply the fair value method of accounting for contingently issued shares and share options issued under our incentive award plan. Accordingly, share compensation expense is recorded ratably over the vesting period relating to such contingently issued shares and options. The Company has recognized compensation expense on a straight-line method over the requisite service period, which is included in general and administrative expense on the Company’s consolidated statement of operations. Foreign Currency The financial statements of foreign subsidiaries are translated to U.S. Dollars using the period-end exchange rate for assets and liabilities and an average exchange rate for each period for revenues, expenses, and capital expenditures. The local currency is the functional currency for the Company’s foreign subsidiaries. Translation adjustments for foreign subsidiaries are recorded as a component of accumulated other comprehensive loss in shareholders’ equity. The Company recognizes transaction gains and losses arising from fluctuations in currency exchange rates on transactions denominated in currencies other than the functional currency in earnings as incurred. The Pound, which represents the functional currency used by USIFB, LLP, our joint venture in England, was translated at October 2, 2015, the date that the venture’s remaining asset was sold. The exchange rate was approximately 1.521600 U.S Dollars per Pound on October 2, 2015 and approximately 1.558642 U.S Dollars per Pound on December 31, 2014. The Pound was translated at an average exchange rate of 1.529755 for the period from January 1, 2015 to October 2, 2015. It was translated at an average exchange rate of 1.643106 and 1.58 8598 U.S. Dollars per Pound for the years ended December 31, 2014 and 2013, respectively. The Company recorded an unrealized loss on foreign currency translation of $0.2 million for the year ended December 31, 2014 and an unrealized gain of $0.1 million for the year ended December 31, 2013. In connection with the sale of the remaining asset, the Company recorded a realized loss on foreign currency exchange of $1.2 million, which is included in Gains on sale of real estate in the Company’s consolidated statement of operations. Investments in Unconsolidated Real Estate Ventures The Company accounts for its investments in unconsolidated real estate ventures under the equity method of accounting. Under the equity method, investments in unconsolidated joint ventures are recorded initially at cost, as investments in real estate ventures, and subsequently adjusted for equity in earnings (losses), cash contributions, less distributions. On a periodic basis, management also assesses whether there are any indicators that the value of the Company’s investments in unconsolidated real estate ventures may be other than temporarily impaired. An investment is impaired only if the fair value of the investment is less than the carrying value of the investment and the decline is other than temporary. To the extent impairment that is other than temporary has occurred, the loss shall be measured as the excess of the carrying amount of the investment over the fair value of the investment, as estimated by management. Recent Accounting Pronouncements In September 2015, the FASB issued Accounting Standard Update (“ASU”) No. 2015-16, Simplifying the Accounting for Measurement-Period Adjustments, which amends the current business combination guidance to require that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined, as opposed to having to revise prior period information. The standard also requires additional disclosure about the impact on current-period income statement line items, of adjustments that would have been recognized in prior periods if prior period information had been revised. The new standard is effective for the Company on January 1, 2016. The adoption of ASU 2015-16 is not expected to have a material effect on the Company’s consolidated financial statements. In April 2015, the FASB issued ASU No. 2015-03, an update to the accounting standard relating to the presentation of debt issuance costs. Under the new guidance, debt issuance costs related to a recognized debt liability will be presented on the balance sheet as a direct deduction from the debt liability. In the event that there is not an associated debt liability recorded in the consolidated financial statements, the debt issuance costs will continue to be recorded on the consolidated balance sheet as an asset until the debt liability is recorded. This amendment becomes effective for the Company on January 1, 2016. The adoption of ASU 2015-03 is not expected to have a material effect on the Company’s consolidated financial statements. In February 2015, the FASB issued ASU No. 2015-02, Consolidation – Amendments to the Consolidation Analysis, which amends the current consolidation guidance affecting both the variable interest entity (“VIE”) and voting interest entity (“VOE”) consolidation models. The standard does not add or remove any of the characteristics in determining if an entity is a VIE or VOE, but rather enhances the way the Company assesses some of these characteristics. The new standard is effective for the Company on January 1, 2016. The adoption of ASU 2015-02 is not expected to have a material effect on the Company’s consolidated financial statements. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance under GAAP when it becomes effective. The new standard will be effective for the Company beginning on January 1, 2018, however early application beginning on January 1, 2017 is permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company has not yet selected a transition method nor has it determined the effect of the standard on its consolidated financial statements and related disclosures. Concentration of Credit Risk The Company’s storage facilities are located in major metropolitan and rural areas and have numerous customers per facility. No single customer represents a significant concentration of our revenues. The facilities in Florida, New York, Texas, and California provided total revenues of approximately 18%, 16% , 10%, and 8% , respectively, for the year ended December 31, 201 5, and approximately 17% , 17% , 10% , and 8% , respectively, for the year ended December 31, 2014. The facilities in New York , Florida, Texas, and California provided total revenues of approximately 17% , 15% , 10%, and 9% , respectively, for the year ended December 31, 2013 .

STORAGE FACILITIES

STORAGE FACILITIES	12 Months Ended
	Dec. 31, 2015
STORAGE FACILITIES
STORAGE FACILITIES	3. STORAGE FACILITIES The book value of the Company’s real estate assets is summarized as follows: December 31, 2015 2014 (in thousands) Land $ $ Buildings and improvements Equipment Construction in progress Storage facilities Less Accumulated depreciation Storage facilities, net $ $ The following table summarizes the Company’s acquisition and disposition activity for the years ended December 31, 2015 , 2014 and 2013: Number of Purchase / Sale Price Asset/Portfolio Market Transaction Date Facilities (in thousands) 2015 Acquisitions: Texas Asset Texas Markets - Major February 2015 1 $ HSRE Assets Chicago March 2015 4 Arizona Asset Arizona / Las Vegas March 2015 1 Tennessee Asset Tennessee March 2015 1 Texas Asset Texas Markets - Major April 2015 1 Florida Asset Florida Markets - Other May 2015 1 Arizona Asset Arizona / Las Vegas June 2015 1 Florida Asset Florida Markets - Other June 2015 1 Texas Asset Texas Markets - Major July 2015 1 Maryland Asset Baltimore / DC July 2015 1 Maryland Asset Baltimore / DC July 2015 1 New York/New Jersey Assets New York / Northern NJ August 2015 2 New Jersey Asset New York / Northern NJ December 2015 1 PSI Assets Various (see note 4) December 2015 12 29 $ 2015 Dispositions: Texas Assets Texas Markets - Major October 2015 7 $ Florida Asset Florida Markets - Other October 2015 1 8 $ 2014 Acquisitions: Connecticut Asset Connecticut January 2014 1 $ Florida Asset Miami / Ft. Lauderdale January 2014 1 Florida Assets Florida Markets - Other January 2014 2 California Asset Other West January 2014 1 Maryland Asset Baltimore / DC February 2014 1 Maryland Asset Baltimore / DC February 2014 1 Arizona Asset Arizona / Las Vegas March 2014 1 Pennsylvania Asset Philadelphia / Southern NJ March 2014 1 Texas Asset Texas Markets - Major March 2014 1 Texas Asset Texas Markets - Major April 2014 1 New York Assets New York / Northern NJ April 2014 2 Florida Asset Florida Markets - Other April 2014 1 Massachusetts Asset Other Northeast April 2014 1 Indiana Asset Other Midwest May 2014 1 Florida Assets Florida Markets - Other June 2014 3 Florida Assets Florida Markets - Other July 2014 2 Massachusetts Asset Boston September 2014 1 Texas Asset Texas Markets - Major October 2014 1 Texas Asset Texas Markets - Major October 2014 1 Texas Asset Texas Markets - Major October 2014 1 HSRE Assets Various (see note 4) November 2014 22 Texas Asset Texas Markets - Major December 2014 1 Florida Assets Florida Markets - Other December 2014 3 New York Asset New York / Northern NJ December 2014 1 Texas Asset Texas Markets - Major December 2014 1 53 $ 2013 Acquisitions: Arizona Asset Arizona / Las Vegas March 2013 1 $ Illinois Asset Chicago May 2013 1 Florida Asset Florida Markets - Other May 2013 1 Florida Asset Miami / Ft. Lauderdale June 2013 1 Massachusetts Asset Boston June 2013 1 Maryland / New Jersey Assets Baltimore / DC and New York / Northern NJ June 2013 5 New York Asset New York / Northern NJ July 2013 1 Texas Asset Texas Markets - Major August 2013 1 Arizona Asset Arizona / Las Vegas September 2013 1 Arizona Asset Arizona / Las Vegas September 2013 1 Maryland Asset Baltimore / DC November 2013 1 Texas Asset Texas Markets - Major November 2013 1 Texas Asset Texas Markets - Major December 2013 1 Texas Asset Texas Markets - Major December 2013 1 Maryland Asset Baltimore / DC December 2013 1 Florida Asset Miami / Ft. Lauderdale December 2013 1 20 $ 2013 Dispositions: Texas/Indiana Assets Texas Markets - Major and Other Midwest March 2013 5 $ Tennessee Assets Tennessee August 2013 8 California/Tennessee/Texas/Wisconsin Assets Inland Empire, Ohio, Other Midwest, Tennessee and Texas Markets - Major October/November 2013 22 35 $

INVESTMENT ACTIVITY

INVESTMENT ACTIVITY	12 Months Ended
	Dec. 31, 2015
INVESTMENT ACTIVITY
INVESTMENT ACTIVITY	4. INVESTMENT ACTIVITY 2015 Acquisitions On December 15, 2015, the Company acquired all of the issued and outstanding uncertificated shares of common stock of a privately held self-storage REIT (“PSI”) for $115.8 million. As of the date of the acquisition, PSI owned real property consisting of 12 fully operational self-storage facilities which were acquired for $109.8 million, and one self-storage facility that is under construction, which was acquired for $6.0 million (the “PSI Assets”). The PSI Assets are located in Arizona, Florida, Georgia, Massachusetts, New York, North Carolina, Tennessee, and Texas. In connection with this acquisition, the Company allocated a portion of the purchase price to the intangible value of in-place leases, which aggregated to $6.7 million at the time of the acquisition and prior to any amortization of such amounts. The estimated life of these in-place leases was 12 months, and the amortization expense that was recognized during 2015 was approximately $0.6 million. During 2014, the Operating Partnership entered into an Agreement for Purchase and Sale with certain limited liability companies controlled by HSRE REIT I and HSRE REIT II, both Maryland real estate investment trusts, to acquire (the “HSRE Acquisition”) 26 self-storage facilities for an aggregate purchase price of $223.0 million plus customary closing costs. During 2014, the Company closed on the first tranche of 22 facilities comprising the HSRE Acquisition, for an aggregate purchase price of $195.5 million. On March 18, 2015, the Company closed on the second tranche of the remaining four self-storage facilities comprising the HSRE Acquisition, for an aggregate purchase price of $27.5 million. The four facilities purchased in the second tranche are located in Illinois. In connection with this acquisition, the Company allocated a portion of the purchase price to the intangible value of in-place leases, which aggregated to $2.7 million at the time of the acquisition and prior to any amortization of such amounts. The estimated life of these in-place leases was 12 months, and the amortization expense that was recognized during 2015 was approximately $2.0 million. During the year ended December 31, 2015, the Company acquired 13 additional self-storage facilities, including one facility upon completion of construction and the issuance of a certificate of occupancy, located throughout the United States for an aggregate purchase price of approximately $155.0 million. In connection with these acquisitions, the Company allocated a portion of the purchase price to the tangible and intangible assets acquired based on fair value. Intangible assets consist of in-place leases, which aggregated $10.7 million at the time of the acquisitions and prior to any amortization of such amounts. The estimated life of these in-place leases was 12 months, and the amortization expense that was recognized during 2015 was approximately $4.7 million. In connection with one of the acquired facilities, the Company assumed mortgage debt that was recorded at a fair value of $2.7 million, which fair value includes an outstanding principal balance totaling $2.5 million and a net premium of $0.2 million to reflect the estimated fair value of the debt at the time of assumption. As final information regarding fair value of the assets acquired and liabilities assumed is received and estimates are refined, appropriate adjustments, if necessary, will be made to the purchase price allocation, in no case later than 12 months from the acquisition date. As of December 31, 2015, the Company was under contract and had made aggregate deposits of $5.3 million associated with five facilities under construction for a total purchase price of $101.4 million. In connection with one of the facilities, the Company provided a $4.1 million loan for the purpose of acquiring the premises on which the facility will be built. The $4.1 million note receivable has been collected in full as of December 31, 2015. The deposits are reflected in Other assets, net on the Company’s consolidated balance sheets. The purchase of these five facilities is expected to occur by the first quarter of 2017 after the completion of construction and the issuance of a certificate of occupancy. These acquisitions are subject to due diligence and other customary closing conditions and no assurance can be provided that these acquisitions will be completed on the terms described, or at all. 2015 Dispositions On October 8, 2015, the Company sold seven assets in Texas and one asset in Florida for an aggregate sales price of approximately $37.8 million. In connection with these sales, the Company recorded gains that totaled $14.4 million. The proceeds from these sales were held in escrow to fund future acquisitions under a tax free like kind exchange. As of December 31, 2015, $14.4 million of the total net proceeds of $36.4 million had been applied to one acquisition that closed during the year, and the remaining $22.0 million is included in restricted cash on the Company’s consolidated balance sheets. On October 2, 2015, USIFB, LLP (“USIFB”), a consolidated real estate joint venture in which the Company owned a 97% interest, sold its remaining asset in London, England, for an aggregate sales price of £6.5 million (approximately $9.9 million). In connection with the sale, the Company recorded a gain of $3.0 million net of a foreign currency translation loss of $1.2 million. Development As of December 31, 2015, the Company had four contracts through joint ventures for the construction of three self-storage facilities located in New York (see note 12) and one self-storage facility located in Washington, D.C. As part of the acquisition of the PSI Assets, the Company also acquired a self-storage facility that is under construction in North Palm Beach, FL as part of the acquisition of the PSI Assets. Construction for all projects is expected to be completed by the fourth quarter of 2017. As of December 31, 2015, development costs for these projects totaled $53.0 million. Total construction costs for these projects is expected to be $148.7 million. These costs are capitalized to construction in progress while the projects are under development and are reflected in Storage facilities on the Company’s consolidated balance sheets. During the fourth quarter of 2015, the Company, through two separate joint ventures in which the Company owns a 90% interest in each, completed the construction of two self-storage facilities located in the boroughs of New York, NY and the facilities opened for operation. Total costs for these projects were $32.2 million in aggregate. These costs are capitalized to land, building, and improvements as well as equipment and are reflected in Storage facilities on the Company’s consolidated balance sheets. During the second quarter of 2015, the Company, through a joint venture in which the Company owns a 90% interest, completed the construction, and opened for operation, a self-storage facility located in Arlington, VA. Total costs for this project were $17.1 million. These costs are capitalized to land, building, and improvements as well as equipment and are reflected in Storage facilities on the Company’s consolidated balance sheets. During the first quarter of 2014, the Company completed the construction of a self-storage facility subject to a ground lease located in Bronx, NY and the facility opened for operation. Total costs for this project were $17.2 million. These costs are capitalized to building and improvements as well as equipment and are reflected in Storage facilities on the Company’s consolidated balance sheets. During the fourth quarter of 2013, the Company completed the construction of the portion of a mixed-use facility comprised of office space and relocated its corporate headquarters to 5 Old Lancaster Road in Malvern, PA, a suburb of Philadelphia. During the first quarter of 2014, construction was completed on the portion of the building comprised of rentable storage space and the facility opened for operation. Total costs for this mixed-use project were $25.1 million. 2014 Acquisitions On August 25, 2014, the Operating Partnership entered into an Agreement for Purchase and Sale with certain limited liability companies controlled by HSRE REIT I and HSRE REIT II, each Maryland real estate investment trusts, to acquire (the “HSRE Acquisition”) 26 self-storage facilities for an aggregate purchase price of $223.0 million plus customary closing costs. On November 3, 2014, the Company closed on the first tranche of 22 facilities comprising the HSRE Acquisition, for an aggregate purchase price of $195.5 million. The 22 facilities purchased are located in California, Florida, Illinois, Nevada, New York, Ohio, and Rhode Island. In connection with this acquisition, the Company allocated a portion of the purchase price to the intangible value of in-place leases, which aggregated $14.5 million at the time of the acquisition and prior to any amortization of such amounts. The estimated life of these in-place leases was 12 months and the amortization expense that was recognized during the years ended December 31, 2015 and 2014 was approximately $12.1 million and $2.4 million, respectively. During 2014, the Company acquired an additional 31 self-storage facilities located throughout the United States for an aggregate purchase price of approximately $372.7 million. In connection with these acquisitions, the Company allocated a portion of the purchase price to the intangible value of in-place leases, which aggregated $23.8 million at the time of such acquisitions and prior to any amortization of such amounts. The estimated life of these in-place leases was 12 months, and the amortization expense that was recognized during the years ended December 31, 2015 and 2014 was approximately $10.4 million and $13.4 million, respectively. In connection with four of the acquired facilities, the Company assumed mortgage debt and recorded the debt at a fair value of $27.5 million, which included an outstanding principal balance totaling $26.0 million and a net premium of $1.5 million to reflect the estimated fair value of the debt at the time of assumption. 2014 Disposition On June 30, 2014, the Company sold one asset in London, England owned by USIFB, for an aggregate sales price of £4.1 million (approximately $7.0 million). The Company received net proceeds of $7.0 million, a portion of which were used to repay the loan the Company made to USIFB, and recorded a gain of $0.5 million as a result of the transaction. 2013 Acquisitions During 2013, the Company acquired 20 self-storage facilities located throughout the United States for an aggregate purchase price of approximately $189.8 million. In connection with these acquisitions, the Company allocated a portion of the purchase price to the intangible value of in-place leases, which aggregated $13.5 million at the time of the acquisitions and prior to any amortization of such amounts. The estimated life of these in-place leases was 12 months, and the amortization expense that was recognized during the years ended December 31, 2014 and 2013 was approximately $8.2 million and $5.3 million, respectively. In connection with one of the acquired facilities, the Company assumed mortgage debt and recorded the debt at a fair value of $8.9 million, which included an outstanding principal balance totaling $8.5 million and a net premium of $0.4 million in addition to the face value of the assumed debt to reflect the fair value of the debt at the time of assumption. 2013 Dispositions During 2013, the Company sold 35 self-storage facilities located throughout the United States for an aggregate sales price of approximately $126.4 million. In connection with these sales, the Company recorded gains that totaled $27.4 million. The following table summarizes the Company’s results of operations of the 2015 , 2014, and 2013 acquisitions from the respective acquisition dates in the year they were acquired, included in the consolidated statements of operations for the years ended December 31, 2015 , 2014, and 2013: Year ended December 31, 2015 2014 2013 (in thousands) Total revenue $ $ $ Net loss

INVESTMENT IN UNCONSOLIDATED RE

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURE	12 Months Ended
	Dec. 31, 2015
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURE
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURE	5. INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES On December 8, 2015, the Company invested $8.4 million in exchange for a 10% ownership interest in a newly-formed joint venture (“HVP”) that acquired 30 self-storage facilities located in Michigan ( 16 ), Massachusetts ( 6 ), Tennessee ( 5 ), and Florida ( 3 ). HVP paid $193.7 million for these facilities, of which $15.4 million was allocated to the value of the in-place lease intangible. The acquisition was funded primarily through a $112.7 million initial advance on the venture’s $122.0 million loan. The remainder of the purchase price was contributed pro-rata by the Company and its unaffiliated joint venture partne r. The loan bears interest at LIBOR plus 2.00% per annum and matures on December 7, 2018 with options to extend the maturity date through December 7, 2020, subject to satisfaction of certain conditions and payment of the extension fees as stipulated in the loan agreement. As of December 31, 2015, HVP is under contract to purchase an additional seven properties for an aggreg ate purchase price of approximately $48.8 million. On December 10, 2013, the Company invested a 50% ownership interest in a newly-formed joint venture (“HHF”) that acquired 35 self-storage facilities located in Texas (34) and North Carolina (1) . HHF paid $315.7 million for these facilities, of which $12.1 million was allocated to the value of the in-place lease intangible. The Company and the unaffiliated joint venture partner, collectively the “HHF Partners,” each contributed cash equal to 50% of the capital required to fund the acquisition. On May 1, 2014, HHF obtained a $100.0 million loan secured by the 34 self-storage facilities located in Texas that are owned by the venture. There is no recourse to the Company, subject to customary exceptions to non-recourse provisions. The loan bears interest at 3.59% per annum and matures on April 30, 2021. This financing completed the planned capital structure of HHF and proceeds (net of closing costs) of $99.2 million were distributed proportionately to the partners. Based upon the facts and circumstances at formation of HVP and HHF, the Company determined that neither entity is a VIE 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 HVP and HHF. Based upon each member's substantive participating rights over the activities of each entity as stipulated in the operating agreements, HHF and HVP are not consolidated by the Company and are accounted for under the equity method of accounting. The Company’s investments in HVP and HHF 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 HVP and HHF are presented in Equity in losses of real estate ventures on the Company’s consolidated statements of operations. The amounts reflected in the following table are based on the historical financial information of the real estate ventures. The following is a summary of the financial position of HVP and HHF as of December 31, 2015 and 2014 (in thousands): December 31, 2015 2014 Assets Storage facilities, net $ $ Other assets Total assets $ $ Liabilities and equity Other liabilities $ $ Debt Equity CubeSmart Joint venture partner Total liabilities and equity $ $ The following is a summary of results of operations of HVP and HHF for the years ended December 31, 2015 , 2014 and 2013 (in thousands): Year ended December 31, 2015 2014 2013 Total revenues $ $ $ Operating expenses Interest expense, net — Depreciation and amortization Net loss Company’s share of net loss The results of operations above include the periods from December 8, 2015 (date of acquisition) through December 31, 2015 for HVP and December 13, 2013 (date of acquisition) through December 31, 2015 for HHF.

UNSECURED SENIOR NOTES

UNSECURED SENIOR NOTES	12 Months Ended
	Dec. 31, 2015
UNSECURED SENIOR NOTES
UNSECURED SENIOR NOTES	6. UNSECURED SENIOR NOTES On October 26, 2015, the Operating Partnership issued $250.0 million in aggregate principal amount of 4.00% unsecured senior notes due November 15, 2025 (the “2025 Senior Notes”). On December 17, 2013, the Operating Partnership issued $250.0 million in aggregate principal amount of 4.375% unsecured senior notes due December 15, 2023 (the “2023 Senior Notes”). On June 26, 2012, the Operating Partnership issued $250.0 million in aggregate principal amount of 4.80% unsecured senior notes due July 15, 2022 (the “2022 Senior Notes”). The 2025 Senior Notes, the 2023 Senior Notes, and the 2022 Senior Notes are collectively referred to as the “Senior Notes.” 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 after giving effect to the incurrence of the debt. The indenture also restricts the ability of the Operating Partnership and its subsidiaries to incur secured debt unless the Operating Partnership and its consolidated subsidiaries comply with a secured debt leverage ratio not to exceed 40% after giving effect to the incurrence of the debt. The indenture also contains other financial and customary covenants, including a covenant not to own unencumbered assets with a value less than 150% of the unsecured indebtedness of the Operating Partnership and its consolidated subsidiaries. As of and for the year ended December 31, 2015 , the Operating Partnership was in compliance with all of the financial covenants under the Senior Notes.

REVOLVING CREDIT FACILITY AND U

REVOLVING CREDIT FACILITY AND UNSECURED TERM LOANS	12 Months Ended
	Dec. 31, 2015
REVOLVING CREDIT FACILITY AND UNSECURED TERM LOANS
REVOLVING CREDIT FACILITY AND UNSECURED TERM LOANS	7. REVOLVING CREDIT FACILITY AND UNSECURED TERM LOANS On June 20, 2011, the Company entered into an unsecured term loan agreement (the “Term Loan Facility”) which consisted of a $100.0 million term loan with a five -year maturity (“Term Loan A”) and a $100.0 million term loan with a seven -year maturity (“Term Loan B”). On December 9, 2011, the Company entered into a credit facility (the “Credit Facility”) comprised of a $100.0 million unsecured term loan maturing in December 2014 (“Term Loan C”); a $200.0 million unsecured term loan maturing in March 2017 (“Term Loan D”); and a $300.0 million unsecured revolving facility maturing in December 2015 (“Revolver”). On June 18, 2013, the Company amended both the Term Loan Facility and Credit Facility. With respect to the Term Loan Facility, among other things, the amendment extended the maturity date to June 2018 and decreased the pricing of Term Loan A, while Term Loan B remained unchanged by the amendment. With respect to the Credit Facility, among other things, the amendment extended the maturity date to January 2019 and decreased the pricing of Term Loan D. On August 5, 2014, the Company further amended the Term Loan Facility to extend the maturity date to January 2020 and decrease the pricing of Term Loan B. On December 17, 2013, the Company repaid the $100.0 million balance under Term Loan C that was scheduled to mature in December 2014. Pricing on the Term Loan Facility depends on the Company’s unsecured debt credit ratings. At the Company’s current Baa2/BBB level, amounts drawn under Term Loan A are priced at 1.30% over LIBOR , while amounts drawn under Term Loan B are priced at 1.15% over LIBOR . On April 22, 2015, the Company further amended the Credit Facility with respect to the Revolver. Among other things, the amendment increased the aggregate amount of the Revolver from $300.0 million to $500.0 million, decreased the facility fee from 0.20% to 0.15% , and extended the maturity date from June 18, 2017 to April 22, 2020. Pricing on the Credit Facility depends on the Company’s unsecured debt credit ratings. At the Company’s current Baa2/BBB level, amounts drawn under the Revolver are priced at 1.25% over LIBOR , inclusive of a facility fee of 0.15% , while amounts drawn under Term Loan D are priced at 1.30% over LIBOR . The Company incurred costs of $2.3 million in 2015 in connection with amending the Credit Facility and capitalized such costs as a component of loan procurement costs, net of amortization on the consolidated balance sheet. Additionally, in connection with the amendment, $0.1 million of unamortized costs were written-off. All remaining unamortized costs, along with costs incurred in connection with the amendment, are amortized as an adjustment to interest expense over the remaining term of the modified facilities. As of December 31, 2015, $200.0 million of unsecured term loan borrowings were outstanding under the Term Loan Facility, $200.0 million of unsecured term loan borrowings were outstanding under the Credit Facility, and $500.0 million was available for borrowing under the unsecured revolving portion of the Credit Facility. The available balance under the unsecured revolving portion of the Credit Facility is reduced by an outstanding letter of credit of $30 thousand. In connection with a portion of the unsecured borrowings, the Company had interest rate swaps as of December 31, 2015 that fix 30-day LIBOR (see note 10). As of December 31, 2015, borrowings under the Credit Facility and Term Loan Facility, as amended and after giving effect to the interest rate swaps, had an effective weighted average interest rate of 3.00% . The Term Loan Facility and the term loan under the Credit Facility were fully drawn as of December 31, 2015 and no further borrowings may be made under the term loans. Our ability to borrow under the revolving portion of the Credit Facility is subject to ongoing compliance with certain financial covenants which include: · Maximum total indebtedness to total asset value of 60.0% at any time; · Minimum fixed charge coverage ratio of 1.50 :1 .00; and · Minimum tangible net worth of $821,211,200 plus 75% of net proceeds from equity issuances after June 30, 2010. Further, under the Credit Facility and Term Loan Facility, the Company is restricted from paying distributions on the Parent Company’s common shares in excess of the greater of (i) 95% of funds from operations, and (ii) such amount as may be necessary to maintain the Parent Company’s REIT status. As of December 31, 2015, the Company was in compliance with all of its financial covenants and it anticipates being in compliance with all of its financial covenants through the terms of the Credit Facility and Term Loan Facility.

MORTGAGE LOANS AND NOTES PAYABL

MORTGAGE LOANS AND NOTES PAYABLE	12 Months Ended
	Dec. 31, 2015
MORTGAGE LOANS AND NOTES PAYABLE
MORTGAGE LOANS AND NOTES PAYABLE	8. MORTGAGE LOANS AND NOTES PAYABLE The Company’s mortgage loans and notes payable are summarized as follows: Carrying Value as of: December 31, December 31, Effective Maturity Mortgage Loans and Notes Payable 2015 2014 Interest Rate Date (in thousands) YSI 29 $ — $ % Aug-15 YSI 13 — % Oct-15 YSI 20 — % Nov-15 YSI 63 — % Dec-15 YSI 59 % Mar-16 YSI 60 % Aug-16 YSI 51 % Sep-16 YSI 64 % Oct-16 YSI 62 % Dec-16 YSI 33 % Jul-19 YSI 26 % Nov-20 YSI 57 % Nov-20 YSI 55 % Jun-21 YSI 24 % Jun-21 YSI 65 — % Jun-23 Unamortized fair value adjustment Total mortgage loans and notes payable $ $ As of December 31, 2015 and 2014 , the Company’s mortgage loans payable were secured by certain of its self-storage facilities with net book values of approximately $195.4 million and $344.2 million, respectively. The following table represents the future principal payment requirements on the outstanding mortgage loans and notes payable as of December 31, 2015 (in thousands): 2016 $ 2017 2018 2019 2020 2021 and thereafter Total mortgage payments Plus: Unamortized fair value adjustment Total mortgage indebtedness $

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE LOSS	12 Months Ended
	Dec. 31, 2015
ACCUMULATED OTHER COMPREHENSIVE LOSS
ACCUMULATED OTHER COMPREHENSIVE LOSS	9. ACCUMULATED OTHER COMPREHENSIVE LOSS The following table summarizes the changes in accumulated other comprehensive loss by component for the year ended December 31, 2015 (in thousands): Unrealized losses Unrealized loss on on interest rate foreign currency swaps translation Total Balance at December 31, 2014 $ $ $ Other comprehensive loss before reclassifications Amounts reclassified from accumulated other comprehensive loss (a) (b) Net current-period other comprehensive income Balance at December 31, 2015 $ $ — $ (a) See note 10 for additional information about the effects of the amounts reclassified. (b) Amount has been reclassified from accumulated other comprehensive loss and is included in gains from sale of real estate, net on the Company’s consolidated statements of operations.

RISK MANAGEMENT AND USE OF FINA

RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS	12 Months Ended
	Dec. 31, 2015
RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS
RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS	10. RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS The Company’s use of derivative instruments is limited to the utilization of interest rate swap agreements or other instruments to manage interest rate risk exposures and not for speculative purposes. The principal objective of such arrangements is to minimize the risks and/or costs associated with the Company’s operating and financial structure, as well as to hedge specific transactions. The counterparties to these arrangements are major financial institutions with which the Company and its subsidiaries may also have other financial relationships. The Company is potentially exposed to credit loss in the event of non-performance by these counterparties. However, because of the high credit ratings of the counterparties, the Company does not anticipate that any of the counterparties will fail to meet these obligations as they come due. The Company does not hedge credit or property value market risks. The Company has entered into interest rate swap agreements that qualify and are designated as cash flow hedges designed to reduce the impact of interest rate changes on its variable rate debt. Therefore, the interest rate swaps are recorded in the consolidated balance sheet at fair value, and the related gains or losses are deferred in shareholders’ equity as accumulated other comprehensive loss. These deferred gains and losses are amortized into interest expense during the period or periods in which the related interest payments affect earnings. However, to the extent that the interest rate swaps are not perfectly effective in offsetting the change in value of the interest payments being hedged, the ineffective portion of these contracts is recognized in earnings immediately. 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 a 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 a derivative is not highly-effective as a hedge or if a derivative ceases to be a highly-effective hedge, the Company will discontinue hedge accounting prospectively and will reflect in its statement of operations realized and unrealized gains and losses in respect of the derivative. The following table summarizes the terms and fair values of the Company’s derivative financial instruments as of December 31, 2015 and December 31, 2014 , respectively (in thousands): Hedge Notional Fair Value Product Hedge Type (a) Amount Strike Effective Date Maturity December 31, 2015 December 31, 2014 Swap Cash flow $ % 6/20/2011 6/20/2016 $ $ Swap Cash flow % 6/20/2011 6/20/2016 Swap Cash flow % 6/20/2011 6/20/2016 Swap Cash flow % 12/30/2011 3/31/2017 Swap Cash flow % 12/30/2011 3/31/2017 Swap Cash flow % 12/30/2011 3/31/2017 Swap Cash flow % 12/30/2011 3/31/2017 Swap Cash flow % 6/20/2011 6/20/2018 Swap Cash flow % 6/20/2011 6/20/2018 Swap Cash flow % 6/20/2011 6/20/2018 $ $ $ (a) Hedging unsecured variable rate debt by fixing 30 -day LIBOR. The Company measures its derivative instruments at fair value and records them in the balance sheet as either an asset or liability. As of December 31, 2015 and 2014 , all derivative instruments were included in accounts payable, accrued expenses, and other liabilities in the accompanying consolidated balance sheets. The effective portions of changes in the fair value of the derivatives are reported in accumulated other comprehensive income (loss). Amounts reported in accumulated other comprehensive income (loss) related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. The change in unrealized losses on interest rate swaps reflects a reclassification of $6.3 million of unrealized losses from accumulated other comprehensive loss as an increase to interest expense during 2015. The Company estimates that $3.7 million will be reclassified as an increase to interest expense in 2016.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	Dec. 31, 2015
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS	11. FAIR VALUE MEASUREMENTS The Company applies the methods of determining fair value, as described in authoritative guidance, to value its financial assets and liabilities. As defined in the guidance, fair value is based on the price that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In order to increase consistency and comparability in fair value measurements, the guidance establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three broad levels, which are described below: Level 1: Quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs. Level 2: Observable prices that are based on inputs not quoted on active markets, but corroborated by market data. Level 3: Unobservable inputs are used when little or no market data is available. The fair value hierarchy gives the lowest priority to Level 3 inputs. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs, to the extent possible, as well as considering counterparty credit risk in its assessment of fair value. Financial assets and liabilities carried at fair value as of December 31, 2015 are classified in the table below in one of the three categories described above (dollars in thousands): Level 1 Level 2 Level 3 Interest Rate Swap Derivative Liabilities $ — $ $ — Total liabilities at fair value $ — $ $ — Financial assets and liabilities carried at fair value as of December 31, 2014 are classified in the table below in one of the three categories described above (dollars in thousands): Level 1 Level 2 Level 3 Interest Rate Swap Derivative Liabilities $ — $ $ — Total liabilities at fair value $ — $ $ — Financial assets and liabilities carried at fair value were classified as Level 2 inputs. For financial liabilities that utilize Level 2 inputs, the Company utilizes both direct and indirect observable price quotes, including LIBOR yield curves, bank price quotes for forward starting swaps, NYMEX futures pricing, and common stock price quotes. Below is a summary of valuation techniques for Level 2 financial liabilities: · Interest rate swap derivative assets and liabilities — valued using LIBOR yield curves at the reporting date. Counterparties to these contracts are most often highly rated financial institutions, none of which experienced any significant downgrades in 2015 that would reduce the amount owed by the Company. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with the Company’s derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by the Company and the counterparties. However, as of December 31, 2015 , the Company has assessed the significance of the effect of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. As a result, the Company has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. The fair values of financial instruments, including cash and cash equivalents, accounts receivable and accounts payable approximate their respective carrying values as of December 31, 2015 and 2014 . The aggregate carrying value of the Company’s debt was $1.3 billion and $1.2 billion as of December 31, 2015 and 2014 , respectively. The estimated fair value of the Company’s debt was $1.3 billion and $1.2 billion as of December 31, 2015 and 2014 , respectively. These estimates were based on a discounted cash flow analysis assuming market interest rates for comparable obligations as of December 31, 2015 and 2014 . The Company estimates the fair value of its fixed rate debt and the credit spreads over variable market rates on its variable rate debt by discounting the future cash flows of each instrument at estimated market rates or credit spreads consistent with the maturity of the debt obligation with similar credit policies, which is classified within level 2 of the fair value hierarchy. Rates and credit spreads take into consideration general market conditions and maturity.

NONCONTROLLING INTERESTS

NONCONTROLLING INTERESTS	12 Months Ended
	Dec. 31, 2015
NONCONTROLLING INTERESTS
NONCONTROLLING INTERESTS	12. NONCONTROLLING INTERESTS Interests in Consolidated Real Estate Joint Ventures 3068 Cropsey Avenue, LLC (“Cropsey Ave”) was formed to own, operate, and develop a self-storage facility in Brooklyn, NY. The Company owns a 51% interest in Cropsey Ave, and 49% is owned by another member (the “Cropsey Ave Member”). The facility is expected to commence operations during 2017. The Cropsey Ave Member has an option to put its ownership interest in the venture to the Company for $20.4 million within the one -year period after construction of the facility is substantially complete. Additionally, the Company has a one -year option to call the ownership interest of the Cropsey Ave Member for $20.4 million beginning on the second anniversary of the facility’s construction being substantially complete. The Company is accreting the $20.4 million liability during the development period and has accrued $2.3 million as of December 31, 2015. The Company determined that Cropsey Ave is a variable interest entity, and that the Company is the primary beneficiary. Accordingly, the Company consolidates the assets, liabilities, and results of operations of Cropsey Ave. As of December 31, 2015, Cropsey Ave had total assets of $10.5 million and total liabilities of $2.3 million. 2301 Tillotson Ave, LLC (“Tillotson”) was formed to own, operate, and develop a self-storage facility in New York, NY. The Company owns a 51% interest in Tillotson, and 49% is owned by another member (the “Tillotson Member”). The facility is expected to commence operations during 2016. The Tillotson Member has an option to put its ownership interest in the venture to the Company for $17.0 million within the one -year period after construction of the facility is substantially complete. Additionally, the Company has a one -year option to call the ownership interest of the Tillotson Member for $17.0 million beginning on the second anniversary of the facility’s construction being substantially complete. The Company is accreting the $17.0 million liability during the development period and has accrued $11.5 million as of December 31, 2015 . The Company determined that Tillotson is a variable interest entity and that the Company is the primary beneficiary. Accordingly, the Company consolidates the assets, liabilities, and results of operations of Tillotson. As of December 31, 2015 , Tillotson had total assets of $18.5 million and total liabilities of $13.1 million. 251 Jamaica Ave, LLC (“Jamaica Ave”) was formed to own, operate, and develop a self-storage facility in New York, NY. The Company owns a 51% interest in Jamaica Ave, and 49% is owned by another member (the “Jamaica Ave Member”). The facility is expected to commence operations during 2016. The Jamaica Ave Member has an option to put its ownership interest in the venture to the Company for $12.5 million within the one -year period after construction of the facility is substantially complete. Additionally, the Company has a one -year option to call the ownership interest of the Jamaica Ave Member for $12.5 million beginning on the second anniversary of the facility’s construction being substantially complete. The Company is accreting the $12.5 million liability during the development period and has accrued $11.3 million as of December 31, 2015 . The Company determined that Jamaica Ave is a variable interest entity, and that the Company is the primary beneficiary. Accordingly, the Company consolidates the assets, liabilities, and results of operations of Jamaica Ave. As of December 31, 2015 , Jamaica Ave had total assets of $29.7 million and total liabilities of $12.5 million. CS SNL New York Ave, LLC and 186 Jamaica Avenue, LLC, collectively known as “SNL”, were formed with a partner to own, operate, and develop two self-storage facilities in the boroughs of New York, NY. The Company owns 90% of SNL, and the facilities commenced operations during the fourth quarter of 2015. The Company consolidates the assets, liabilities, and results of operations of SNL. As of December 31, 2015, SNL had total assets of $30.5 million and total liabilities of $18.7 million. The Company has provided $16.5 million of a total $22.6 million loan commitment to SNL which is secured by a mortgage on the real estate assets of SNL. The loan and related interest were eliminated during consolidation. Shirlington Rd, LLC (“SRLLC”) was formed to own, operate, and develop a self-storage facility in Northern Virginia. The Company owns a 90% interest in SRLLC, and the facility commenced operations during the second quarter 2015. The Company consolidates the assets, liabilities, and results of operations of SRLLC. During 2013, SRLLC acquired land for development for $13.1 million. In 2014, SRLLC completed the planned subdivision of the land into two parcels and sold one parcel for $6.5 million. No gain or loss was recorded as a result of this transaction. SRLLC retained the second parcel of land for the development of the storage facility. As of December 31, 2015 , SRLLC had total assets of $16.8 million and total liabilities of $13.2 million. The Company has provided $13.1 million of a total $14.6 million loan commitment to SRLLC, which loan is secured by a mortgage on the real estate assets of SRLLC. The loan and related interest were eliminated during consolidation. USIFB was formed to own, operate, acquire, and develop self-storage facilities in England. The Company owned a 97% interest in USIFB through a wholly-owned subsidiary, and USIFB commenced operations at two facilities in London, England during 2008. The Company determined that USIFB is a variable interest entity, and that the Company is the primary beneficiary. Accordingly, the Company consolidates the assets, liabilities, and results of operations of USIFB. On December 31, 2013 the Company provided a $6.8 million ( £4.1 million) loan secured by a mortgage on real estate assets of USIFB. On June 30, 2014, one of the assets was sold for net proceeds of $7.0 million and the loan was repaid with proceeds from the sale. The loan and any related interest were eliminated during consolidation. On October 2, 2015, USIFB sold its remaining asset in London, England, for an aggregate sales price of £6.5 million (approximately $9.9 million). In connection with the sale, the Company recorded a gain of $3.0 million net of a foreign currency translation loss of $1.2 million. Operating Partnership Ownership The Company follows guidance regarding the classification and measurement of redeemable securities. Under this guidance, securities that are redeemable for cash or other assets, at the option of the holder and not solely within the control of the issuer, must be classified outside of permanent equity/capital. This classification results in certain outside ownership interests being included as redeemable noncontrolling interests outside of permanent equity/capital in the consolidated balance sheets. The Company makes this determination based on terms in applicable agreements, specifically in relation to redemption provisions. Additionally, with respect to redeemable ownership interests in the Operating Partnership held by third parties for which CubeSmart has a choice to settle the redemption by delivery of its own shares, the Operating Partnership considered the guidance regarding accounting for derivative financial instruments indexed to, and potentially settled in, a company’s own shares, to evaluate whether CubeSmart controls the actions or events necessary to presume share settlement. The guidance also requires that noncontrolling interests classified outside of permanent capital be adjusted each period to the greater of the carrying value based on the accumulation of historical cost or the redemption value. Approximately 1.2% and 1.4% of the outstanding OP Units as of December 31, 2015 and December 31, 2014 , respectively, were not owned by CubeSmart, the sole general partner. The interests in the Operating Partnership represented by these OP Units were a component of the consideration that the Operating Partnership paid to acquire certain self-storage facilities. The holders of the OP Units are limited partners in the Operating Partnership and have the right to require CubeSmart to redeem all or part of their OP Units for, at the general partner’s option, an equivalent number of common shares of CubeSmart or cash based upon the fair value of an equivalent number of common shares of CubeSmart. However, the partnership agreement contains certain provisions that could result in a cash settlement outside the control of CubeSmart and the Operating Partnership, as CubeSmart does not have the ability to settle in unregistered shares. Accordingly, consistent with the guidance, the Operating Partnership will record the OP Units owned by third parties outside of permanent capital in the consolidated balance sheets. Net income or loss related to the OP Units owned by third parties is excluded from net income or loss attributable to Operating Partner in the consolidated statements of operations. On May 14, 2015, the Company closed on the acquisition of real property that will be developed into a self-storage facility in Washington, D.C. In conjunction with the closing, the Company issued 20,408 OP Units, valued at approximately $0.5 million to pay a portion of the consideration. Additional consideration of $1.5 million will be paid upon the completion of certain milestones within a one-year period from closing. The Company is accreting the $1.5 million liability during the development period and has accrued $0.8 million as of December 31, 2015. As of December 31, 2015 and 2014 , 2,159,650 and 2,257,486 OP Units, respectively, were held by third parties. The per unit cash redemption amount of the outstanding OP Units was calculated based upon the average of the closing prices of the common shares of CubeSmart on the New York Stock Exchange for the final 10 trading days of the year. Based on the Company’s evaluation of the redemption value of the redeemable noncontrolling interests, the Company has reflected these interests at their redemption value as of December 31, 2015 and 2014 , as the estimated redemption value exceeded their carrying value. The Operating Partnership recorded an increase to OP Units owned by third parties and a corresponding decrease to capital of $19.6 million and $14.8 million as of December 31, 2015 and 2014 , respectively.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2015
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	13. RELATED PARTY TRANSACTIONS Affiliated Real Estate Investments The Company provides management services to certain joint ventures and other related party facilities. Management agreements provide generally for management fees of between 5 - 6% of total revenues earned on a cash basis at the facilities. Total management fees for unconsolidated joint ventures or other entities in which the Company held an ownership interest for the years ending December 31, 2015 , 2014 and 2013 were $1.0 million, $0.9 million and $0.1 million, respectively. The management agreements for certain joint ventures, other related parties and third-party facilities provide for the reimbursement to the Company for certain expenses incurred to manage the facilities. These amounts consist of amounts due for management fees, payroll and other expenses incurred on behalf of the facilities. The amounts due to the Company were $1.9 million and $1.6 million as of December 31, 2015 and 2014 , respectively. Additionally, as discussed in note 12 the Company has outstanding mortgage loans receivable from consolidated joint ventures of $29.6 million and $10.8 million as of December 31, 2015 and 2014 , respectively, which are eliminated for consolidation purposes. The Company believes that all of these related-party receivables are fully collectible.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2015
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	14. COMMITMENTS AND CONTINGENCIES The Company currently owns six operating self-storage facilities and one self-storage facility currently under development that are subject to ground leases, and two other operating self-storage facilities that have portions of land that are subject to ground leases. The Company recorded ground rent expense of approximately $2.4 million, $2.0 million, and $2.2 million for the years ended December 31, 2015 , 2014, and 2013, respectively. Total future minimum rental payments under non-cancelable ground leases are as follows: Ground Lease Amount (in thousands) 2016 $ 2017 2018 2019 2020 2021 and thereafter $ The Company has development agreements for the construction of five new self-storage facilities (see note 4), which will require payments of approximately $47.6 million, due in installments upon completion of certain construction milestones, during 2016 and 2017. The Company has been named as a defendant in lawsuits in the ordinary course of business. In most instances, these claims are covered by the Company’s liability insurance coverage. Management believes that the ultimate settlement of the suits will not have a material adverse effect on the Company’s financial statements.

SHARE-BASED COMPENSATION PLANS

SHARE-BASED COMPENSATION PLANS	12 Months Ended
	Dec. 31, 2015
SHARE-BASED COMPENSATION PLANS
SHARE-BASED COMPENSATION PLANS	15. SHARE-BASED COMPENSATION PLANS On June 2, 2010 the Company’s shareholders approved an amendment and restatement of the Company’s 2007 Equity Incentive Plan, a share-based employee compensation plan originally approved by shareholders on May 8, 2007 (as amended and restated, the “2007 Plan”). On October 19, 2004, the Company’s sole shareholder approved a share-based employee compensation plan, the 2004 Equity Incentive Plan (the “2004 Plan” and collectively with the 2007 Plan, the “Plans”). The purpose of the Plans is to attract and retain highly qualified executive officers, Trustees and key employees and other persons and to motivate such officers, Trustees, key employees, and other persons to serve the Company and its affiliates to expend maximum effort to improve the business results and earnings of the Company, by providing to such persons an opportunity to acquire or increase a direct proprietary interest in the operations and future success of the Company. To this end, the Plans provide for the grant of share options, share appreciation rights, restricted shares, share units, unrestricted shares, dividend equivalent rights, and cash awards. Any of these awards may, but need not, be made as performance incentives to reward attainment of annual or long-term performance goals. Share options granted under the Plans may be non-qualified share options or incentive share options. The Plans are administered by the Compensation Committee of the Company’s Board of Trustees (the “Compensation Committee”), which is appointed by the Board of Trustees. The Compensation Committee interprets the Plans and, subject to its right to delegate authority to grant awards, determines the terms and provisions of option grants and share awards. The 2007 Plan uses a “Fungible Units” methodology for computing the maximum number of common shares available for issuance under the 2007 Plan. The Fungible Units methodology assigns weighted values to different types of awards under the 2007 Plan without assigning specific numerical limits for different types of awards. Upon shareholder approval of the amendment and restatement of the 2007 Plan in June 2010, a “Fungible Pool Limit” was established consisting of 4,728,561 shares plus any common shares restored to availability upon expiration or forfeiture of then-currently outstanding options or restricted share awards (consisting of 372,135 shares). The 2007 Plan provides that any common shares made the subject of awards in the form of options or share appreciation rights shall be counted against the Fungible Pool Limit as one (1) unit. Any common shares made the subject of awards under the 2007 Plan in the form of restricted shares or share units (each a “Full-Value Award”) shall be counted against the Fungible Pool Limit as 1.66 units. The Fungible Pool Limit and the computation of the number of common shares available for issuance are subject to adjustment upon certain corporate transactions or events, including share splits, reverse share splits and recapitalizations. The number of shares counted against the Fungible Pool Limit includes the full number of shares subject to the award, and is not reduced in the event shares are withheld to fund withholding tax obligations, or, in the case of options and share appreciation rights, where shares are applied to pay the exercise price. If an option or other award granted under the 2007 Plan expires, is forfeited or otherwise terminates, the common shares subject to any portion of such option or other award that expires, is forfeited or that otherwise terminates, as the case may be, will again become available for issuance under the 2007 Plan. In addition to the overall limit on the number of shares that may be subject to awards under the 2007 Plan, the 2007 Plan limits the number of shares that may be the subject of awards during the three-year period ending December 31, 2014. Specifically, the average of the following three ratios (each expressed as a percentage) shall not exceed the greater of two percent (2%) or the mean of the Company’s GICS peer group for the three-year period beginning January 1, 2012 and ending December 31, 2014. The three ratios would correspond to the three calendar years in the three-year period ending December 31, 2014, and each ratio would be computed as (i) the number of shares subject to awards granted in the applicable year divided by (ii) the sum of the number of common shares and OP units exchangeable into common shares outstanding at the end of such year. Solely for purposes of calculating the number of shares subject to awards under this limitation, shares underlying Full-Value Awards will be taken into account in the numerator of the foregoing ratios as 1.5 shares. Subject to adjustment upon certain corporate transactions or events, a participant may not receive awards (with shares subject to awards being counted, depending on the type of award, in the proportions ranging from 1.0 to 1.66) , as described above in any one calendar year covering more than 1,000,000 units. With respect to the 2004 Plan, a total of 3.0 million common shares were reserved for issuance under the 2004 Plan prior to its expiration in October 2014. Prior to its expiration, the maximum number of common shares underlying equity awards that could have been granted to an individual participant under the 2004 Plan during any calendar year was 400,000 for options or share appreciation rights and 100,000 for restricted shares or restricted share units. The maximum number of common shares that could have been awarded under the Plan to any person, other than pursuant to an option, share appreciation rights, or time-vested restricted shares, is 250,000 per calendar year under the 2004 Plan. Subsequent to the expiration of the 2004 Plan, no new equity awards may be granted, and to the extent that options expire unexercised or are terminated, surrendered or ca nceled, the options and share awards no longer become available for future grants under the 2004 Plan. As of December 31, 2015, there were 0.7 million shares outstanding under the 2004 Plan. Under the Plans, the Compensation Committee determines the vesting schedule of each share award and option. The exercise price for options is equivalent to the fair value of the underlying common shares at the grant date. The Compensation Committee also determines the term of each option, which shall not exceed 10 years from the grant date. Share Options The fair values for options granted in 2015 , 2014 , and 2013 were estimated at the time the options were granted using the Black-Scholes option-pricing model applying the following weighted average assumptions: Assumptions: 2015 2014 2013 Risk-free interest rate % % % Expected dividend yield % % % Volatility (a) % % % Weighted average expected life of the options (b) years years years Weighted average grant date fair value of options granted per share $ $ $ (a) Expected volatility is based upon the level of volatility historically experienced. (b) Expected life is based upon our expectations of share option recipients’ expected exercise and termination patterns. The Black-Scholes option-pricing model was developed for use in estimating the fair value of traded options. In addition, option-pricing models require the input of highly subjective assumptions, including the expected share price volatility. Volatility for the 2015 , 2014 and 2013 grants was based on the trading history of the Company’s shares. In 2015 , 2014 , and 2013, the Company recognized compensation expense related to options issued to employees and executives of approximately $1.0 million, $0.9 million and $0.9 million, respectively, which was recorded in general and administrative expense. Approximately 202,485 share options were issued during 2015 for which the fair value of the options at their respective grant dates was approximately $1.2 million, which vest over three years. As of December 31, 2015 , the Company had approximately $1.2 million of unrecognized option compensation cost related to all grants that will be recorded over the next three years. The table below summarizes the option activity under the Plan for the years ended December 31, 2015 , 2014, and 2013: Weighted Average Number of Shares Weighted Average Remaining Under Option Strike Price Contractual Term Balance at December 31, 2012 $ Options granted Options canceled — Options exercised Balance at December 31, 2013 $ Options granted Options canceled — Options exercised Balance at December 31, 2014 $ Options granted Options canceled — Options exercised Balance at December 31, 2015 $ Vested or expected to vest at December 31, 2015 $ Exercisable at December 31, 2015 $ As of December 31, 2015 , the aggregate intrinsic value of options outstanding, of options that vested or expected to vest and of options that were exercisable was approximately $42.5 million. The aggregate intrinsic value of options exercised was approximately $19.0 million for the year ended December 31, 2015 . Restricted Shares The Company applies the fair value method of accounting for contingently issued shares. As such, each grant is recognized ratably over the related vesting period. Approximately 115,000 restricted shares and share units were issued during 2015 for which the fair value of the restricted shares and share units at their respective grant dates was approximately $3.2 million, which vest over three to five years. During 2014 , approximately 194,000 restricted shares and share units were issued for which the fair value of the restricted shares and share units at their respective grant dates was approximately $3.4 million. As of December 31, 2015 the Company had approximately $3.1 million of remaining unrecognized restricted share and share unit compensation costs that will be recognized over the next four years. Restricted share awards are considered to be performance awards and are valued using the share price on the grant date. The compensation expense recognized related to these awards and remaining unrecognized compensation costs are included in the amounts disclosed above. In 2015 , 2014, and 2013, the Company recognized compensation expense related to restricted shares and share units issued to employees and Trustees of approximately $2.7 million, $3.5 million, and $5.4 million, respectively; these amounts were recorded in general and administrative expense. The following table presents non-vested restricted share and share unit activity during 2015 : Number of Non- Vested Restricted Shares and Share Units Non-Vested at January 1, 2015 Granted Vested Forfeited Non-Vested at December 31, 2015 On January 23, 2015, 35,614 restricted share units were granted to certain executives. The restricted share units were granted in the form of deferred share units with a market condition, entitling the holders thereof to receive common shares at a future date. The deferred share units will be awarded based on the Company’s total return to shareholders with respect to a specified peer group consisting of publicly traded REITs over a three -year period. The fair value of the restricted share units on the grant date was approximately $1.3 million. The Company used a Monte Carlo simulation analysis to estimate the fair value of the awards. The restricted share units will cliff vest upon the third anniversary of the effective date, or December 31, 2017. The compensation expense recognized related to these awards and remaining unrecognized compensation costs are included in the amounts disclosed above. On January 24, 2014, 47,487 restricted share units were granted to certain executives. The restricted share units were granted in the form of deferred share units with a market condition, entitling the holders thereof to receive common shares at a future date. The deferred share units will be awarded based on the Company’s total return to shareholders with respect to a specified peer group consisting of publicly traded REITs over a three -year period. The fair value of the restricted share units on the grant date was approximately $0.9 million. The Company used a Monte Carlo simulation analysis to estimate the fair value of the awards. The restricted share units will cliff vest upon the third anniversary of the effective date, or December 31, 2016. The compensation expense recognized related to these awards and remaining unrecognized compensation costs are included in the amounts disclosed above. On January 25, 2013, 41,503 restricted share units were granted to certain executives. The restricted share units were granted in the form of deferred share units with a market condition, entitling the holders thereof to receive common shares at a future date. The deferred share units will be awarded based on the Company’s total return to shareholders with respect to a specified peer group consisting of publicly traded REITs over a three -year period. The fair value of the restricted share units on the grant date was approximately $0.8 million. The Company used a Monte Carlo simulation analysis to estimate the fair value of the awards. The restricted share units cliff vested on December 31, 2015. The compensation expense recognized related to these awards is included in the amounts disclosed above.

EARNINGS PER SHARE AND UNIT AND

EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL	12 Months Ended
	Dec. 31, 2015
EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL
EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL	16. EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS’ EQUITY AND CAPITAL Earnings per common share and shareholders’ equity The following is a summary of the elements used in calculating basic and diluted earnings per common share: For the year ended December 31, 2015 2014 2013 (Dollars and shares in thousands, except per share amounts) Income from continuing operations $ $ $ Noncontrolling interests in the Operating Partnership Noncontrolling interest in subsidiaries Distribution to preferred shares (1) Income from continuing operations attributable to the Company’s common shareholders $ $ $ Total discontinued operations — Noncontrolling interests in the Operating Partnership — Total discontinued operations attributable to the Company’s common shareholders $ — $ $ Net income attributable to the Company’s common shareholders $ $ $ Weighted-average shares outstanding Share options and restricted share units Weighted-average diluted shares outstanding (2) Earnings per common share: Continuing operations $ $ $ Discontinued operations — Basic and diluted earnings per common share $ $ $ Earnings per common unit and capital The following is a summary of the elements used in calculating basic and diluted earnings per common unit: For the year ended December 31, 2015 2014 2013 (Dollars and units in thousands, except per unit amounts) Income from continuing operations $ $ $ Operating Partnership interests of third parties Noncontrolling interest in subsidiaries Distribution to preferred unitholders (1) Income from continuing operations attributable to common unitholders $ $ $ Total discontinued operations — Operating Partnership interests of third parties — Total discontinued operations attributable to common unitholders $ — $ $ Net income attributable to common unitholders $ $ $ Weighted-average units outstanding Unit options and restricted share units Weighted-average diluted units outstanding (2) Earnings per common unit: Continuing operations $ $ $ Discontinued operations — Basic and diluted earnings per common unit $ $ $ (1) For each of the years ended December 31, 2015 , 2014, and 2013, the Company declared cash dividends per preferred share/unit of $1.938 . (2) For the years ended December 31, 2015 , 2014, and 2013, the Company declared cash dividends per common share/unit of $0.69 , $0.55, and $0.46 , respectively. The OP units and common units have essentially the same economic characteristics as they share equally in the total net income or loss and distributions of the Operating Partnership. An Operating Partnership unit may be redeemed for cash, or at the Company’s option, common units on a one-for-one basis. Outstanding noncontrolling interest units in the Operating Partnership were 2,159,650 ; 2,257,486, and 2,275,730 as of December 31, 2015 , 2014, and 2013, respectively. There were 174,667,870; 163,956,675, and 139,328,366 common units outstanding as of December 31, 2015 , 2014, and 2013, respectively. Common and Preferred Shares Pursuant to a previous sales agreement, the company had an “at-the-market” equity program that enabled it to sell common shares through a sales agent. On May 7, 2013, the Company terminated the previous sales agreement with its previous sales agent and entered into separate equity distribution agreements (the “Equity Distribution Agreements”) with a group of sales agents (collectively, the “Sales Agents”). The Equity Distribution Agreements replaced the previous sale agreement and were amended on December 30, 2015, May 5, 2014, and October 2, 2014 to increase the number of common shares authorized for sale through “at-the-market” equity offerings. Pursuant to the Equity Distribution Agreements, as amended, the Company may sell, from time to time, up to 40.0 million common shares of beneficial interest through the Sales Agents. During 2015 , the Company s old a total of 9.0 million common shares under the agreements at an average sales price of $ 26.35 per share, resulting in net proceeds of $234.2 million aft er deducting offering costs. The proceeds from the sales conducted during the year ended December 31, 2015 were used to fund acquisitions of storage facilities and for general corporate purposes. As of December 31, 2015 , 10.2 million common shares remained available for issuance under the Equity Distribution Agreements. During 2014, the Company sold a total of 15.2 million common shares under the agreements at an average sales price of $18.22 per share, resulting in net proceeds of $273.0 million after deducting offering costs. The proceeds from the sales conducted during the year ended December 31, 2014 were used to fund acquisitions of storage facilities and for general corporate purposes. As of December 31, 2014, 9.2 million common shares remained available for issuance under the Equity Distribution Agreements. On October 20, 2014, the Parent Company completed its public offering of 7,475,000 common shares at a public offering price of $19.33 , inclusive of the full exercise by the underwriters of their option to purchase 975,000 shares to cover over-allotments. The Company received approximately $143.0 million in net proceeds from the offering after deducting the underwriting discount and other offering expenses. The proceeds combined with the proceeds raised from the program were used for general corporate purposes including funding a portion of the Company’s investment activity. During 2013, the Company sold a total of 5.7 million common shares under the previous sales agreement and the Equity Distribution Agreements at an average sales price of $17.92 per share, resulting in net proceeds of $100.3 million after deducting offering costs. The proceeds from the sales conducted during the year ended December 31, 2013 were used to fund acquisitions of storage facilities and for general corporate purposes. The parent company had 3.1 million 7.75% Series A preferred shares outstanding as of December 31, 2015 and 2014 , with a liquidation preference of $77.5 million, or $ 25.00 per share.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2015
INCOME TAXES
INCOME TAXES	17. INCOME TAXES Deferred income taxes are established for temporary differences between financial reporting basis and tax basis of assets and liabilities at the enacted tax rates expected to be in effect when the temporary differences reverse. A valuation allowance for deferred tax assets is provided if the Company believes that it is more likely than not that all or some portion of the deferred tax asset will not be realized. No valuation allowance was recorded as of December 31, 2015 or 2014 . The Company had net deferred tax assets of $1.7 million and $1.0 million, which are included in other assets on the Company’s consolidated balance sheets as of December 31, 2015 and 2014 , respectively. The Company recorded $1.7 million in tax benefits associated with share based compensation during the year, which is included in additional paid-in capital on the Company’s consolidated balance sheets. The Company believes it is more likely than not the deferred tax assets will be realized.

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS	12 Months Ended
	Dec. 31, 2015
DISCONTINUED OPERATIONS
DISCONTINUED OPERATIONS	18. DISCONTINUED OPERATIONS In April 2014, the FASB issued an update to the accounting standard for the reporting of discontinued operations. The update redefined discontinued operations, changing the criteria for determining which disposals can be presented as discontinued operations and modified related disclosure requirements. The Company elected to adopt this guidance in 2014. None of the Company’s dispositions during 2014 or 2015 met the criteria for discontinued operations under the new guidance. For the year ended December 31, 2014 , income from discontinued operations relates to real estate tax refunds received as a result of appeals of previous tax assessments on six self-storage facilities the Company sold in prior years. For the year ended December 31, 2013, income from discontinued operations relates to 35 facilities the Company sold during 2013. Each of the sales during 2013 resulted in the recognition of a gain which, in aggregate, totaled $27.4 million. The following table summarizes the revenue and expense information for the period the Company owned the facilities classified as discontinued operations during the years ended December 31, 2015 , 2014, and 2013 (in thousands): For the year ended December 31, 2015 2014 2013 REVENUES Rental income $ — $ — $ Other property related income — — Total revenues — — OPERATING EXPENSES Property operating expenses — Depreciation and amortization — — Total operating expenses — OPERATING INCOME — OTHER (EXPENSE) INCOME Interest expense on loans — — Gain from dispositions of discontinued operations — — Income from discontinued operations $ — $ $

PRO FORMA FINANCIAL INFORMATION

PRO FORMA FINANCIAL INFORMATION	12 Months Ended
	Dec. 31, 2015
PRO FORMA FINANCIAL INFORMATION
PRO FORMA FINANCIAL INFORMATION	19. PRO FORMA FINANCIAL INFORMATION (UNAUDITED) During the year ended December 31, 2015, the Company acquired 29 self-storage facilities for an aggregate purchase price of approximately $292.4 million (see note 3). The condensed consolidated pro forma financial information set forth below reflects adjustments to the Company’s historical financial data to give effect to each of the acquisitions and related financing activity (including the issuance of common shares) that occurred during 2015 and 2014 as if each had occurred as of January 1, 2014 and 2013, respectively. The unaudited pro forma information presented below does not purport to represent what the Company’s actual results of operations would have been for the periods indicated, nor does it purport to represent the Company’s future results of operations. The following table summarizes, on a pro forma basis, the Company’s consolidated results of operations for the year ended December 31, 2015 and 2014 based on the assumptions described above: Year ended December 31, 2015 2014 (in thousands, except per share data) Pro forma revenue $ $ Pro forma income from continuing operations $ $ Earnings per common share from continuing operations: Basic - as reported $ $ Diluted - as reported $ $ Basic and diluted - as pro forma $ $

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2015
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	20. SUBSEQUENT EVENTS Subsequent to December 31, 2015, the Company acquired five self-storage facilities in New York ( 1 ), Texas ( 3 ), and Washington, D.C. ( 1 ) for an aggregate purchase price of $1 05 .9 million. The facility in New York was acquired upon completion of construction and issuance of a certificate of occupancy. Subsequent to December 31, 2015, HVP acquired one self-storage facility in Michigan for a purchase price of approximately $5.7 million.

SELECTED QUARTERLY FINANCIAL DA

SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)	12 Months Ended
	Dec. 31, 2015
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)	21. SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) The following is a summary of quarterly financial information for the years ended December 31, 2015 and 2014 (in thousands, except per share data): Three months ended March 31, June 30, September 30, December 31, 2015 2015 2015 2015 Total revenues $ $ $ $ Total operating expenses Net income attributable to the Company Basic earnings per share Diluted earnings per share Three months ended March 31, June 30, September 30, December 31, 2014 2014 2014 2014 Total revenues $ $ $ $ Total operating expenses Net income attributable to the Company Basic earnings per share Diluted earnings per share The sum of quarterly earnings per share amounts do not necessarily equal the full year amounts. The above information was updated to reclassify amounts to discontinued operations (see note 18).

SCHEDULE III REAL ESTATE AND RE

SCHEDULE III REAL ESTATE AND RELATED DEPRECIATION	12 Months Ended
	Dec. 31, 2015
SCHEDULE III REAL ESTATE AND RELATED DEPRECIATION
SCHEDULE III REAL ESTATE AND RELATED DEPRECIATION	C UBESMART SCHEDULE III REAL ESTATE AND RELATED DEPRECIATION December 31, 2015 (Dollars in thousands) Gross Carrying Amount at Initial Cost Costs December 31, 2015 Buildings Subsequent Buildings Accumulated Year Square & to & Depreciation Acquired/ Description Footage Encumbrances Land Improvements Acquisition Land Improvements Total (B) Developed Chandler I, AZ 2005 Chandler II, AZ 2013 Gilbert, AZ 2013 Glendale, AZ 1998 Green Valley, AZ 2005 Mesa I, AZ 2006 Mesa II, AZ 2006 Mesa III, AZ 2006 Peoria, AZ 2015 Phoenix I, AZ 2006 Phoenix II, AZ 2006/2011 Phoenix III, AZ 2014 Queen Creek, AZ 2015 Scottsdale, AZ 1998 Surprise , AZ 1905 Tempe I, AZ 2005 Tempe II, AZ 2013 Tucson I, AZ 1998 Tucson II, AZ 1998 Tucson III, AZ 2005 Tucson IV, AZ 2005 Tucson V, AZ 2005 Tucson VI, AZ 2005 Tucson VII, AZ 2005 Tucson VIII, AZ 2005 Tucson IX, AZ 2005 Tucson X, AZ 2005 Tucson XI, AZ 2005 Tucson XII, AZ 2005 Tucson XIII, AZ 2005 Tucson XIV, AZ 2005 Benicia, CA 2005 Citrus Heights, CA 2005 Corona, CA 2014 Diamond Bar, CA 2005 Escondido, CA 2007 Fallbrook, CA 1997 Fremont, CA 2014 Lancaster, CA 2001 Long Beach, CA 2006 Murrieta, CA 2005 North Highlands, CA 2005 Ontario, CA 2014 Orangevale, CA 2005 Pleasanton, CA 2005 Rancho Cordova, CA 2005 Rialto I, CA 2006 Rialto II, CA 1997 Riverside I, CA 2006 Riverside II, CA 2006 Roseville, CA 2005 Sacramento I, CA 2005 Sacramento II, CA 2005 San Bernardino I, CA 1997 San Bernardino II, CA 1997 San Bernardino III, CA 1997 San Bernardino IV, CA 2005 San Bernardino V, CA 2006 San Bernardino VII, CA 2006 San Bernardino VIII, CA 2006 San Marcos, CA 2005 Santa Ana, CA 2006 South Sacramento, CA 2005 Spring Valley, CA 2006 Temecula I, CA 1998 Temecula II, CA 2007 Vista I, CA 1998 Vista II, CA 2007 Walnut, CA 2001 West Sacramento, CA (A) 2005 Westminster, CA 2005 Aurora, CO 2005 Colorado Springs I, CO 2005 Colorado Springs II, CO 2005 Denver I, CO 2005 Denver II, CO 2006 Federal Heights, CO 2006 Golden, CO 2012 Littleton, CO 2005 Northglenn, CO 2005 Bloomfield, CT 2005 Branford, CT 2005 Bristol, CT 1997 Gross Carrying Amount at Initial Cost Costs December 31, 2015 Buildings Subsequent Buildings Accumulated Year Square & to & Depreciation Acquired/ Description Footage Encumbrances Land Improvements Acquisition Land Improvements Total (B) Developed East Windsor, CT 2005 Enfield, CT 2001 Gales Ferry, CT 1995 Manchester I, CT 2002 Manchester II, CT 2005 Manchester III, CT 2014 Milford, CT 1996 Monroe, CT 2005 Mystic, CT 1996 Newington I, CT 2005 Newington II, CT 2005 Norwalk, CT 2012 Old Saybrook I, CT 2005 Old Saybrook II, CT 2005 Shelton, CT 2011 South Windsor, CT 1996 Stamford, CT 2005 Wilton, CT 2012 Washington I, DC (A) 2008 Washington II, DC 2011 Boca Raton, FL 2001 Boynton Beach I, FL 2001 Boynton Beach II, FL 2005 Boynton Beach III, FL 2014 Boynton Beach IV, FL 2015 Bradenton I, FL 2004 Bradenton II, FL 2004 Cape Coral I, FL 2000 Cape Coral II, FL 2014 Coconut Creek I, FL 2012 Coconut Creek II, FL 2014 Dania Beach, FL 2004 Dania, FL 1996 Davie, FL 2001 Deerfield Beach, FL 1998 Delray Beach I, FL 2001 Delray Beach II, FL 2013 Delray Beach III, FL 2014 Ft. Lauderdale I, FL 1999 Ft. Lauderdale II, FL 2013 Ft. Myers I, FL 1999 Ft. Myers II, FL 2014 Ft. Myers III, FL 2014 Jacksonville I, FL 2005 Jacksonville II, FL 2007 Jacksonville III, FL 2007 Jacksonville IV, FL 2007 Jacksonville V, FL 2007 Jacksonville VI, FL 2014 Kendall, FL (A) 2007 Lake Worth I, FL 1998 Lake Worth II, FL 2014 Lake Worth III, FL 2015 Lakeland, FL 1994 Leisure City, FL 2012 Lutz I, FL 2004 Lutz II, FL 2004 Margate I, FL 1996 Margate II, FL 1996 Merritt Island, FL 2002 Miami I, FL 1996 Miami II, FL 1996 Miami III, FL 2005 Miami IV, FL 2011 Miramar, FL 2013 Naples I, FL 1996 Naples II, FL 1997 Naples III, FL 1997 Naples IV, FL 1998 New Smyrna Beach, FL 2014 Ocoee, FL 2005 Orange City, FL 2004 Orlando II, FL 2005 Orlando III, FL 2006 Orlando IV, FL 2010 Orlando V, FL 2012 Orlando VI, FL 2014 Oviedo, FL 2006 Palm Coast I, FL 2014 Palm Coast II, FL 2014 Pembroke Pines, FL 1997 Royal Palm Beach II, FL 2007 Sanford I, FL 2006 Sanford II, FL 2014 Sarasota, FL 1999 St. Augustine, FL 1996 Stuart, FL 1997 SW Ranches, FL 2007 Tampa, FL 2007 West Palm Beach I, FL 2001 West Palm Beach II, FL 2004 West Palm Beach III, FL 2012 West Palm Beach IV, FL 2014 Winter Park, FL 2014 Alpharetta, GA 2001 Atlanta, GA 2012 Austell, GA 2006 Decatur, GA 1998 Duluth, GA 2011 Lawrenceville, GA 2011 Lithia Springs, GA 2015 Norcross I, GA 2001 Norcross II, GA 2011 Norcross III, GA 2012 Gross Carrying Amount at Initial Cost Costs December 31, 2015 Buildings Subsequent Buildings Accumulated Year Square & to & Depreciation Acquired/ Description Footage Encumbrances Land Improvements Acquisition Land Improvements Total (B) Developed Norcross IV, GA 2012 Peachtree City I, GA 2001 Peachtree City II, GA 2012 Smyrna, GA 2001 Snellville, GA 2007 Suwanee I, GA 2007 Suwanee II, GA 2007 Villa Rica, GA 2015 Addison, IL 2004 Aurora, IL 2004 Bartlett, IL 2004 Bellwood, IL 2001 Blue Island, IL 2015 Bolingbrook, IL 2014 Chicago I, IL 2014 Chicago II, IL 2014 Chicago III, IL 2014 Chicago IV, IL 2015 Chicago V, IL 2015 Countryside, IL 2014 Des Plaines, IL 2004 Elk Grove Village, IL 2004 Evanston, IL 2013 Glenview, IL 2004 Gurnee, IL 2004 Hanover, IL 2004 Harvey, IL 2004 Joliet, IL 2004 Kildeer, IL 2004 Maywood, IL 2015 Lombard, IL 2004 Mount Prospect, IL 2004 Mundelein, IL 2004 North Chicago, IL 2004 Plainfield I, IL 2004 Plainfield II, IL 2005 Schaumburg, IL 2004 Streamwood, IL 2004 Warrenville, IL 2005 Waukegan, IL 2004 West Chicago, IL 2004 Westmont, IL 2004 Wheeling I, IL 2004 Wheeling II, IL 2004 Woodridge, IL 2004 Schererville, IN 2014 Boston I, MA 2010 Boston II, MA 2002 Boston III, MA 2014 Brockton, MA 2015 Haverhill, MA 2015 Lawrence, MA 2015 Leominster, MA 1998 Medford, MA 2007 Stoneham, MA 2013 Tewksbury, MA 2014 Baltimore, MD 2001 Beltsville, MD 2013 California, MD 2004 Capitol Heights, MD 2015 Clinton, MD 2013 District Heights, MD 2011 Elkridge, MD 2013 Gaithersburg I, MD 2005 Gaithersburg II, MD 2015 Hyattsville, MD 2013 Laurel, MD 2001 Temple Hills I, MD 2001 Temple Hills II, MD 2014 Timonium, MD 2014 Upper Marlboro, MD 2013 Belmont, NC 2001 Burlington I, NC 2001 Burlington II, NC 2001 Cary, NC 2001 Charlotte, NC 2002 Cornelius, NC 2015 Pineville, NC 2015 Raleigh, NC 1998 Bordentown, NJ 2012 Brick, NJ 1996 Cherry Hill I, NJ 2010 Cherry Hill II, NJ 2012 Clifton, NJ 2005 Cranford, NJ 1996 East Hanover, NJ 1996 Egg Harbor I, NJ 2010 Egg Harbor II, NJ 2010 Elizabeth, NJ 2005 Fairview, NJ 1997 Freehold, NJ 2012 Hamilton, NJ 2006 Hoboken, NJ 2005 Linden, NJ 1996 Lumberton, NJ 2012 Morris Township, NJ 1997 Parsippany, NJ 1997 Rahway, NJ 2013 Randolph, NJ 2002 Ridgefield, NJ 2015 Roseland, NJ 2015 Sewell, NJ 2001 Somerset, NJ 2012 Whippany, NJ 2013 Albuquerque I, NM 2005 Albuquerque II, NM 2005 Albuquerque III, NM 2005 Gross Carrying Amount at Initial Cost Costs December 31, 2015 Buildings Subsequent Buildings Accumulated Year Square & to & Depreciation Acquired/ Description Footage Encumbrances Land Improvements Acquisition Land Improvements Total (B) Developed Henderson, NV 2014 Las Vegas I, NV 2006 Las Vegas II, NV 2006 Baldwin, NY 2015 Bronx I, NY 2010 Bronx II, NY — — 2011 Bronx III, NY 2011 Bronx IV, NY — — 2011 Bronx V, NY — — 2011 Bronx VI, NY — — 2011 Bronx VII, NY — — 2012 Bronx VIII, NY 2012 Bronx IX, NY 2012 Bronx X, NY 2012 Bronx XI, NY — — 2014 Brooklyn I, NY 2010 Brooklyn II, NY 2010 Brooklyn III, NY 2011 Brooklyn IV, NY 2011 Brooklyn V, NY 2011 Brooklyn VI, NY 2011 Brooklyn VII, NY 2011 Brooklyn VIII, NY 2014 Brooklyn IX, NY 2014 Brooklyn X, NY — 2015 Holbrook, NY 2015 Jamaica I, NY 2001 Jamaica II, NY 2011 Long Island City, NY 2014 New Rochelle I, NY 2005 New Rochelle II, NY 2012 North Babylon, NY 1998 Patchogue, NY 2014 Queens, NY — 2015 Riverhead, NY 2005 Southold, NY 2005 Staten Island, NY 2013 Tuckahoe, NY 2011 West Hempstead, NY 2012 White Plains, NY 2011 Woodhaven, NY 2011 Wyckoff, NY 2010 Yorktown, NY 2011 Cleveland I, OH 2005 Cleveland II, OH 2005 Columbus I, OH 2006 Columbus II, OH 2014 Columbus III, OH 2014 Columbus IV, OH 2014 Columbus V, OH 2014 Columbus VI, OH 2014 Grove City, OH 2006 Hilliard, OH 2006 Lakewood, OH 1989 Lewis Center, OH 2014 Middleburg Heights, OH 1980 North Olmsted I, OH 1979 North Olmsted II, OH 1988 North Randall, OH 1998 Reynoldsburg, OH 2006 Strongsville, OH 2007 Warrensville Heights, OH 1980 Westlake, OH 2005 Conshohocken, PA 2012 Exton, PA 2012 Langhorne, PA 2012 Levittown, PA 2001 Malvern, PA 2013 Montgomeryville, PA 2012 Norristown, PA 2011 Philadelphia I, PA 2001 Philadelphia II, PA 2014 Exeter, RI 2014 Johnston, RI 2014 Wakefield, RI 2014 Woonsocket, RI 2014 Antioch, TN 2005 Nashville I, TN 2005 Nashville II, TN 2005 Nashville III, TN 2006 Nashville IV, TN 2006 Nashville V, TN 2015 Nashville VI, TN 2015 Allen, TX 2012 Austin I, TX 2005 Austin II, TX (A) 2006 Austin III, TX 2006 Austin IV, TX 2014 Austin V, TX 2014 Austin VI, TX 2014 Austin VII, TX 2015 Bryan, TX 2005 Carrollton, TX 2012 College Station, TX 2005 Cypress, TX 2012 Dallas I, TX 2005 Dallas II, TX 2013 Dallas III, TX 2014 Dallas IV, TX 2015 Dallas V, TX — — 2015 Denton, TX 2006 Fort Worth I, TX 2005 Fort Worth II, TX 2006 Fort Worth III, TX 2015 Frisco I, TX 2005 Frisco II, TX 2005 Frisco III, TX 2006 Frisco IV, TX 2010 Frisco V, TX 2014 Frisco VI, TX 2014 Gross Carrying Amount at Initial Cost Costs December 31, 2015 Buildings Subsequent Buildings Accumulated Year Square & to & Depreciation Acquired/ Description Footage Encumbrances Land Improvements Acquisition Land Improvements Total (B) Developed Garland I, TX 2006 Garland II, TX 2006 Houston III, TX 2005 Houston IV, TX 2005 Houston V, TX 2006 Houston VI, TX 2011 Houston VII, TX 2012 Houston VIII, TX 2012 Houston IX, TX 2012 Humble, TX 2015 Katy, TX 2013 Keller, TX 2006 Lewisville I, TX 2006 Lewisville II, TX 2013 Mansfield I, TX 2006 Mansfield II, TX 2012 McKinney I, TX 2005 McKinney II, TX 2006 McKinney III, TX 2014 North Richland Hills, TX 2005 Pearland, TX 2012 Richmond, TX 2013 Roanoke, TX 2005 San Antonio I, TX 2005 San Antonio II, TX 2006 San Antonio III, TX 2007 Spring, TX 2006 Murray I, UT 2005 Murray II, UT 2005 Salt Lake City I, UT 2005 Salt Lake City II, UT 2005 Alexandria, VA 2012 Arlington, VA 2015 Burke Lake, VA 2011 Fairfax, VA 2012 Fredericksburg I, VA 2005 Fredericksburg II, VA 2005 Leesburg, VA 2011 Manassas, VA 2010 McLearen, VA 2010 Vienna, VA 2012 Divisional Offices (A) This facility is part of the YSI 33 Loan portfolio, with a balance of $10,154 as of December 31, 2015. (B) Depreciation on the buildings and improvements is recorded on a straight-line basis over their estimated useful lives, which range from five to 39 years. Activity in storage facilities during 2015 and 2014 was as follows (in thousands): 2015 2014 Storage facilities* Balance at beginning of year $ $ Acquisitions & improvements Fully depreciated assets Dispositions and other Construction in progress Balance at end of year $ $ Accumulated depreciation* Balance at beginning of year $ $ Depreciation expense Fully depreciated assets Dispositions and other Balance at end of year $ $ Storage facilities, net $ $ * These amounts include equipment that is housed at the Company’s storage facilities which is excluded from Schedule III above.

SUMMARY OF SIGNIFICANT ACCOUN30

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2015
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Principles of Consolidation	Principles of Consolidation The accompanying consolidated financial statements include all of the accounts of the Company, and its majority-owned and/or controlled subsidiaries. The portion of these entities not owned by the Company is presented as noncontrolling interests as of and during the periods consolidated. All significant intercompany accounts and transactions have been eliminated in consolidation. When the Company obtains an economic interest in an entity, the Company evaluates the entity to determine if the entity is deemed a variable interest entity (“VIE”), and if the Company is deemed to be the primary beneficiary, in accordance with authoritative guidance issued on the consolidation of VIEs. When an entity is not deemed to be a VIE, the Company considers the provisions of additional guidance to determine whether a general partner, or the general partners as a group, controls a limited partnership or similar entity when the limited partners have certain rights. The Company consolidates (i) entities that are VIEs and of which the Company is deemed to be the primary beneficiary, and (ii) entities that are non-VIEs which the Company controls and which the limited partners do not have the ability to dissolve or remove the Company without cause nor substantive participating rights.
Noncontrolling Interests	Noncontrolling Interests The Financial Accounting Standards Board (“FASB”) issued authoritative guidance regarding noncontrolling interests in consolidated financial statements which was effective on January 1, 2009. The guidance states that noncontrolling interests are the portion of equity (net assets) in a subsidiary not attributable, directly or indirectly, to a parent. The ownership interests in the subsidiary that are held by owners other than the parent are noncontrolling interests. Under the guidance, such noncontrolling interests are reported on the consolidated balance sheets within equity, separately from the Company’s equity. On the consolidated statements of operations, revenues, expenses, and net income or loss from controlled or consolidated entities that are less than wholly owned are reported at the consolidated amounts, including both the amounts attributable to the Company and noncontrolling interests. Presentation of consolidated equity activity is included for both quarterly and annual financial statements, including beginning balances, activity for the period, and ending balances for shareholders’ equity, noncontrolling interests and total equity. However, per the FASB issued authoritative guidance on the classification and measurement of redeemable securities, securities that are redeemable for cash or other assets at the option of the holder, not solely within the control of the issuer, must be classified outside of permanent equity. This would result in certain outside ownership interests being included as redeemable noncontrolling interests outside of permanent equity in the consolidated balance sheets. The Company makes this determination based on terms in applicable agreements, specifically in relation to redemption provisions. Additionally, with respect to noncontrolling interests for which the Company has a choice to settle the contract by delivery of its own shares, the Company considered the FASB issued guidance on accounting for derivative financial instruments indexed to, and potentially settled in, a Company’s own stock to evaluate whether the Company controls the actions or events necessary to issue the maximum number of shares that could be required to be delivered under share settlement of the contract. The guidance also requires that noncontrolling interests are adjusted each period so that the carrying value equals the greater of its carrying value based on the accumulation of historical cost or its redemption fair value. The consolidated results of the Company include results attributable to units of the Operating Partnership that are not owned by the Company. These interests were issued in the form of OP units and were a component of the consideration the Company paid to acquire certain self-storage facilities. Limited partners who acquired OP units have the right to require the Operating Partnership to redeem part or all of their OP units for, at the Company’s option, an equivalent number of common shares of the Company or cash based upon the fair value of an equivalent number of common shares of the Company. However, the operating agreement contains certain circumstances that could result in a net cash settlement outside the control of the Company, as the Company does not have the ability to settle in unregistered shares. Accordingly, consistent with the guidance discussed above, the Company will continue to record these noncontrolling interests outside of permanent equity in the consolidated balance sheets. Net income or loss related to these noncontrolling interests is excluded from net income or loss in the consolidated statements of operations. The Company has adjusted the carrying value of its noncontrolling interests subject to redemption value to the extent applicable. Based on the Company’s evaluation of the redemption value of the redeemable noncontrolling interests, the Operating Partnership reflected these interests at their redemption value as of December 31, 2015 , as the estimated redemption value exceeded their carrying value. The Operating Partnership recorded an increase to OP Units owned by third parties and a corresponding decrease to capital of $19.6 million as of December 31, 2015 . Disclosure of such redemption provisions is provided in note 12.
Estimates	Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Although we believe the assumptions and estimates we made are reasonable and appropriate, as discussed in the applicable sections throughout these consolidated financial statements, different assumptions and estimates could materially impact our reported results. The current economic environment has increased the degree of uncertainty inherent in these estimates and assumptions and changes in market conditions could impact our future operating results.
Self-Storage Facilities	Self-Storage Facilities Self-storage facilities are carried at historical cost less accumulated depreciation and impairment losses. The cost of self-storage facilities reflects their purchase price or development cost. Costs incurred for the renovation of a storage facility are capitalized to the Company’s investment in that facility. Acquisition costs and ordinary repairs and maintenance are expensed as incurred; major replacements and betterments, which improve or extend the life of the asset, are capitalized and depreciated over their estimated useful lives. The costs to develop self-storage facilities are capitalized to construction in progress while the project is under development.
Purchase Price Allocation	Purchase Price Allocation When facilities are acquired, the purchase price is allocated to the tangible and intangible assets acquired and liabilities assumed based on estimated fair values. When a portfolio of facilities is acquired, the purchase price is allocated to the individual facilities based upon the fair value determined using an income approach or a cash flow analysis using appropriate risk adjusted capitalization rates, which take into account the relative size, age and location of the individual facility along with current and projected occupancy and rental rate levels or appraised values, if available. Allocations to land, building and improvements, and equipment are recorded based upon their respective fair values as estimated by management. In allocating the purchase price for an acquisition, the Company determines whether the acquisition includes intangible assets or liabilities. The Company allocates a portion of the purchase price to an intangible asset attributed to the value of in-place leases. This intangible is generally amortized to expense over the expected remaining term of the respective leases. Substantially all of the leases in place at acquired facilities are at market rates, as the majority of the leases are month-to-month contracts. Accordingly, to date, no portion of the purchase price has been allocated to above- or below-market lease intangibles. To date, no intangible asset has been recorded for the value of customer relationships, because the Company does not have any concentrations of significant customers and the average customer turnover is fairly frequent.
Depreciation and Amortization	Depreciation and Amortization The costs of self-storage facilities and improvements are depreciated using the straight-line method based on useful lives ranging from five to 39 years.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets We evaluate long-lived assets for impairment when events and circumstances such as declines in occupancy and operating results indicate that there may be an impairment. The carrying value of these long-lived assets is compared to the undiscounted future net operating cash flows, plus a terminal value, attributable to the assets to determine if the facility’s basis is recoverable. If a facility’s basis is not considered recoverable, an impairment loss is recorded to the extent the net carrying value of the asset exceeds the fair value. The impairment loss recognized equals the excess of net carrying value over the related fair value of the asset.
Long-Lived Assets Held for Sale	Long-Lived Assets Held for Sale We consider long-lived assets to be “held for sale” upon satisfaction of the following criteria: (a) management commits to a plan to sell a facility (or group of facilities), (b) the facility is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such facilities, (c) an active program to locate a buyer and other actions required to complete the plan to sell the facility have been initiated, (d) the sale of the facility is probable and transfer of the asset is expected to be completed within one year, (e) the facility is being actively marketed for sale at a price that is reasonable in relation to its current fair value, and (f) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Typically these criteria are all met when the relevant asset is under contract, significant non-refundable deposits have been made by the potential buyer, the assets are immediately available for transfer, and there are no contingencies related to the sale that may prevent the transaction from closing. However, each potential transaction is evaluated based on its separate facts and circumstances. Facilities classified as held for sale are reported at the lesser of carrying value or fair value less estimated costs to sell.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents are highly-liquid investments with original maturities of three months or less. The Company may maintain cash equivalents in financial institutions in excess of insured limits, but believes this risk is mitigated by only investing in or through major financial institutions.
Restricted Cash	Restricted Cash Restricted cash consists of purchase deposits and cash deposits required for debt service requirements, capital replacement, and expense reserves in connection with the requirements of our loan agreements. As of December 31, 2015, restricted cash also consisted of approximately $22.0 million of proceeds from the sale of real estate held in escrow to fund future acquisitions unde r a tax free like kind exchange, which was completed in January 2016.
Loan Procurement Costs	Loan Procurement Costs Loan procurement costs related to borrowings were $20.7 million and $17.0 million as of December 31, 2015 and 2014 , respectively, and are reported net of accumulated amortization of $7.3 million and $6.4 million as of December 31, 2015 and 2014 , respectively. The costs are amortized over the estimated life of the related debt using the effective interest method and reported as Loan procurement amortization expense on the Company’s consolidated statements of operations.
Other Assets	Other Assets Other assets are comprised of the following as of December 31, 2015 and 2014 (in thousands): December 31, 2015 2014 Intangible assets, net of accumulated amortization of $7,220 and $15,329 $ $ Deposits on future acquisitions Accounts receivable Prepaid real estate taxes Prepaid insurance Other Total $ $
Environmental Costs	Environmental Costs Our practice is to conduct or obtain environmental assessments in connection with the acquisition or development of additional facilities. Whenever the environmental assessment for one of our facilities indicates that a facility is impacted by soil or groundwater contamination from prior owners/operators or other sources, we will work with our environmental consultants and where appropriate, state governmental agencies, to ensure that the facility is either cleaned up, that no cleanup is necessary because the low level of contamination poses no significant risk to public health or the environment, or that the responsibility for cleanup rests with a third party.
Revenue Recognition	Revenue Recognition Management has determined that all of our leases are operating leases. Rental income is recognized in accordance with the terms of the leases, which generally are month to month. The Company recognizes gains from disposition of facilities only upon closing in accordance with the guidance on sales of real estate. Payments received from purchasers prior to closing are recorded as deposits. Profit on real estate sold is recognized using the full accrual method upon closing when the collectability of the sales price is reasonably assured and the Company is not obligated to perform significant activities after the sale. Profit may be deferred in whole or part until the sale meets the requirements of profit recognition on sales under this guidance.
Advertising and Marketing Costs	Advertising and Marketing Costs The Company incurs advertising and marketing costs primarily attributable to internet marketing campaigns and other media advertisements. The Company incurred $8.6 million, $7.7 million, and $7.6 million in advertising and marketing expenses for the years ended 2015, 2014 and 2013, respectively, which are included in property operating expenses on the Company’s consolidated statements of operations.
Equity Offering Costs	Equity Offering Costs Underwriting discounts and commissions, financial advisory fees and offering costs are reflected as a reduction to additional paid-in capital. For the years ended December 31, 2015 , 2014, and 2013, the Company recognized $2.5 million, $6.0 million, and $1.8 million of equity offering costs related to the issuance of common shares during the years, respectively.
Other Property Related Income	Other Property Related Income Other property related income consists of late fees, administrative charges, customer insurance commissions, sales of storage supplies, and other ancillary revenues and is recognized in the period that it is earned.
Capitalized Interest	Capitalized Interest The Company capitalizes interest incurred that is directly associated with construction activities until the asset is placed into service. Interest is capitalized to the related assets using a weighted-average rate of the Company’s outstanding debt. The Company capitalized $2.6 million for the year ended December 31, 2015, $1.3 million for the year ended December 31, 2014, and $0.9 million for the year ended December 31, 2013.
Derivative Financial Instruments	Derivative Financial Instruments The Company carries all derivatives on the balance sheet at fair value. The Company determines the fair value of derivatives by observable prices that are based on inputs not quoted on active markets, but corroborated by market data. The accounting for changes in the fair value of a derivative instrument depends on whether the derivative has been designated and qualifies as part of a hedging relationship and, if so, the reason for holding it. The Company’s use of derivative instruments has been limited to cash flow hedges of certain interest rate risks. The Company had interest rate swap agreements for notional principal amounts aggregating $400 million as of December 31, 2015 and 2014 , the fair value of which are included in accounts payable, accrued expenses and other liabilities.
Income Taxes	Income Taxes The Company has elected to be taxed as a real estate investment trust under Sections 856-860 of the Internal Revenue Code since the Company’s commencement of operations in 2004. In management’s opinion, the requirements to maintain these elections are being met. Accordingly, no provision for federal income taxes has been reflected in the consolidated financial statements other than for operations conducted through our taxable REIT subsidiaries. Earnings and profits, which determine the taxability of distributions to shareholders, differ from net income reported for financial reporting purposes due to differences in cost basis, the estimated useful lives used to compute depreciation, and the allocation of net income and loss for financial versus tax reporting purposes. The net tax basis in the Company’s assets was $2.7 billion and $2.6 billion as of December 31, 2015 and 2014 , respectively. Distributions to shareholders are usually taxable as ordinary income, although a portion of the distribution may be designated as capital gain or may constitute a tax-free return of capital. Annually, the Company provides each of its shareholders a statement detailing the tax characterization of dividends paid during the preceding year as ordinary income, capital gain, or return of capital. The characterization of the Company’s dividends for 2015 consisted of a 94.501% ordinary income distribution and a 5.499% capital gain distribution from earnings and profits. Distributions to 7.75 % Series A Cumulative Redeemable Preferred Shareholders are usually taxable as ordinary income, although a portion of the distribution may be designated as capital gain or may constitute a tax-free return of capital. Annually, the Company provides each of its shareholders a statement detailing preferred distributions paid during the preceding year and their characterization as ordinary income, capital gain, or return of capital. The characterization of our preferred dividends for 2015 consisted of a 94.501% ordinary income distribution and a 5.499% capital gain distribution from earnings and profits. The Company is subject to a 4% federal excise tax if sufficient taxable income is not distributed within prescribed time limits. The excise tax equals 4% of the annual amount, if any, by which the sum of (a) 85% of the Company’s ordinary income, (b) 95% of the Company’s net capital gains, and (c) 100% of prior taxable income exceeds cash distributions and certain taxes paid by the Company. No excise tax was incurred in 2015, 2014, or 2013. Taxable REIT subsidiaries (TRS) are subject to federal and state income taxes. Our taxable REIT subsidiaries have a net deferred tax asset related to expenses which are deductible for tax purposes in future periods of $1.7 million and $1.0 million as of December 31, 2015 and 2014 , respectively.
Earnings per Share and Unit	The Protecting Americans from Tax Hikes Act (PATH Act) was enacted in December 2015, and included numerous law changes applicable to REITs. The provisions have various effective dates. We expect that the changes will not materially impact our operations, but will continue to monitor as regulatory guidance is issued. Earnings per Share and Unit Basic earnings per share and unit are calculated based on the weighted average number of common shares and restricted shares outstanding during the period. Diluted earnings per share and unit is calculated by further adjusting for the dilutive impact of share options, unvested restricted shares and contingently issuable shares outstanding during the period using the treasury stock method. Potentially dilutive securities calculated under the treasury stock method were 1,55 1 ,000; 1,756,000, and 2,551,000 in 2015, 2014, and 2013, respectively.
Share Based Payments	Share-Based Payments We apply the fair value method of accounting for contingently issued shares and share options issued under our incentive award plan. Accordingly, share compensation expense is recorded ratably over the vesting period relating to such contingently issued shares and options. The Company has recognized compensation expense on a straight-line method over the requisite service period, which is included in general and administrative expense on the Company’s consolidated statement of operations.
Foreign Currency	Foreign Currency The financial statements of foreign subsidiaries are translated to U.S. Dollars using the period-end exchange rate for assets and liabilities and an average exchange rate for each period for revenues, expenses, and capital expenditures. The local currency is the functional currency for the Company’s foreign subsidiaries. Translation adjustments for foreign subsidiaries are recorded as a component of accumulated other comprehensive loss in shareholders’ equity. The Company recognizes transaction gains and losses arising from fluctuations in currency exchange rates on transactions denominated in currencies other than the functional currency in earnings as incurred. The Pound, which represents the functional currency used by USIFB, LLP, our joint venture in England, was translated at October 2, 2015, the date that the venture’s remaining asset was sold. The exchange rate was approximately 1.521600 U.S Dollars per Pound on October 2, 2015 and approximately 1.558642 U.S Dollars per Pound on December 31, 2014. The Pound was translated at an average exchange rate of 1.529755 for the period from January 1, 2015 to October 2, 2015. It was translated at an average exchange rate of 1.643106 and 1.58 8598 U.S. Dollars per Pound for the years ended December 31, 2014 and 2013, respectively. The Company recorded an unrealized loss on foreign currency translation of $0.2 million for the year ended December 31, 2014 and an unrealized gain of $0.1 million for the year ended December 31, 2013. In connection with the sale of the remaining asset, the Company recorded a realized loss on foreign currency exchange of $1.2 million, which is included in Gains on sale of real estate in the Company’s consolidated statement of operations.
Investments in Unconsolidated Real Estate Ventures	Investments in Unconsolidated Real Estate Ventures The Company accounts for its investments in unconsolidated real estate ventures under the equity method of accounting. Under the equity method, investments in unconsolidated joint ventures are recorded initially at cost, as investments in real estate ventures, and subsequently adjusted for equity in earnings (losses), cash contributions, less distributions. On a periodic basis, management also assesses whether there are any indicators that the value of the Company’s investments in unconsolidated real estate ventures may be other than temporarily impaired. An investment is impaired only if the fair value of the investment is less than the carrying value of the investment and the decline is other than temporary. To the extent impairment that is other than temporary has occurred, the loss shall be measured as the excess of the carrying amount of the investment over the fair value of the investment, as estimated by management.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In September 2015, the FASB issued Accounting Standard Update (“ASU”) No. 2015-16, Simplifying the Accounting for Measurement-Period Adjustments, which amends the current business combination guidance to require that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined, as opposed to having to revise prior period information. The standard also requires additional disclosure about the impact on current-period income statement line items, of adjustments that would have been recognized in prior periods if prior period information had been revised. The new standard is effective for the Company on January 1, 2016. The adoption of ASU 2015-16 is not expected to have a material effect on the Company’s consolidated financial statements. In April 2015, the FASB issued ASU No. 2015-03, an update to the accounting standard relating to the presentation of debt issuance costs. Under the new guidance, debt issuance costs related to a recognized debt liability will be presented on the balance sheet as a direct deduction from the debt liability. In the event that there is not an associated debt liability recorded in the consolidated financial statements, the debt issuance costs will continue to be recorded on the consolidated balance sheet as an asset until the debt liability is recorded. This amendment becomes effective for the Company on January 1, 2016. The adoption of ASU 2015-03 is not expected to have a material effect on the Company’s consolidated financial statements. In February 2015, the FASB issued ASU No. 2015-02, Consolidation – Amendments to the Consolidation Analysis, which amends the current consolidation guidance affecting both the variable interest entity (“VIE”) and voting interest entity (“VOE”) consolidation models. The standard does not add or remove any of the characteristics in determining if an entity is a VIE or VOE, but rather enhances the way the Company assesses some of these characteristics. The new standard is effective for the Company on January 1, 2016. The adoption of ASU 2015-02 is not expected to have a material effect on the Company’s consolidated financial statements. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance under GAAP when it becomes effective. The new standard will be effective for the Company beginning on January 1, 2018, however early application beginning on January 1, 2017 is permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company has not yet selected a transition method nor has it determined the effect of the standard on its consolidated financial statements and related disclosures.
Concentration of Credit Risk	Concentration of Credit Risk The Company’s storage facilities are located in major metropolitan and rural areas and have numerous customers per facility. No single customer represents a significant concentration of our revenues. The facilities in Florida, New York, Texas, and California provided total revenues of approximately 18%, 16% , 10%, and 8% , respectively, for the year ended December 31, 201 5, and approximately 17% , 17% , 10% , and 8% , respectively, for the year ended December 31, 2014. The facilities in New York , Florida, Texas, and California provided total revenues of approximately 17% , 15% , 10%, and 9% , respectively, for the year ended December 31, 2013

SUMMARY OF SIGNIFICANT ACCOUN31

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2015
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Schedule of other assets	Other assets are comprised of the following as of December 31, 2015 and 2014 (in thousands): December 31, 2015 2014 Intangible assets, net of accumulated amortization of $7,220 and $15,329 $ $ Deposits on future acquisitions Accounts receivable Prepaid real estate taxes Prepaid insurance Other Total $ $

STORAGE FACILITIES (Tables)

STORAGE FACILITIES (Tables)	12 Months Ended
	Dec. 31, 2015
STORAGE FACILITIES
Summary of real estate assets	December 31, 2015 2014 (in thousands) Land $ $ Buildings and improvements Equipment Construction in progress Storage facilities Less Accumulated depreciation Storage facilities, net $ $
Schedule of acquisitions and dispositions of real estate assets	Number of Purchase / Sale Price Asset/Portfolio Market Transaction Date Facilities (in thousands) 2015 Acquisitions: Texas Asset Texas Markets - Major February 2015 1 $ HSRE Assets Chicago March 2015 4 Arizona Asset Arizona / Las Vegas March 2015 1 Tennessee Asset Tennessee March 2015 1 Texas Asset Texas Markets - Major April 2015 1 Florida Asset Florida Markets - Other May 2015 1 Arizona Asset Arizona / Las Vegas June 2015 1 Florida Asset Florida Markets - Other June 2015 1 Texas Asset Texas Markets - Major July 2015 1 Maryland Asset Baltimore / DC July 2015 1 Maryland Asset Baltimore / DC July 2015 1 New York/New Jersey Assets New York / Northern NJ August 2015 2 New Jersey Asset New York / Northern NJ December 2015 1 PSI Assets Various (see note 4) December 2015 12 29 $ 2015 Dispositions: Texas Assets Texas Markets - Major October 2015 7 $ Florida Asset Florida Markets - Other October 2015 1 8 $ 2014 Acquisitions: Connecticut Asset Connecticut January 2014 1 $ Florida Asset Miami / Ft. Lauderdale January 2014 1 Florida Assets Florida Markets - Other January 2014 2 California Asset Other West January 2014 1 Maryland Asset Baltimore / DC February 2014 1 Maryland Asset Baltimore / DC February 2014 1 Arizona Asset Arizona / Las Vegas March 2014 1 Pennsylvania Asset Philadelphia / Southern NJ March 2014 1 Texas Asset Texas Markets - Major March 2014 1 Texas Asset Texas Markets - Major April 2014 1 New York Assets New York / Northern NJ April 2014 2 Florida Asset Florida Markets - Other April 2014 1 Massachusetts Asset Other Northeast April 2014 1 Indiana Asset Other Midwest May 2014 1 Florida Assets Florida Markets - Other June 2014 3 Florida Assets Florida Markets - Other July 2014 2 Massachusetts Asset Boston September 2014 1 Texas Asset Texas Markets - Major October 2014 1 Texas Asset Texas Markets - Major October 2014 1 Texas Asset Texas Markets - Major October 2014 1 HSRE Assets Various (see note 4) November 2014 22 Texas Asset Texas Markets - Major December 2014 1 Florida Assets Florida Markets - Other December 2014 3 New York Asset New York / Northern NJ December 2014 1 Texas Asset Texas Markets - Major December 2014 1 53 $ 2013 Acquisitions: Arizona Asset Arizona / Las Vegas March 2013 1 $ Illinois Asset Chicago May 2013 1 Florida Asset Florida Markets - Other May 2013 1 Florida Asset Miami / Ft. Lauderdale June 2013 1 Massachusetts Asset Boston June 2013 1 Maryland / New Jersey Assets Baltimore / DC and New York / Northern NJ June 2013 5 New York Asset New York / Northern NJ July 2013 1 Texas Asset Texas Markets - Major August 2013 1 Arizona Asset Arizona / Las Vegas September 2013 1 Arizona Asset Arizona / Las Vegas September 2013 1 Maryland Asset Baltimore / DC November 2013 1 Texas Asset Texas Markets - Major November 2013 1 Texas Asset Texas Markets - Major December 2013 1 Texas Asset Texas Markets - Major December 2013 1 Maryland Asset Baltimore / DC December 2013 1 Florida Asset Miami / Ft. Lauderdale December 2013 1 20 $ 2013 Dispositions: Texas/Indiana Assets Texas Markets - Major and Other Midwest March 2013 5 $ Tennessee Assets Tennessee August 2013 8 California/Tennessee/Texas/Wisconsin Assets Inland Empire, Ohio, Other Midwest, Tennessee and Texas Markets - Major October/November 2013 22 35 $

INVESTMENT ACTIVITY (Tables)

INVESTMENT ACTIVITY (Tables)	12 Months Ended
	Dec. 31, 2015
INVESTMENT ACTIVITY
Schedule of revenue and earnings from acquisitions since the acquisition dates included in consolidated income statement	Year ended December 31, 2015 2014 2013 (in thousands) Total revenue $ $ $ Net loss

INVESTMENT IN UNCONSOLIDATED 34

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURE (Tables)	12 Months Ended
	Dec. 31, 2015
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURE
Summary of the financial position of the HVP and HHF venture	The following is a summary of the financial position of HVP and HHF as of December 31, 2015 and 2014 (in thousands): December 31, 2015 2014 Assets Storage facilities, net $ $ Other assets Total assets $ $ Liabilities and equity Other liabilities $ $ Debt Equity CubeSmart Joint venture partner Total liabilities and equity $ $
Summary of results of operations of the HVP and HHF Venture	The following is a summary of results of operations of HVP and HHF for the years ended December 31, 2015 , 2014 and 2013 (in thousands): Year ended December 31, 2015 2014 2013 Total revenues $ $ $ Operating expenses Interest expense, net — Depreciation and amortization Net loss Company’s share of net loss

MORTGAGE LOANS AND NOTES PAYA35

MORTGAGE LOANS AND NOTES PAYABLE (Tables)	12 Months Ended
	Dec. 31, 2015
MORTGAGE LOANS AND NOTES PAYABLE
Summary of mortgage loans and notes payable	Carrying Value as of: December 31, December 31, Effective Maturity Mortgage Loans and Notes Payable 2015 2014 Interest Rate Date (in thousands) YSI 29 $ — $ % Aug-15 YSI 13 — % Oct-15 YSI 20 — % Nov-15 YSI 63 — % Dec-15 YSI 59 % Mar-16 YSI 60 % Aug-16 YSI 51 % Sep-16 YSI 64 % Oct-16 YSI 62 % Dec-16 YSI 33 % Jul-19 YSI 26 % Nov-20 YSI 57 % Nov-20 YSI 55 % Jun-21 YSI 24 % Jun-21 YSI 65 — % Jun-23 Unamortized fair value adjustment Total mortgage loans and notes payable $ $
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 December 31, 2015 (in thousands): 2016 $ 2017 2018 2019 2020 2021 and thereafter Total mortgage payments Plus: Unamortized fair value adjustment Total mortgage indebtedness $

ACCUMULATED OTHER COMPREHENSI36

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	12 Months Ended
	Dec. 31, 2015
ACCUMULATED OTHER COMPREHENSIVE LOSS
Summary of changes in accumulated other comprehensive loss by component	The following table summarizes the changes in accumulated other comprehensive loss by component for the year ended December 31, 2015 (in thousands): Unrealized losses Unrealized loss on on interest rate foreign currency swaps translation Total Balance at December 31, 2014 $ $ $ Other comprehensive loss before reclassifications Amounts reclassified from accumulated other comprehensive loss (a) (b) Net current-period other comprehensive income Balance at December 31, 2015 $ $ — $ (a) See note 10 for additional information about the effects of the amounts reclassified. Amount has been reclassified from accumulated other comprehensive loss and is included in gains from sale of real estate, net on the Company’s consolidated statements of operations.

RISK MANAGEMENT AND USE OF FI37

RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 2015
RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS
Summary of terms and fair values of the derivative financial instruments	The following table summarizes the terms and fair values of the Company’s derivative financial instruments as of December 31, 2015 and December 31, 2014 , respectively (in thousands): Hedge Notional Fair Value Product Hedge Type (a) Amount Strike Effective Date Maturity December 31, 2015 December 31, 2014 Swap Cash flow $ % 6/20/2011 6/20/2016 $ $ Swap Cash flow % 6/20/2011 6/20/2016 Swap Cash flow % 6/20/2011 6/20/2016 Swap Cash flow % 12/30/2011 3/31/2017 Swap Cash flow % 12/30/2011 3/31/2017 Swap Cash flow % 12/30/2011 3/31/2017 Swap Cash flow % 12/30/2011 3/31/2017 Swap Cash flow % 6/20/2011 6/20/2018 Swap Cash flow % 6/20/2011 6/20/2018 Swap Cash flow % 6/20/2011 6/20/2018 $ $ $ (a) Hedging unsecured variable rate debt by fixing 30 -day LIBOR.

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	12 Months Ended
	Dec. 31, 2015
FAIR VALUE MEASUREMENTS
Schedule of financial assets and liabilities carried at fair value	Financial assets and liabilities carried at fair value as of December 31, 2015 are classified in the table below in one of the three categories described above (dollars in thousands): Level 1 Level 2 Level 3 Interest Rate Swap Derivative Liabilities $ — $ $ — Total liabilities at fair value $ — $ $ — Financial assets and liabilities carried at fair value as of December 31, 2014 are classified in the table below in one of the three categories described above (dollars in thousands): Level 1 Level 2 Level 3 Interest Rate Swap Derivative Liabilities $ — $ $ — Total liabilities at fair value $ — $ $ —

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Dec. 31, 2015
COMMITMENTS AND CONTINGENCIES
Schedule of future minimum rental payments under non-cancelable ground leases	Ground Lease Amount (in thousands) 2016 $ 2017 2018 2019 2020 2021 and thereafter $

SHARE-BASED COMPENSATION PLANS

SHARE-BASED COMPENSATION PLANS (Tables)	12 Months Ended
	Dec. 31, 2015
SHARE-BASED COMPENSATION PLANS
Schedule of assumptions used for estimating the fair value of share options using the Black-Scholes option-pricing model	Assumptions: 2015 2014 2013 Risk-free interest rate % % % Expected dividend yield % % % Volatility (a) % % % Weighted average expected life of the options (b) years years years Weighted average grant date fair value of options granted per share $ $ $ (a) Expected volatility is based upon the level of volatility historically experienced. (b) Expected life is based upon our expectations of share option recipients’ expected exercise and termination patterns.
Summary of option activity	Weighted Average Number of Shares Weighted Average Remaining Under Option Strike Price Contractual Term Balance at December 31, 2012 $ Options granted Options canceled — Options exercised Balance at December 31, 2013 $ Options granted Options canceled — Options exercised Balance at December 31, 2014 $ Options granted Options canceled — Options exercised Balance at December 31, 2015 $ Vested or expected to vest at December 31, 2015 $ Exercisable at December 31, 2015 $
Schedule of non-vested restricted share activity	Number of Non- Vested Restricted Shares and Share Units Non-Vested at January 1, 2015 Granted Vested Forfeited Non-Vested at December 31, 2015

EARNINGS PER SHARE AND UNIT A41

EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL (Tables)	12 Months Ended
	Dec. 31, 2015
EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL
Summary of the elements used in calculating basic and diluted earnings (loss) per common share	The following is a summary of the elements used in calculating basic and diluted earnings per common share: For the year ended December 31, 2015 2014 2013 (Dollars and shares in thousands, except per share amounts) Income from continuing operations $ $ $ Noncontrolling interests in the Operating Partnership Noncontrolling interest in subsidiaries Distribution to preferred shares (1) Income from continuing operations attributable to the Company’s common shareholders $ $ $ Total discontinued operations — Noncontrolling interests in the Operating Partnership — Total discontinued operations attributable to the Company’s common shareholders $ — $ $ Net income attributable to the Company’s common shareholders $ $ $ Weighted-average shares outstanding Share options and restricted share units Weighted-average diluted shares outstanding (2) Earnings per common share: Continuing operations $ $ $ Discontinued operations — Basic and diluted earnings per common share $ $ $ Earnings per common unit and capital The following is a summary of the elements used in calculating basic and diluted earnings per common unit: For the year ended December 31, 2015 2014 2013 (Dollars and units in thousands, except per unit amounts) Income from continuing operations $ $ $ Operating Partnership interests of third parties Noncontrolling interest in subsidiaries Distribution to preferred unitholders (1) Income from continuing operations attributable to common unitholders $ $ $ Total discontinued operations — Operating Partnership interests of third parties — Total discontinued operations attributable to common unitholders $ — $ $ Net income attributable to common unitholders $ $ $ Weighted-average units outstanding Unit options and restricted share units Weighted-average diluted units outstanding (2) Earnings per common unit: Continuing operations $ $ $ Discontinued operations — Basic and diluted earnings per common unit $ $ $ (1) For each of the years ended December 31, 2015 , 2014, and 2013, the Company declared cash dividends per preferred share/unit of $1.938 . (2) For the years ended December 31, 2015 , 2014, and 2013, the Company declared cash dividends per common share/unit of $0.69 , $0.55, and $0.46 , respectively.

DISCONTINUED OPERATIONS (Tables

DISCONTINUED OPERATIONS (Tables)	12 Months Ended
	Dec. 31, 2015
DISCONTINUED OPERATIONS
Summary of information about revenue and expense related to properties classified as discontinued operations	The following table summarizes the revenue and expense information for the period the Company owned the facilities classified as discontinued operations during the years ended December 31, 2015 , 2014, and 2013 (in thousands): For the year ended December 31, 2015 2014 2013 REVENUES Rental income $ — $ — $ Other property related income — — Total revenues — — OPERATING EXPENSES Property operating expenses — Depreciation and amortization — — Total operating expenses — OPERATING INCOME — OTHER (EXPENSE) INCOME Interest expense on loans — — Gain from dispositions of discontinued operations — — Income from discontinued operations $ — $ $

PRO FORMA FINANCIAL INFORMATI43

PRO FORMA FINANCIAL INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2015
PRO FORMA FINANCIAL INFORMATION
Schedule of consolidated results of operations on a pro forma basis	Year ended December 31, 2015 2014 (in thousands, except per share data) Pro forma revenue $ $ Pro forma income from continuing operations $ $ Earnings per common share from continuing operations: Basic - as reported $ $ Diluted - as reported $ $ Basic and diluted - as pro forma $ $

SELECTED QUARTERLY FINANCIAL 44

SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables)	12 Months Ended
	Dec. 31, 2015
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)
Summary of quarterly financial information	The following is a summary of quarterly financial information for the years ended December 31, 2015 and 2014 (in thousands, except per share data): Three months ended March 31, June 30, September 30, December 31, 2015 2015 2015 2015 Total revenues $ $ $ $ Total operating expenses Net income attributable to the Company Basic earnings per share Diluted earnings per share Three months ended March 31, June 30, September 30, December 31, 2014 2014 2014 2014 Total revenues $ $ $ $ Total operating expenses Net income attributable to the Company Basic earnings per share Diluted earnings per share

ORGANIZATION AND NATURE OF OP45

ORGANIZATION AND NATURE OF OPERATIONS (Details)	12 Months Ended
	Dec. 31, 2015statesegment
ORGANIZATION AND NATURE OF OPERATIONS
Number of states in which self-storage facilities are located | state	22
Number of reportable segments | segment	1
Percentage of the entity's partnership interest in Operating Partnership	98.80%
Common stock, conversion ratio	1

SUMMARY OF SIGNIFICANT ACCOUN46

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Operating Partnership, Purchase Allocation, Depreciation and Amortization (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Operating Partnership Ownership
Increase to OP units owned by third parties and a corresponding decrease to capital	$ 19,619	$ 14,761	$ 3,292
Purchase Price Allocation
Amount of purchase price allocated to above- or below-market lease intangibles	$ 0
Minimum
Depreciation and Amortization
Useful lives of self-storage facilities and improvements	5 years
Maximum
Depreciation and Amortization
Useful lives of self-storage facilities and improvements	39 years
CubeSmart, L.P. and Subsidiaries
Operating Partnership Ownership
Increase to OP units owned by third parties and a corresponding decrease to capital	$ 19,619	$ 14,761	$ 3,292

SUMMARY OF SIGNIFICANT ACCOUN47

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Restricted Cash, Loan Costs and Other Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Long-Lived Assets held for sale, timing of expected sale	1 year
Restricted Cash
Restricted cash from proceeds from the sale of real estate held in escrow to fund future acquisitions under a tax free like kind exchange	$ 22,000
Loan procurement costs
Loan procurement costs	20,700	$ 17,000
Loan procurement costs, accumulated amortization	7,300	6,400
Other Assets
Intangible assets, net of accumulated amortization	12,814	22,494
Deposits on future acquisitions	12,106	10,250
Accounts receivable	5,049	4,237
Prepaid insurance	1,140	1,545
Prepaid real estate taxes	2,800	2,425
Others	9,722	7,691
Total	$ 43,631	$ 48,642

SUMMARY OF SIGNIFICANT ACCOUN48

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Advertising, Equity Offering Costs and Capitalized Interest (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Advertising and Marketing Costs
Advertising and marketing expenses	$ 8.6	$ 7.7	$ 7.6
Equity Offering Costs
Equity offering costs	2.5	6	1.8
Capitalized Interest
Interest costs, capitalized	$ 2.6	$ 1.3	$ 0.9

SUMMARY OF SIGNIFICANT ACCOUN49

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Income Taxes, Earnings per Share and Unit and Derivatives (Details) $ in Millions	9 Months Ended	12 Months Ended
	Oct. 02, 2015$ / £	Dec. 31, 2015USD ($)$ / £shares	Dec. 31, 2014USD ($)$ / £shares	Dec. 31, 2013USD ($)$ / £shares
Income Taxes
Net tax basis in the entity's assets		$ 2,700	$ 2,600
Percentage of distributions characterized as ordinary income dividends		94.501%
Percentage of distributions characterized as capital gain dividends		5.499%
Series A Cumulative Redeemable Preferred shares, percentage		7.75%	7.75%
Percentage of distributions characterized as ordinary income distributions to preferred shareholders		94.501%
Percentage of distributions characterized as capital gain distribution to preferred shareholders		5.499%
Federal excise tax rate (as a percent)		4.00%
Percentage of ordinary income considered for the calculation of annual amount which is subject to federal excise tax		85.00%
Percentage of net capital gain considered for the calculation of annual amount which is subject to Federal excise tax		95.00%
Percentage of prior year taxable income considered for the calculation of annual amount which is subject to federal excise tax		100.00%
Net deferred tax asset recorded by REIT subsidiary TRS		$ 1.7	$ 1
Earnings per Share and Unit
Potential dilutive securities not included in the calculation of diluted earnings per share, as they were identified as anti-dilutive (in shares) | shares				2,551,000
Potential dilutive securities included in the calculation of diluted earnings per share (in shares) | shares		1,551,000	1,756,000
Foreign currency
Foreign currency exchange rate (U.S. Dollars per pound) | $ / £	1.521600		1.558642
Foreign currency average exchange rate (U.S. Dollars per pound) | $ / £	1.529755	1.529755	1.643106	1.588598
Unrealized gain(loss) on foreign currency translation			$ (0.2)	$ 0.1
Realized gain (loss) on foreign currency translation		$ (1.2)
Interest rate swap | Designated | Cash flow
Derivative Financial Instruments
Notional principal amounts		$ 400	$ 400

SUMMARY OF SIGNIFICANT ACCOUN50

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Concentration of Credit Risk (Details) - Revenues - Location of facilities	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
New York
Concentration of Credit Risk
Percentage of total revenues (as a percent)	16.00%	17.00%	17.00%
Florida
Concentration of Credit Risk
Percentage of total revenues (as a percent)	18.00%	17.00%	15.00%
California
Concentration of Credit Risk
Percentage of total revenues (as a percent)	8.00%	8.00%	10.00%
Texas
Concentration of Credit Risk
Percentage of total revenues (as a percent)	10.00%	10.00%	9.00%

STORAGE FACILITIES - Summary (D

STORAGE FACILITIES - Summary (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
STORAGE FACILITIES
Storage facilities	$ 3,467,032	$ 3,117,198
Less: Accumulated depreciation	(594,049)	(492,069)
Storage facilities, net (including VIE assets of $136,274 and $49,829, respectively)	2,872,983	2,625,129
Land
STORAGE FACILITIES
Storage facilities	588,503	545,393
Buildings and improvements
STORAGE FACILITIES
Storage facilities	2,534,193	2,304,653
Equipment
STORAGE FACILITIES
Storage facilities	243,442	218,731
Construction in progress
STORAGE FACILITIES
Storage facilities	$ 100,894	$ 48,421

STORAGE FACILITIES - Activity (

STORAGE FACILITIES - Activity (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)facility	Dec. 31, 2014USD ($)facility	Dec. 31, 2013USD ($)facility
Texas/Indiana Assets
STORAGE FACILITIES
Number of Facilities, acquisitions | facility			5
Purchase / Sales Price | $			$ 11,400
Tennessee Assets
STORAGE FACILITIES
Number of Facilities, acquisitions | facility			8
Purchase / Sales Price | $			$ 25,000
California/Tennessee/Texas Assets/Wisconsin Assets
STORAGE FACILITIES
Number of Facilities, acquisitions | facility			22
Purchase / Sales Price | $			$ 90,000
2015 Acquisitions
STORAGE FACILITIES
Number of Facilities, acquisitions | facility	29
Purchase / Sales Price | $	$ 292,362
2015 Acquisitions | Texas Asset Seventeen
STORAGE FACILITIES
Number of Facilities, acquisitions | facility	1
Purchase / Sales Price | $	$ 7,295
2015 Acquisitions | HSRE Assets Two
STORAGE FACILITIES
Number of Facilities, acquisitions | facility	4
Purchase / Sales Price | $	$ 27,500
2015 Acquisitions | Arizona Asset Five
STORAGE FACILITIES
Number of Facilities, acquisitions | facility	1
Purchase / Sales Price | $	$ 7,900
2015 Acquisitions | Texas Asset Eighteen
STORAGE FACILITIES
Number of Facilities, acquisitions | facility	1
Purchase / Sales Price | $	$ 15,795
2015 Acquisitions | Florida Assets Eleven
STORAGE FACILITIES
Number of Facilities, acquisitions | facility	1
Purchase / Sales Price | $	$ 7,300
2015 Acquisitions | Arizona Asset Six
STORAGE FACILITIES
Number of Facilities, acquisitions | facility	1
Purchase / Sales Price | $	$ 10,100
2015 Acquisitions | Florida Assets Twelve
STORAGE FACILITIES
Number of Facilities, acquisitions | facility	1
Purchase / Sales Price | $	$ 10,500
2015 Acquisitions | Texas Asset Eight
STORAGE FACILITIES
Number of Facilities, acquisitions | facility	1
Purchase / Sales Price | $	$ 14,200
2015 Acquisitions | Maryland Asset Three
STORAGE FACILITIES
Number of Facilities, acquisitions | facility	1
Purchase / Sales Price | $	$ 17,000
2015 Acquisitions | Maryland Asset Four
STORAGE FACILITIES
Number of Facilities, acquisitions | facility	1
Purchase / Sales Price | $	$ 19,200
2015 Acquisitions | New York/New Jersey Assets
STORAGE FACILITIES
Number of Facilities, acquisitions | facility	2
Purchase / Sales Price | $	$ 24,823
2015 Acquisitions | New Jersey Assets
STORAGE FACILITIES
Number of Facilities, acquisitions | facility	1
Purchase / Sales Price | $	$ 14,350
2015 Acquisitions | PSI Assets
STORAGE FACILITIES
Number of Facilities, acquisitions | facility	12
Purchase / Sales Price | $	$ 109,824
2015 Acquisitions | Tennessee Assets
STORAGE FACILITIES
Number of Facilities, acquisitions | facility	1
Purchase / Sales Price | $	$ 6,575
2014 Acquisitions
STORAGE FACILITIES
Number of Facilities, acquisitions | facility		53
Purchase / Sales Price | $		$ 568,226
2014 Acquisitions | Connecticut Asset Two
STORAGE FACILITIES
Number of Facilities, acquisitions | facility		1
Purchase / Sales Price | $		$ 4,950
2014 Acquisitions | Florida Asset One
STORAGE FACILITIES
Number of Facilities, acquisitions | facility		2
Purchase / Sales Price | $		$ 14,450
2014 Acquisitions | Florida Assets Two
STORAGE FACILITIES
Number of Facilities, acquisitions | facility		1
Purchase / Sales Price | $		$ 14,000
2014 Acquisitions | California Asset
STORAGE FACILITIES
Number of Facilities, acquisitions | facility		1
Purchase / Sales Price | $		$ 8,300
2014 Acquisitions | Maryland Asset One
STORAGE FACILITIES
Number of Facilities, acquisitions | facility		1
Purchase / Sales Price | $		$ 15,800
2014 Acquisitions | Maryland Asset Two
STORAGE FACILITIES
Number of Facilities, acquisitions | facility		1
Purchase / Sales Price | $		$ 15,500
2014 Acquisitions | Arizona Asset One
STORAGE FACILITIES
Number of Facilities, acquisitions | facility		1
Purchase / Sales Price | $		$ 14,750
2014 Acquisitions | Pennsylvania Asset
STORAGE FACILITIES
Number of Facilities, acquisitions | facility		1
Purchase / Sales Price | $		$ 7,350
2014 Acquisitions | Texas Asset One
STORAGE FACILITIES
Number of Facilities, acquisitions | facility		1
Purchase / Sales Price | $		$ 8,225
2014 Acquisitions | Texas Asset Two
STORAGE FACILITIES
Number of Facilities, acquisitions | facility		1
Purchase / Sales Price | $		$ 6,450
2014 Acquisitions | New York Asset One
STORAGE FACILITIES
Number of Facilities, acquisitions | facility		2
Purchase / Sales Price | $		$ 55,000
2014 Acquisitions | Florida Asset Three
STORAGE FACILITIES
Number of Facilities, acquisitions | facility		1
Purchase / Sales Price | $		$ 11,406
2014 Acquisitions | Massachusetts Asset One
STORAGE FACILITIES
Number of Facilities, acquisitions | facility		1
Purchase / Sales Price | $		$ 11,100
2014 Acquisitions | Indiana Asset
STORAGE FACILITIES
Number of Facilities, acquisitions | facility		1
Purchase / Sales Price | $		$ 8,400
2014 Acquisitions | Florida Assets Four
STORAGE FACILITIES
Number of Facilities, acquisitions | facility		3
Purchase / Sales Price | $		$ 35,000
2014 Acquisitions | Florida Assets Five
STORAGE FACILITIES
Number of Facilities, acquisitions | facility		2
Purchase / Sales Price | $		$ 15,800
2014 Acquisitions | Massachusetts Asset Two
STORAGE FACILITIES
Number of Facilities, acquisitions | facility		1
Purchase / Sales Price | $		$ 23,100
2014 Acquisitions | Texas Asset Three
STORAGE FACILITIES
Number of Facilities, acquisitions | facility		1
Purchase / Sales Price | $		$ 7,700
2014 Acquisitions | Texas Asset Four
STORAGE FACILITIES
Number of Facilities, acquisitions | facility		1
Purchase / Sales Price | $		$ 8,500
2014 Acquisitions | Texas Asset Five
STORAGE FACILITIES
Number of Facilities, acquisitions | facility		1
Purchase / Sales Price | $		$ 7,750
2014 Acquisitions | HSRE Assets
STORAGE FACILITIES
Number of Facilities, acquisitions | facility		22
Purchase / Sales Price | $		$ 195,500
2014 Acquisitions | Texas Asset Six
STORAGE FACILITIES
Number of Facilities, dispositions (in properties) | facility		1
Purchase / Sales Price | $		$ 18,650
2014 Acquisitions | Florida Assets Six
STORAGE FACILITIES
Number of Facilities, dispositions (in properties) | facility		3
Purchase / Sales Price | $		$ 18,200
2014 Acquisitions | New York Asset Two
STORAGE FACILITIES
Number of Facilities, dispositions (in properties) | facility		1
Purchase / Sales Price | $		$ 38,000
2014 Acquisitions | Texas Asset Seven
STORAGE FACILITIES
Number of Facilities, dispositions (in properties) | facility		1
Purchase / Sales Price | $		$ 4,345
2013 Acquisitions
STORAGE FACILITIES
Number of Facilities, acquisitions | facility			20
Purchase / Sales Price | $			$ 189,822
2013 Acquisitions | Texas Asset Eight
STORAGE FACILITIES
Number of Facilities, acquisitions | facility			1
Purchase / Sales Price | $			$ 10,975
2013 Acquisitions | Maryland Asset One
STORAGE FACILITIES
Number of Facilities, acquisitions | facility			1
Purchase / Sales Price | $			$ 15,375
2013 Acquisitions | Maryland Asset Two
STORAGE FACILITIES
Number of Facilities, acquisitions | facility			1
Purchase / Sales Price | $			$ 8,200
2013 Acquisitions | Arizona Asset Two
STORAGE FACILITIES
Number of Facilities, acquisitions | facility			1
Purchase / Sales Price | $			$ 6,900
2013 Acquisitions | Illinois Asset
STORAGE FACILITIES
Number of Facilities, acquisitions | facility			1
Purchase / Sales Price | $			$ 8,300
2013 Acquisitions | Florida Asset Seven
STORAGE FACILITIES
Number of Facilities, acquisitions | facility			1
Purchase / Sales Price | $			$ 7,150
2013 Acquisitions | Florida Asset Eight
STORAGE FACILITIES
Number of Facilities, acquisitions | facility			1
Purchase / Sales Price | $			$ 9,000
2013 Acquisitions | Massachusetts Asset
STORAGE FACILITIES
Number of Facilities, acquisitions | facility			1
Purchase / Sales Price | $			$ 10,600
2013 Acquisitions | Maryland / New Jersey Assets
STORAGE FACILITIES
Number of Facilities, acquisitions | facility			5
Purchase / Sales Price | $			$ 52,400
2013 Acquisitions | New York Asset Three
STORAGE FACILITIES
Number of Facilities, acquisitions | facility			1
Purchase / Sales Price | $			$ 13,000
2013 Acquisitions | Arizona Asset Three
STORAGE FACILITIES
Number of Facilities, acquisitions | facility			1
Purchase / Sales Price | $			$ 10,500
2013 Acquisitions | Arizona Asset Four
STORAGE FACILITIES
Number of Facilities, acquisitions | facility			1
Purchase / Sales Price | $			$ 4,300
2013 Acquisitions | Texas Asset Nine
STORAGE FACILITIES
Number of Facilities, acquisitions | facility			1
Purchase / Sales Price | $			$ 9,700
2013 Acquisitions | Texas Asset Ten
STORAGE FACILITIES
Number of Facilities, acquisitions | facility			1
Purchase / Sales Price | $			$ 10,497
2013 Acquisitions | Texas Asset Eleven
STORAGE FACILITIES
Number of Facilities, acquisitions | facility			1
Purchase / Sales Price | $			$ 6,925
2013 Acquisitions | Florida Asset Nine
STORAGE FACILITIES
Number of Facilities, acquisitions | facility			1
Purchase / Sales Price | $			$ 6,000
Dispositions
STORAGE FACILITIES
Number of Facilities, acquisitions | facility	8		35
Purchase / Sales Price | $	$ 37,800		$ 126,400
Dispositions | Florida Asset One
STORAGE FACILITIES
Number of Facilities, acquisitions | facility	1
Purchase / Sales Price | $	$ 9,800
Dispositions | Texas Asset One
STORAGE FACILITIES
Number of Facilities, acquisitions | facility	7
Purchase / Sales Price | $	$ 28,000

INVESTMENT ACTIVITY (Details)

INVESTMENT ACTIVITY (Details) £ in Millions	Dec. 15, 2015USD ($)facility	Oct. 08, 2015USD ($)item	Oct. 02, 2015USD ($)	Mar. 18, 2015USD ($)facility	Nov. 03, 2014USD ($)facility	Aug. 25, 2014USD ($)facility	Jun. 30, 2014USD ($)property	Jun. 30, 2014USD ($)facility	Dec. 31, 2015USD ($)itemfacility	Jun. 30, 2015USD ($)	Dec. 31, 2015USD ($)propertyfacility	Dec. 31, 2014USD ($)propertyfacility	Dec. 31, 2013USD ($)propertyfacility	Dec. 31, 2008	Oct. 02, 2015GBP (£)	Oct. 02, 2015USD ($)	Jun. 30, 2014GBP (£)	Jun. 30, 2014USD ($)	Mar. 31, 2014USD ($)
Self-storage facilities
Proceeds from Sale of Real Estate Held-for-investment											$ 9,041,000	$ 13,475,000	$ 123,780,000
Maximum number of months to finalize purchase price allocation											12 months
Development costs									$ 53,000,000		$ 53,000,000
Expected construction cost											148,700,000
Number of joint ventures | item									2
Storage facilities									$ 3,467,032,000		3,467,032,000	3,117,198,000
Number of facilities under contract											4
Restricted Cash And Cash Equivalents Proceeds From Sale Of Real Estate									22,000,000		22,000,000
Restricted cash									$ 24,600,000		24,600,000	3,305,000
Gain from sale of real estate											17,567,000	475,000
Summary of the amounts of revenue and earnings of the 2014 and 2013 acquisitions since the acquisition dates
Total revenue											9,110,000	21,156,000	7,048,000
Net loss											$ (6,563,000)	(12,350,000)	$ (4,228,000)
USIFB, LLP
Self-storage facilities
Aggregate purchase or sale price															£ 6.5	$ 9,900,000
Proceeds from Sale of Real Estate Held-for-investment								$ 7,000,000
Number of assets sold | facility								1
Ownership interest held by the entity (as a percent)			97.00%								97.00%			97.00%
Gain from sale of real estate			$ 3,000,000
Foreign currency translation loss			$ 1,200,000
HSRE
Self-storage facilities
Number of self-storage facilities | facility						26
Aggregate purchase or sale price						$ 223,000,000
Intangible value of the in-place leases					$ 14,500,000
Estimated life					12 months
Amortization expense											$ 12,100,000	$ 2,400,000
Aggregate purchase price of facilities closed					$ 195,500,000
Number of facilities closed | facility					22
5 Old Lancaster Road located in Malvern, PA
Self-storage facilities
Storage facilities																			$ 25,100,000
Bronx, NY
Self-storage facilities
Storage facilities																			$ 17,200,000
Self-storage facilities located in Newyork
Self-storage facilities
Number of self-storage facilities | facility									2		3
Storage facilities									$ 32,200,000		$ 32,200,000
Ownership interest held by the entity (as a percent)									90.00%
Self-storage Facility in Washington D C [Member]
Self-storage facilities
Number of self-storage facilities | facility											1
Self-storage Facility in Arlington, VA [Member]
Self-storage facilities
Storage facilities										$ 17,100,000
Ownership interest held by the entity (as a percent)										90.00%
2015 Acquisitions
Self-storage facilities
Number of self-storage facilities acquired | facility											29
Aggregate purchase or sale price									$ 292,362,000		$ 292,362,000
2015 Acquisitions | PSI
Self-storage facilities
Intangible value of the in-place leases	$ 6,700,000
Estimated life	12 months
Amortization expense	$ 600,000
2015 Acquisitions | HSRE
Self-storage facilities
Number of self-storage facilities | facility												26
Number of self-storage facilities acquired | facility												22
Aggregate purchase or sale price									2,700,000		$ 2,700,000	$ 223,000,000
Estimated life											12 months
Amortization expense											$ 2,000,000
Number of properties, assumed mortgage | facility				4
Aggregate purchase price of facilities closed				$ 27,500,000								$ 195,500,000
2015 Acquisitions | Self storage in operation | PSI
Self-storage facilities
Aggregate purchase or sale price	$ 109,800,000
2015 Acquisitions | Self storage under construction | PSI
Self-storage facilities
Number of self-storage facilities | facility	1
Aggregate purchase or sale price	$ 6,000,000
2015 Acquisitions | Self-storage facilities located in US
Self-storage facilities
Number of self-storage facilities | facility											13
Aggregate purchase or sale price									155,000,000		$ 155,000,000
Intangible value of the in-place leases									10,700,000		$ 10,700,000
Estimated life											12 months
Amortization expense											$ 4,700,000
Number of properties, assumed mortgage | facility											1
Assumed mortgage debt, at fair value									2,700,000		$ 2,700,000
Outstanding principal balance of mortgage debt assumed on acquisitions									2,500,000		2,500,000
Premium on debt assumed on acquisitions									200,000		200,000
2014 Acquisitions
Self-storage facilities
Number of self-storage facilities acquired | facility												53
Aggregate purchase or sale price												$ 568,226,000
2013 Acquisitions
Self-storage facilities
Number of self-storage facilities acquired | facility													20
Aggregate purchase or sale price													$ 189,822,000
Real Estate Acquisition Expected by 2016
Self-storage facilities
Deposit									5,300,000		5,300,000
Number of facilities under contract											5
Expected aggregate purchase or sales price									101,400,000		101,400,000
Note receivable									4,100,000		4,100,000
2015 Dispositions | Properties in Texas and Florida
Self-storage facilities
Aggregate purchase or sale price		$ 37,800,000
Net proceeds from sale of assets											36,400,000
Amount of net proceeds applied to acquisitions closed during the year											14,400,000
Restricted cash									22,000,000		$ 22,000,000
Gain from sale of real estate		$ 14,400,000
2014 Dispositions | Asset in London, England | USIFB, LLP
Self-storage facilities
Aggregate purchase or sale price																	£ 4.1	$ 7,000,000
Proceeds from Sale of Real Estate Held-for-investment							$ 7,000,000
Number of assets sold | property							1
Gain from sale of real estate							$ 500,000
Self-storage facilities
Self-storage facilities
Number of self-storage facilities acquired | property											29
Aggregate purchase or sale price									292,400,000		$ 292,400,000
Notes Receivable									$ 4,100,000		4,100,000
Self-storage facilities | 2015 Acquisitions | PSI
Self-storage facilities
Number of self-storage facilities | facility	12
Aggregate purchase or sale price	$ 115,800,000
Self-storage facilities | 2014 Acquisitions
Self-storage facilities
Number of self-storage facilities acquired | property												31
Aggregate purchase or sale price												$ 372,700,000
Intangible value of the in-place leases												$ 23,800,000
Estimated life												12 months
Amortization expense											$ 10,400,000	$ 13,400,000
Number of properties, assumed mortgage | property												4
Assumed mortgage debt, at fair value												$ 27,500,000
Outstanding principal balance of mortgage debt assumed on acquisitions												26,000,000
Premium on debt assumed on acquisitions												1,500,000
Self-storage facilities | 2013 Acquisitions
Self-storage facilities
Number of self-storage facilities acquired | facility													20
Aggregate purchase or sale price													$ 189,800,000
Intangible value of the in-place leases													$ 13,500,000
Estimated life													12 months
Amortization expense												$ 8,200,000	$ 5,300,000
Number of properties, assumed mortgage | property													1
Assumed mortgage debt, at fair value													$ 8,900,000
Outstanding principal balance of mortgage debt assumed on acquisitions													8,500,000
Premium on debt assumed on acquisitions													400,000
Self-storage facilities | 2013 Dispositions
Self-storage facilities
Aggregate purchase or sale price													$ 126,400,000
Number of assets sold | property													35
Gain from sale of real estate													$ 27,400,000
Florida | 2015 Dispositions | Properties in Texas and Florida
Self-storage facilities
Number of assets sold | item		1
Texas | 2015 Dispositions | Properties in Texas and Florida
Self-storage facilities
Number of assets sold | item		7

INVESTMENT IN UNCONSOLIDATED 54

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURE (Details) $ in Thousands	Dec. 08, 2015USD ($)facility	Aug. 25, 2014facility	May. 01, 2014USD ($)facility	Dec. 10, 2013USD ($)propertyfacility	Dec. 31, 2015USD ($)facility	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Nov. 03, 2014USD ($)
Investment in Unconsolidated Real Estate Venture
Investment in real estate entities					$ 97,281	$ 95,709
Acquisitions of storage facilities					275,726	547,515	$ 181,612
Payment made for acquisition of interest in real estate ventures					8,370		157,461
Summary of results of operations of the real estate venture
Company’s share of net income (loss)					$ (411)	(6,255)	(1,151)
HVP
Investment in Unconsolidated Real Estate Venture
Number of self-storage facilities acquired | facility	30
Acquisitions of storage facilities	$ 193,700
Number of properties to be acquired under the contract | facility					7
Contract amount to purchase real estate					$ 48,800
Intangible value of the in-place leases	$ 15,400
HHF
Investment in Unconsolidated Real Estate Venture
Number of self-storage facilities acquired | property				35
Payment made for acquisition of interest in real estate ventures				$ 315,700
Intangible value of the in-place leases				$ 12,100
Proceeds after closing costs distributed proportionately to partners			$ 99,200
HHF | Secured loan 3.59% due April 30, 2021
Investment in Unconsolidated Real Estate Venture
Amount of loan obtained			$ 100,000
Interest on real estate venture debt			3.59%
Michigan | HVP
Investment in Unconsolidated Real Estate Venture
Number of self-storage facilities acquired | facility	16
Massachusetts | HVP
Investment in Unconsolidated Real Estate Venture
Number of self-storage facilities acquired | facility	6
Tennessee | HVP
Investment in Unconsolidated Real Estate Venture
Number of self-storage facilities acquired | facility	5
Florida | HVP
Investment in Unconsolidated Real Estate Venture
Number of self-storage facilities acquired | facility	3
Texas | HHF
Investment in Unconsolidated Real Estate Venture
Number of storage facilities owned by investee | facility			34
Number of self-storage facilities acquired | facility				34
North Carolina | HHF
Investment in Unconsolidated Real Estate Venture
Number of self-storage facilities acquired | facility				(1)
HVP and HHF
Assets
Storage facilities, net					456,452	291,357
Other assets					19,677	5,786
Total Assets					476,129	297,143
Liabilities and equity
Other liabilities					4,470	5,725
Debt					212,666	100,000
Equity
CubeSmart					97,281	95,709
Joint venture partner					161,712	95,709
Total liabilities and equity					476,129	297,143
Summary of results of operations of the real estate venture
Total revenues					31,249	26,852	1,600
Operating expenses					15,042	11,754	1,742
Interest expense, net					3,846	2,522
Depreciation and amortization					16,214	25,086	2,160
Net income (loss)					(3,853)	(12,510)	(2,302)
Company’s share of net income (loss)					(411)	(6,255)	$ (1,151)
Long-term Debt, Fiscal Year Maturity [Abstract]
Total outstanding indebtedness					$ 212,666	$ 100,000
HVP
Investment in Unconsolidated Real Estate Venture
Investment in real estate entities	$ 8,400
Ownership interest in partnership (as a percent)	10.00%
Initial advance	$ 112,700
Venture's loan	$ 122,000
HVP | LIBOR
Investment in Unconsolidated Real Estate Venture
Interest rate (as percentage)	2.00%
HHF
Investment in Unconsolidated Real Estate Venture
Ownership interest in partnership (as a percent)				50.00%
HSRE
Investment in Unconsolidated Real Estate Venture
Number of storage facilities owned by investee | facility		26
Intangible value of the in-place leases								$ 14,500

UNSECURED SENIOR NOTES (Details

UNSECURED SENIOR NOTES (Details) $ in Millions	12 Months Ended
	Dec. 31, 2015	Oct. 26, 2015USD ($)	Dec. 17, 2013USD ($)	Jun. 26, 2012USD ($)
Senior Notes | Maximum
Mortgage loans and Notes payable
Consolidated leverage ratio	0.60
Secured debt leverage ratio	0.40
Senior Notes | Minimum
Mortgage loans and Notes payable
Consolidated interest coverage ratio	1.50
Financial and customary covenant, minimum unencumbered asset (as a percent)	150.00%
Senior notes 4.00% due November 15, 2025
Mortgage loans and Notes payable
Senior notes, principal amount		$ 250
Interest rate (as a percent)		4.00%
Senior notes 4.375% due December 15, 2023
Mortgage loans and Notes payable
Senior notes, principal amount			$ 250
Interest rate (as a percent)			4.375%
Senior notes 4.80% due July 15, 2022
Mortgage loans and Notes payable
Senior notes, principal amount				$ 250
Interest rate (as a percent)				4.80%

REVOLVING CREDIT FACILITY AND56

REVOLVING CREDIT FACILITY AND UNSECURED TERM LOANS (Details)	Apr. 22, 2015USD ($)	Apr. 21, 2015USD ($)	Dec. 17, 2013USD ($)	Jun. 20, 2011USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Dec. 09, 2011USD ($)
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Loan procurement costs capitalized					$ 20,700,000	$ 17,000,000
Loan procurement amortization expense - early repayment of debt							$ 414,000
Unsecured term loan borrowings outstanding					$ 400,000,000	$ 400,000,000
Term Loan Facility
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Loan procurement costs capitalized					2,300,000
Write off of unamortized cost					100,000
Term Loan Facility | Minimum
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Tangible net worth					$ 821,211,200
Term Loan Facility | Maximum
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Percentage of funds from operations that can be distributed on common shares					95.00%
Term Loan Facility | Term Loan A
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Maximum borrowing capacity				$ 100,000,000
Term of debt instrument				5 years
Term Loan Facility | Term Loan A | Baa2/BBB
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Variable interest rate basis					LIBOR
Term Loan Facility | Term Loan B
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Maximum borrowing capacity				$ 100,000,000
Term of debt instrument				7 years
Term Loan Facility | Term Loan B | Baa2/BBB
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Interest rate, basis spread (as a percent)					1.15%
Variable interest rate basis					LIBOR
Term Loan Facility | Unsecured term loan
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Unsecured term loan borrowings outstanding					$ 200,000,000
Credit Facility
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Effective weighted average interest rate (as a percent)					3.00%
Net proceeds from equity issuances added to minimum tangible net worth (as a percent)					75.00%
Credit Facility | Minimum
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Fixed charge coverage ratio					1.50
Credit Facility | Maximum
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Total indebtedness to total asset value ratio (as a percent)					60.00%
Credit Facility | Revolver
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Maximum borrowing capacity	$ 500,000,000	$ 300,000,000						$ 300,000,000
Interest rate, basis spread (as a percent)					1.25%
Variable interest rate basis					LIBOR
Facility fee (as a percent)	0.15%	0.20%			0.15%
Unsecured term loan borrowings outstanding					$ 500,000,000
Outstanding letter of credit					$ 30,000
Credit Facility | Term Loan C
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Maximum borrowing capacity								100,000,000
Repayment of outstanding debt			$ 100,000,000
Credit Facility | Term Loan D
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Maximum borrowing capacity								$ 200,000,000
Interest rate, basis spread (as a percent)					1.30%
Variable interest rate basis					LIBOR
Credit Facility | Unsecured term loan
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Unsecured term loan borrowings outstanding					$ 200,000,000

MORTGAGE LOANS AND NOTES PAYA57

MORTGAGE LOANS AND NOTES PAYABLE - Summary (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Mortgage loans and Notes payable
Unamortized fair value adjustment	$ 2,219	$ 3,484
Total mortgage loans and notes payable	112,212	195,851
Net book value of self-storage facilities	2,872,983	2,625,129
Mortgages
Mortgage loans and Notes payable
Carrying value	109,993
Unamortized fair value adjustment	2,219
Total mortgage loans and notes payable	112,212
Net book value of self-storage facilities used to secure debt	195,400	344,200
YSI 29
Mortgage loans and Notes payable
Carrying value		$ 12,635
Effective interest rate (as a percent)		3.69%
YSI 13
Mortgage loans and Notes payable
Carrying value		$ 8,427
Effective interest rate (as a percent)		3.00%
YSI 20
Mortgage loans and Notes payable
Carrying value		$ 54,091
Effective interest rate (as a percent)		5.97%
YSI 63
Mortgage loans and Notes payable
Carrying value		$ 7,466
Effective interest rate (as a percent)		2.82%
YSI 59
Mortgage loans and Notes payable
Carrying value	$ 9,012	$ 9,221
Effective interest rate (as a percent)	4.82%
YSI 60
Mortgage loans and Notes payable
Carrying value	$ 3,546	3,610
Effective interest rate (as a percent)	5.04%
YSI 51
Mortgage loans and Notes payable
Carrying value	$ 6,984	7,105
Effective interest rate (as a percent)	5.15%
YSI 64
Mortgage loans and Notes payable
Carrying value	$ 7,781	7,919
Effective interest rate (as a percent)	3.54%
YSI 62
Mortgage loans and Notes payable
Carrying value	$ 7,835	7,962
Effective interest rate (as a percent)	3.54%
YSI 33
Mortgage loans and Notes payable
Carrying value	$ 10,154	10,429
Effective interest rate (as a percent)	6.42%
YSI 26
Mortgage loans and Notes payable
Carrying value	$ 8,606	8,780
Effective interest rate (as a percent)	4.56%
YSI 57
Mortgage loans and Notes payable
Carrying value	$ 3,021	3,082
Effective interest rate (as a percent)	4.61%
YSI 55
Mortgage loans and Notes payable
Carrying value	$ 23,369	23,767
Effective interest rate (as a percent)	4.85%
YSI 24
Mortgage loans and Notes payable
Carrying value	$ 27,185	$ 27,873
Effective interest rate (as a percent)	4.64%
YSI 65
Mortgage loans and Notes payable
Carrying value	$ 2,500
Effective interest rate (as a percent)	3.85%

MORTGAGE LOANS AND NOTES PAYA58

MORTGAGE LOANS AND NOTES PAYABLE - Future Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Future principal payment requirements on the outstanding mortgage loans and notes payable at year end
Unamortized fair value adjustment	$ 2,219	$ 3,484
Total mortgage indebtedness	112,212	$ 195,851
Mortgages
Future principal payment requirements on the outstanding mortgage loans and notes payable at year end
2,016	36,880
2,017	1,830
2,018	1,934
2,019	10,902
2,020	12,009
2021 and thereafter	46,438
Total mortgage payments	109,993
Unamortized fair value adjustment	2,219
Total mortgage indebtedness	$ 112,212

ACCUMULATED OTHER COMPREHENSI59

ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)
Changes in accumulated other comprehensive income by component
Beginning balance	$ (8,759)
Other comprehensive loss before reclassifications	(3,599)
Amounts reclassified from accumulated other comprehensive loss	7,380
Net current-period other comprehensive income (loss)	3,781
Ending balance	(4,978)
Unrealized losses on interest rate swaps
Changes in accumulated other comprehensive income by component
Beginning balance	(7,795)
Other comprehensive loss before reclassifications	(3,364)
Amounts reclassified from accumulated other comprehensive loss	6,181
Net current-period other comprehensive income (loss)	2,817
Ending balance	(4,978)
Unrealized loss on foreign currency translation
Changes in accumulated other comprehensive income by component
Beginning balance	(964)
Other comprehensive loss before reclassifications	(235)
Amounts reclassified from accumulated other comprehensive loss	1,199
Net current-period other comprehensive income (loss)	$ 964

RISK MANAGEMENT AND USE OF FI60

RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Derivative financial instruments
Unrealized losses reclassified from accumulated other comprehensive loss	$ 6,300
Amount estimated to be reclassified as an increase to interest expense	3,700
Designated | Cash flow
Derivative financial instruments
Notional Amount	400,000
Fair Value	$ (5,445)	$ (8,299)
Maximum number of days outstanding to have the option to borrow at the LIBOR	30 days
Designated | Cash flow | Hedge Product, Swap one
Derivative financial instruments
Notional Amount	$ 40,000
Swap, Strike rate (as a percent)	1.8025%
Fair Value	$ (243)	(757)
Designated | Cash flow | Hedge Product, Swap two
Derivative financial instruments
Notional Amount	$ 40,000
Swap, Strike rate (as a percent)	1.8025%
Fair Value	$ (243)	(757)
Designated | Cash flow | Hedge Product, Swap three
Derivative financial instruments
Notional Amount	$ 20,000
Swap, Strike rate (as a percent)	1.8025%
Fair Value	$ (122)	(378)
Designated | Cash flow | Hedge Product, Swap four
Derivative financial instruments
Notional Amount	$ 75,000
Swap, Strike rate (as a percent)	1.336%
Fair Value	$ (540)	(841)
Designated | Cash flow | Hedge Product, Swap five
Derivative financial instruments
Notional Amount	$ 50,000
Swap, Strike rate (as a percent)	1.336%
Fair Value	$ (360)	(561)
Designated | Cash flow | Hedge Product, Swap six
Derivative financial instruments
Notional Amount	$ 50,000
Swap, Strike rate (as a percent)	1.336%
Fair Value	$ (360)	(561)
Designated | Cash flow | Hedge Product, Swap seven
Derivative financial instruments
Notional Amount	$ 25,000
Swap, Strike rate (as a percent)	1.3375%
Fair Value	$ (180)	(281)
Designated | Cash flow | Hedge Product, Swap eight
Derivative financial instruments
Notional Amount	$ 40,000
Swap, Strike rate (as a percent)	2.459%
Fair Value	$ (1,350)	(1,654)
Designated | Cash flow | Hedge Product, Swap nine
Derivative financial instruments
Notional Amount	$ 40,000
Swap, Strike rate (as a percent)	2.4725%
Fair Value	$ (1,364)	(1,672)
Designated | Cash flow | Hedge Product, Swap ten
Derivative financial instruments
Notional Amount	$ 20,000
Swap, Strike rate (as a percent)	2.475%
Fair Value	$ (683)	$ (837)

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)item	Dec. 31, 2014USD ($)
Fair value of financial assets and liabilities carried at fair value
Aggregate carrying value of total debt	$ 1,300,000	$ 1,200,000
Estimated fair value of total debt	$ 1,300,000	1,200,000
Interest rate swap
Fair value of financial assets and liabilities carried at fair value
Number of counterparties to derivative contracts who experienced significant downgrades in 2015 | item	0
Level 2
Fair value of financial assets and liabilities carried at fair value
Total liabilities at fair value	$ 5,445	8,299
Level 2 | Interest rate swap
Fair value of financial assets and liabilities carried at fair value
Derivative Liabilities	$ 5,445	$ 8,299

NONCONTROLLING INTERESTS - Inte

NONCONTROLLING INTERESTS - Interests in Consolidated Real Estate Joint Ventures (Details) $ in Thousands, £ in Millions	Oct. 02, 2015USD ($)	Jun. 30, 2014USD ($)facility	Dec. 31, 2015USD ($)itemproperty	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Dec. 31, 2008property	Oct. 02, 2015GBP (£)	Oct. 02, 2015USD ($)	Dec. 31, 2013GBP (£)	Dec. 31, 2013USD ($)
Interests in Consolidated Real Estate Joint Ventures
Gain (loss) from sale of land			$ 17,567	$ 475
Proceeds from sales of facilities, net			9,041	13,475	$ 123,780
Gain from sale of real estate			17,567	475
Reduction to additional paid in capital			$ 178	$ 642	831
Cropsey Ave
Interests in Consolidated Real Estate Joint Ventures
Ownership interest held by the entity (as a percent)			51.00%
Minority ownership interest (as a percent)			49.00%
Option to put ownership interest in the venture			$ 20,400
Period of option to call ownership interest of another member			1 year
Period of option to put ownership interest in venture			1 year
Option to call ownership interest of another member			$ 20,400
Accretion liability			20,400
Accrued accretion expenses			2,300
Total assets			10,500
Total liabilities			2,300
Tilloston Ave
Interests in Consolidated Real Estate Joint Ventures
Accretion liability			17,000
Accrued accretion expenses			11,500
Jamaica Ave
Interests in Consolidated Real Estate Joint Ventures
Accretion liability			12,500
Accrued accretion expenses			$ 11,300
USIFB, LLP
Interests in Consolidated Real Estate Joint Ventures
Ownership interest held by the entity (as a percent)	97.00%		97.00%			97.00%
Number of self-storage facilities owned and operated | property						2
Carrying amount of mortgage loans									£ 4.1	$ 6,800
Gain (loss) from sale of land	$ 3,000
Number of assets sold | facility		1
Proceeds from sales of facilities, net		$ 7,000
Gain from sale of real estate	3,000
Foreign currency translation loss	$ 1,200
Aggregate purchase or sale price							£ 6.5	$ 9,900
SRLLC
Interests in Consolidated Real Estate Joint Ventures
Ownership interest held by the entity (as a percent)			90.00%
Total assets			$ 16,800
Total liabilities			13,200
Carrying amount of mortgage loans			13,100
Amount of mortgage loan commitment			14,600
Gain (loss) from sale of land			$ 0
Payments to acquire land for development					$ 13,100
Number of parcels in which the subdivision of land is done reporting period | item			2
Number of parcel sold | item			1
Proceeds from sales of facilities, net			$ 6,500
Gain from sale of real estate			$ 0
SNL
Interests in Consolidated Real Estate Joint Ventures
Ownership interest held by the entity (as a percent)			90.00%
Number of self-storage facilities owned and operated | property			2
Total assets			$ 30,500
Total liabilities			18,700
Carrying amount of mortgage loans			16,500
Amount of mortgage loan commitment			$ 22,600
Tilloston Ave
Interests in Consolidated Real Estate Joint Ventures
Ownership interest held by the entity (as a percent)			51.00%
Minority ownership interest (as a percent)			49.00%
Period of option to call ownership interest of another member			1 year
Option to call ownership interest of another member			$ 17,000
Total assets			18,500
Total liabilities			13,100
Tilloston Ave | Tilloston Ave
Interests in Consolidated Real Estate Joint Ventures
Option to put ownership interest in the venture			$ 17,000
Period of option to put ownership interest in venture			1 year
Jamaica Ave
Interests in Consolidated Real Estate Joint Ventures
Ownership interest held by the entity (as a percent)			51.00%
Minority ownership interest (as a percent)			49.00%
Period of option to call ownership interest of another member			1 year
Option to call ownership interest of another member			$ 12,500
Total assets			29,700
Total liabilities			12,500
Jamaica Ave | Jamaica Ave
Interests in Consolidated Real Estate Joint Ventures
Option to put ownership interest in the venture			$ 12,500
Period of option to put ownership interest in venture			1 year

NONCONTROLLING INTERESTS - Oper

NONCONTROLLING INTERESTS - Operating Partnership Ownership (Details) - USD ($) $ in Thousands	May. 14, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Operating Partnership Ownership
OP units issued (in shares)	20,408
Issuance of OP Units	$ 500
Additional consideration to be paid upon the completion of certain milestones within a specified period from closing	$ 1,500
Acrrued liability relating to the additional consideration to be paid in the acquisition of real property		$ 800
Increase to OP units owned by third parties and a corresponding decrease to capital		$ 19,619	$ 14,761	$ 3,292
CubeSmart, L.P. and Subsidiaries
Operating Partnership Ownership
OP Units outstanding which are not owned by the general partner (as a percent)		1.20%	1.40%
OP units outstanding (in shares)		2,159,650	2,257,486
Number of trading days used to determine average of the closing prices of the common shares		10 days
Increase to OP units owned by third parties and a corresponding decrease to capital		$ 19,619	$ 14,761	$ 3,292

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - Joint ventures related to affiliated real estate investments - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
RELATED PARTY TRANSACTIONS
Management fees	$ 1	$ 0.9	$ 0.1
Mortgage loans receivable from consolidated joint ventures	29.6	10.8
Amount due to the entity from joint venture	$ 1.9	$ 1.6
Minimum
RELATED PARTY TRANSACTIONS
Management fee (as a percent)	5.00%
Maximum
RELATED PARTY TRANSACTIONS
Management fee (as a percent)	6.00%

COMMITMENTS AND CONTINGENCIES65

COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)property	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
COMMITMENTS AND CONTINGENCIES
Ground rent expense	$ 2,400	$ 2,000	$ 2,200
Total future minimum rental payments under non-cancelable ground leases
2,016	1,724
2,017	1,724
2,018	1,637
2,019	1,632
2,020	1,682
2021 and thereafter	89,529
Total	97,928
Future milestone payments payable	$ 47,600
Self-storage facilities subject to ground lease
COMMITMENTS AND CONTINGENCIES
Number of operating self-storage facilities subject to a ground lease | property	6
Number of self-storage facilities under development subject to a ground lease | property	1
Land
COMMITMENTS AND CONTINGENCIES
Number of operating self-storage facilities subject to a ground lease | property	2

SHARE-BASED COMPENSATION PLAN66

SHARE-BASED COMPENSATION PLANS (Details) $ / shares in Units, $ in Millions	Jan. 23, 2015USD ($)shares	Jan. 24, 2014USD ($)shares	Jan. 25, 2013USD ($)shares	Dec. 31, 2015USD ($)item$ / sharesshares	Dec. 31, 2014USD ($)$ / sharesshares	Dec. 31, 2013USD ($)$ / sharesshares	Dec. 31, 2012$ / sharesshares
Share Options
Assumptions used for estimating the fair value of share options using the Black-Scholes option-pricing model
Risk-free interest rate (as a percent)				1.50%	1.90%	1.00%
Expected dividend yield (as a percent)				2.60%	3.20%	3.30%
Volatility (as a percent)				33.00%	37.98%	42.00%
Weighted average expected life of the options				6 years	6 years	6 years
Weighted average grant date fair value of options granted per share (in dollars per share) | $ / shares				$ 6.23	$ 4.33	$ 4.28
Share options, additional general disclosures
Compensation expense recognized (in dollars) | $				$ 1	$ 0.9	$ 0.9
Aggregate grant date fair value of share based awards issued (in dollars) | $				1.2
Unrecognized compensation cost | $				$ 1.2
Unrecognized compensation cost recorded, period				3 years
Number of Shares Under Option
Balance at the beginning of the period (in shares)				3,692,301	4,904,613	5,257,864
Options granted (in shares)				202,485	223,590	182,297
Options canceled (in shares)				(18,230)	(10,731)	(24,000)
Options exercised (in shares)				(1,454,612)	(1,425,171)	(511,548)
Balance at the end of the period (in shares)				2,421,944	3,692,301	4,904,613	5,257,864
Vested or expected to vest at the end of the period (in shares)				2,421,944
Exercisable at the end of the period (in shares)				2,014,251
Weighted Average Exercise Price
Balance at the beginning of the period (in dollars per share) | $ / shares				$ 11.76	$ 10.99	$ 10.50
Options granted (in dollars per share) | $ / shares				25	15.73	14.84
Options canceled (in dollars per share) | $ / shares				19.75	17.38	13.57
Options exercised (in dollars per share) | $ / shares				11.31	9.69	7.24
Balance at the end of the period (in dollars per share) | $ / shares				13.07	$ 11.76	$ 10.99	$ 10.50
Exercisable at the end of the period (in dollars per share) | $ / shares				11.68
Vested or expected to vest at the end of the period (in dollars per share) | $ / shares				$ 13.07
Weighted Average Remaining Contractual Term
Balance at the end of the period				4 years 29 days	4 years 1 month 28 days	4 years 7 months 28 days	5 years 5 months 27 days
Options granted				9 years 29 days	9 years 29 days	9 years 29 days
Options exercised				2 years 4 months 17 days	3 years 2 months 16 days	4 years 6 months 11 days
Vested or expected to vest at the end of the period				4 years 29 days
Exercisable at the end of the period				3 years 2 months 19 days
Aggregate intrinsic value
Options, vested or expected to vest and exercisable (in dollars) | $				$ 42.5
Options exercised (in dollars) | $				$ 19
Share Options | Minimum
Share options, additional general disclosures
Vesting period				3 years
Share Options | Maximum
SHARE-BASED COMPENSATION PLANS
Maximum term of options				10 years
Restricted Shares
Share options, additional general disclosures
Compensation expense recognized (in dollars) | $				$ 2.7	$ 3.5	$ 5.4
Aggregate grant date fair value of share based awards issued (in dollars) | $				3.2	$ 3.4
Unrecognized compensation cost | $				$ 3.1
Unrecognized compensation cost recorded, period				4 years
Number of Non-Vested Restricted Shares
Non-vested at the beginning of the period (in shares)				380,783
Granted (in shares)				114,883	194,000
Vested (in shares)				(169,687)
Forfeited (in shares)				(24,155)
Non-vested at the end of the period (in shares)				301,824	380,783
Restricted Shares | Minimum
Share options, additional general disclosures
Vesting period				3 years
Restricted Shares | Maximum
Share options, additional general disclosures
Vesting period				5 years
Restricted share units
Share options, additional general disclosures
Aggregate grant date fair value of share based awards issued (in dollars) | $	$ 1.3	$ 0.9	$ 0.8
Number of Non-Vested Restricted Shares
Granted (in shares)	35,614	47,487	41,503
Restricted share, additional disclosure
Period for calculation of total return to shareholders	3 years	3 years	3 years
2007 Plan
SHARE-BASED COMPENSATION PLANS
Maximum number of fungible units available for issuance (in shares)				4,728,561
Additional fungible units available for grant upon expiration or forfeiture of options and restricted share awards				372,135
Number of ratios used to establish an average | item				3
Maximum percentage limit of the average of three ratios				2.00%
Maximum number of awards that may be granted to an individual per calendar year (in shares)				1,000,000
2007 Plan | Minimum
SHARE-BASED COMPENSATION PLANS
Share awards conversion ratio to be counted as units against the fungible pool limit				1
2007 Plan | Maximum
SHARE-BASED COMPENSATION PLANS
Share awards conversion ratio to be counted as units against the fungible pool limit				1.66
2007 Plan | Options or share appreciation rights
SHARE-BASED COMPENSATION PLANS
Share awards conversion ratio to be counted as units against the fungible pool limit				1
2007 Plan | Restricted shares or restricted share units
SHARE-BASED COMPENSATION PLANS
Share awards conversion ratio to be counted as units against the fungible pool limit				1.66
2007 Plan | Restricted Shares
SHARE-BASED COMPENSATION PLANS
Numerator used to expand the number of Full-Value awards				1.5
2004 Plan
SHARE-BASED COMPENSATION PLANS
Maximum number of shares reserved for issuance				3,000,000
2004 Plan | Options or share appreciation rights
SHARE-BASED COMPENSATION PLANS
Maximum number of awards that may be granted to an individual per calendar year (in shares)				400,000
2004 Plan | Restricted shares or restricted share units
SHARE-BASED COMPENSATION PLANS
Maximum number of awards that may be granted to an individual per calendar year (in shares)				100,000
2004 Plan | Other awards
SHARE-BASED COMPENSATION PLANS
Maximum number of awards that may be granted to an individual per calendar year (in shares)				250,000

EARNINGS PER SHARE AND UNIT A67

EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL - Earnings Per Share and Unit (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL
Income (Loss) from continuing operations	$ 78,756	$ 26,366	$ 10,409
Noncontrolling interests in the Operating Partnership	(960)	(302)	(51)
Noncontrolling interest in subsidiaries	(84)	(16)	42
Distribution to preferred shareholders	(6,008)	(6,008)	(6,008)
Income (Loss) from continuing operations attributable to the Company's common shareholders	$ 71,704	20,040	4,392
Total discontinued operations		336	31,585
Noncontrolling interests in the Operating Partnership		(5)	(537)
Total discontinued operations attributable to the Company's common shareholders		331	31,048
NET INCOME ATTRIBUTABLE TO THE COMPANY'S COMMON SHAREHOLDERS	$ 71,704	$ 20,371	$ 35,440
Weighted-average shares outstanding (in shares)	168,640,000	149,107,000	135,191,000
Share options and restricted share units (in shares)	1,551,000	1,756,000	2,551,000
Weighted-average diluted shares outstanding (in shares)	170,191,000	150,863,000	137,742,000
Earnings (loss) per common share
Continuing operations (in dollars per share)	$ 0.43	$ 0.13	$ 0.03
Discontinued operations (in dollars per share)		0.01	0.23
Basic and diluted earnings (loss) per common share (in dollars per share)	0.43	0.14	0.26
Preferred stock, cash dividends declared (in dollars per share)	$ 1.938	$ 1.938	$ 1.938
Potentially dilutive shares not included in the earnings per share calculation as their effect is antidilutive (in shares)			2,551,000
Potential dilutive securities included in the calculation of diluted earnings per share (in shares)	1,551,000	1,756,000
Common stock, cash dividends declared (in dollars per share)	$ 0.69	$ 0.55	$ 0.46
Outstanding units of noncontrolling interest in the Operating Partnership (in shares)	2,159,650	2,257,486	2,275,730
Common shares, shares outstanding	174,667,870	163,956,675	139,328,366

EARNINGS PER SHARE AND UNIT A68

EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL - Common and Preferred Shares (Details) - USD ($) $ / shares in Units, $ in Thousands	Oct. 20, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Issuance of Common and Preferred Shares
Net proceeds from sale of common shares		$ 234,061	$ 416,001	$ 100,287
Series A Preferred shares, shares outstanding		3,100,000	3,100,000
Series A Preferred shares, percentage		7.75%	7.75%
Liquidation preference		$ 77,500	$ 77,500
Liquidation preference (per share)		$ 25	$ 25
Common Shares
Issuance of Common and Preferred Shares
Number of common stock sold (in shares)	7,475,000
Average sales price per common share (in dollars per share)	$ 19.33
Number of shares of common stock purchased by underwriters to cover overallotment	975,000
Net proceeds from sale of common shares	$ 143,000
Common Shares | Equity Distribution Agreements
Issuance of Common and Preferred Shares
Number of common stock sold (in shares)		9,000,000	15,200,000	5,700,000
Average sales price per common share (in dollars per share)		$ 26.35	$ 18.22	$ 17.92
Net proceeds from sale of common shares		$ 234,200	$ 273,000	$ 100,300
Common shares remained available for issuance		10,200,000	9,200,000
Common Shares | Equity Distribution Agreements | Maximum
Issuance of Common and Preferred Shares
Number of shares that may be sold		40,000,000

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
INCOME TAXES
Valuation allowance	$ 0	$ 0
Deferred tax assets, net	1.7	$ 1
Tax benefits associated with share based compensation	$ 1.7

DISCONTINUED OPERATIONS (Detail

DISCONTINUED OPERATIONS (Details) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015USD ($)	Sep. 30, 2015USD ($)	Jun. 30, 2015USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Sep. 30, 2014USD ($)	Jun. 30, 2014USD ($)	Mar. 31, 2014USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)property	Dec. 31, 2013USD ($)property
DISCONTINUED OPERATIONS
Number of facilities related to discontinued operations | property											35
Number of facilities sold in previous years related to discontinued operations | property										6
REVENUES
Rental income									$ 392,476	$ 330,898	$ 281,250
Other property related income									45,189	40,065	32,365
Total revenues	$ 114,992	$ 115,970	$ 109,871	$ 103,688	$ 100,267	$ 97,092	$ 92,337	$ 87,267	444,521	376,963	318,395
OPERATING EXPENSES
Property operating expenses									153,172	132,701	118,222
Depreciation and amortization									151,789	126,813	112,313
Total operating expenses	$ 83,196	$ 86,265	$ 84,163	$ 83,009	$ 82,454	$ 73,966	$ 70,347	$ 68,653	336,633	295,420	263,947
OPERATING INCOME									107,888	81,543	54,448
OTHER (EXPENSE) INCOME
Interest expense on loans									$ (43,736)	$ (46,802)	(40,424)
Gain from dispositions of discontinued operations											27,440
Total discontinued operations										$ 336	31,585
Discontinued operations
REVENUES
Rental income											10,795
Other property related income											1,583
Total revenues											12,378
OPERATING EXPENSES
Property operating expenses										(336)	5,318
Depreciation and amortization											2,703
Total operating expenses										(336)	8,021
OPERATING INCOME										336	4,357
OTHER (EXPENSE) INCOME
Interest expense on loans											(212)
Gain from dispositions of discontinued operations											27,440
Total discontinued operations										$ 336	$ 31,585

PRO FORMA FINANCIAL INFORMATI71

PRO FORMA FINANCIAL INFORMATION (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)property$ / shares	Dec. 31, 2014USD ($)$ / shares	Dec. 31, 2013$ / shares
Consolidated results of operations on a pro forma basis
Pro forma revenue | $	$ 457,663	$ 428,380
Pro forma income from continuing operations | $	$ 111,804	$ 37,445
Earnings per share from continuing operations:
Basic - as reported (in dollars per share) | $ / shares	$ 0.43	$ 0.13	$ 0.03
Diluted - as reported (in dollars per share) | $ / shares	0.42	0.13	$ 0.03
Basic and diluted - as pro forma (in dollars per share) | $ / shares	$ 0.62	$ 0.21
Self-storage facilities
Self-storage facilities
Number of self-storage facilities acquired | property	29
Aggregate purchase or sale price | $	$ 292,400

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) $ in Millions	Jan. 01, 2016USD ($)property	Dec. 08, 2015facility
HVP
Subsequent Events
Number of self-storage facilities acquired | facility		30
Michigan | HVP
Subsequent Events
Number of self-storage facilities acquired | facility		16
Subsequent event
Subsequent Events
Number of self-storage facilities acquired	5
Purchase price of acquisition | $	$ 105.9
Subsequent event | New York
Subsequent Events
Number of self-storage facilities acquired	1
Subsequent event | Texas
Subsequent Events
Number of self-storage facilities acquired	3
Subsequent event | Washington, DC
Subsequent Events
Number of self-storage facilities acquired	1
Subsequent event | Michigan | HVP
Subsequent Events
Number of self-storage facilities acquired	1
Purchase price of acquisition | $	$ 5.7

SELECTED QUARTERLY FINANCIAL 73

SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Quarterly financial information
Total revenues	$ 114,992	$ 115,970	$ 109,871	$ 103,688	$ 100,267	$ 97,092	$ 92,337	$ 87,267	$ 444,521	$ 376,963	$ 318,395
Total operating expenses	83,196	86,265	84,163	83,009	82,454	73,966	70,347	68,653	336,633	295,420	263,947
Net (loss) income attributable to the company	$ 37,116	$ 18,438	$ 13,724	$ 8,434	$ 5,483	$ 8,480	$ 7,886	$ 4,530	$ 77,712	$ 26,379	$ 41,448
Basic earnings per share	$ 0.21	$ 0.10	$ 0.07	$ 0.04	$ 0.02	$ 0.05	$ 0.04	$ 0.03	$ 0.43	$ 0.14	$ 0.26
Diluted earnings per share	$ 0.20	$ 0.10	$ 0.07	$ 0.04	$ 0.02	$ 0.05	$ 0.04	$ 0.03	$ 0.42	$ 0.14	$ 0.26

SCHEDULE III REAL ESTATE AND 74

SCHEDULE III REAL ESTATE AND RELATED DEPRECIATION (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)ft²	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	30,361,354
Initial cost
Land	$ 579,248
Building and Improvements	2,536,636
Costs Subsequent to Acquisition	239,136
Gross Carrying Amount at year end
Land	588,503
Building and Improvements	2,534,193
Total	3,122,696
Total	3,467,032	$ 3,117,198	$ 2,553,706
Accumulated Depreciation	$ 475,599
Minimum
Gross Carrying Amount at year end
Estimated useful lives	5 years
Maximum
Gross Carrying Amount at year end
Estimated useful lives	39 years
YSI 33
REAL ESTATE AND RELATED DEPRECIATION
Encumbrances	$ 10,154
Chandler I, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	47,430
Initial cost
Land	$ 327
Building and Improvements	1,257
Costs Subsequent to Acquisition	289
Gross Carrying Amount at year end
Land	327
Building and Improvements	1,372
Total	1,699
Total	1,699
Accumulated Depreciation	$ 489
Chandler II, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	83,644
Initial cost
Land	$ 1,518
Building and Improvements	7,485
Costs Subsequent to Acquisition	56
Gross Carrying Amount at year end
Land	1,518
Building and Improvements	7,540
Total	9,058
Total	9,058
Accumulated Depreciation	$ 558
Gilbert, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	57,430
Initial cost
Land	$ 951
Building and Improvements	4,688
Costs Subsequent to Acquisition	21
Gross Carrying Amount at year end
Land	951
Building and Improvements	4,710
Total	5,661
Total	5,661
Accumulated Depreciation	$ 425
Glendale, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	56,807
Initial cost
Land	$ 201
Building and Improvements	2,265
Costs Subsequent to Acquisition	1,046
Gross Carrying Amount at year end
Land	418
Building and Improvements	2,759
Total	3,177
Total	3,177
Accumulated Depreciation	$ 1,184
Green Valley, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	25,050
Initial cost
Land	$ 298
Building and Improvements	1,153
Costs Subsequent to Acquisition	136
Gross Carrying Amount at year end
Land	298
Building and Improvements	1,079
Total	1,377
Total	1,377
Accumulated Depreciation	$ 360
Mesa I, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	52,475
Initial cost
Land	$ 920
Building and Improvements	2,739
Costs Subsequent to Acquisition	202
Gross Carrying Amount at year end
Land	921
Building and Improvements	2,495
Total	3,416
Total	3,416
Accumulated Depreciation	$ 846
Mesa II, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	45,511
Initial cost
Land	$ 731
Building and Improvements	2,176
Costs Subsequent to Acquisition	210
Gross Carrying Amount at year end
Land	731
Building and Improvements	2,069
Total	2,800
Total	2,800
Accumulated Depreciation	$ 704
Mesa III, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	59,629
Initial cost
Land	$ 706
Building and Improvements	2,101
Costs Subsequent to Acquisition	210
Gross Carrying Amount at year end
Land	706
Building and Improvements	1,927
Total	2,633
Total	2,633
Accumulated Depreciation	$ 659
Peoria, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	110,710
Initial cost
Land	$ 1,436
Building and Improvements	7,082
Costs Subsequent to Acquisition	6
Gross Carrying Amount at year end
Land	1,436
Building and Improvements	7,087
Total	8,523
Total	8,523
Accumulated Depreciation	$ 113
Phoenix I, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	101,025
Initial cost
Land	$ 1,134
Building and Improvements	3,376
Costs Subsequent to Acquisition	470
Gross Carrying Amount at year end
Land	1,135
Building and Improvements	3,197
Total	4,332
Total	4,332
Accumulated Depreciation	$ 1,072
Phoenix II, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	83,160
Initial cost
Land	$ 756
Building and Improvements	2,251
Costs Subsequent to Acquisition	1,572
Gross Carrying Amount at year end
Land	847
Building and Improvements	3,125
Total	3,972
Total	3,972
Accumulated Depreciation	$ 943
Phoenix III, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	121,931
Initial cost
Land	$ 2,115
Building and Improvements	10,429
Costs Subsequent to Acquisition	97
Gross Carrying Amount at year end
Land	2,115
Building and Improvements	10,526
Total	12,641
Total	12,641
Accumulated Depreciation	$ 612
Queen Creek AZ Member
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	94,462
Initial cost
Land	$ 1,159
Building and Improvements	5,716
Costs Subsequent to Acquisition	14
Gross Carrying Amount at year end
Land	1,159
Building and Improvements	5,730
Total	6,889
Total	6,889
Accumulated Depreciation	$ 137
Scottsdale, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	79,525
Initial cost
Land	$ 443
Building and Improvements	4,879
Costs Subsequent to Acquisition	1,721
Gross Carrying Amount at year end
Land	883
Building and Improvements	5,494
Total	6,377
Total	6,377
Accumulated Depreciation	$ 2,338
Surprise , AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	72,600
Initial cost
Land	$ 584
Building and Improvements	3,761
Costs Subsequent to Acquisition	1
Gross Carrying Amount at year end
Land	584
Building and Improvements	3,761
Total	4,345
Total	4,345
Accumulated Depreciation	$ 10
Tempe I, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	53,890
Initial cost
Land	$ 749
Building and Improvements	2,159
Costs Subsequent to Acquisition	379
Gross Carrying Amount at year end
Land	749
Building and Improvements	2,228
Total	2,977
Total	2,977
Accumulated Depreciation	$ 671
Tempe II, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	68,484
Initial cost
Land	$ 588
Building and Improvements	2,898
Costs Subsequent to Acquisition	2,136
Gross Carrying Amount at year end
Land	588
Building and Improvements	5,034
Total	5,622
Total	5,622
Accumulated Depreciation	$ 288
Tucson I, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	59,800
Initial cost
Land	$ 188
Building and Improvements	2,078
Costs Subsequent to Acquisition	1,039
Gross Carrying Amount at year end
Land	384
Building and Improvements	2,615
Total	2,999
Total	2,999
Accumulated Depreciation	$ 1,094
Tucson II, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	43,950
Initial cost
Land	$ 188
Building and Improvements	2,078
Costs Subsequent to Acquisition	1,040
Gross Carrying Amount at year end
Land	391
Building and Improvements	2,642
Total	3,033
Total	3,033
Accumulated Depreciation	$ 1,087
Tucson III, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	49,832
Initial cost
Land	$ 532
Building and Improvements	2,048
Costs Subsequent to Acquisition	250
Gross Carrying Amount at year end
Land	533
Building and Improvements	1,938
Total	2,471
Total	2,471
Accumulated Depreciation	$ 636
Tucson IV, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	48,040
Initial cost
Land	$ 674
Building and Improvements	2,595
Costs Subsequent to Acquisition	301
Gross Carrying Amount at year end
Land	675
Building and Improvements	2,476
Total	3,151
Total	3,151
Accumulated Depreciation	$ 809
Tucson V, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	45,134
Initial cost
Land	$ 515
Building and Improvements	1,980
Costs Subsequent to Acquisition	346
Gross Carrying Amount at year end
Land	515
Building and Improvements	1,970
Total	2,485
Total	2,485
Accumulated Depreciation	$ 643
Tucson VI, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	40,814
Initial cost
Land	$ 440
Building and Improvements	1,692
Costs Subsequent to Acquisition	219
Gross Carrying Amount at year end
Land	430
Building and Improvements	1,613
Total	2,043
Total	2,043
Accumulated Depreciation	$ 535
Tucson VII, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	52,688
Initial cost
Land	$ 670
Building and Improvements	2,576
Costs Subsequent to Acquisition	308
Gross Carrying Amount at year end
Land	670
Building and Improvements	2,470
Total	3,140
Total	3,140
Accumulated Depreciation	$ 820
Tucson VIII, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	46,650
Initial cost
Land	$ 589
Building and Improvements	2,265
Costs Subsequent to Acquisition	308
Gross Carrying Amount at year end
Land	589
Building and Improvements	2,222
Total	2,811
Total	2,811
Accumulated Depreciation	$ 720
Tucson IX, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	67,520
Initial cost
Land	$ 724
Building and Improvements	2,786
Costs Subsequent to Acquisition	355
Gross Carrying Amount at year end
Land	725
Building and Improvements	2,621
Total	3,346
Total	3,346
Accumulated Depreciation	$ 886
Tucson X, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	46,350
Initial cost
Land	$ 424
Building and Improvements	1,633
Costs Subsequent to Acquisition	206
Gross Carrying Amount at year end
Land	425
Building and Improvements	1,529
Total	1,954
Total	1,954
Accumulated Depreciation	$ 517
Tucson XI, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	42,940
Initial cost
Land	$ 439
Building and Improvements	1,689
Costs Subsequent to Acquisition	396
Gross Carrying Amount at year end
Land	439
Building and Improvements	1,796
Total	2,235
Total	2,235
Accumulated Depreciation	$ 628
Tucson XII, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	42,225
Initial cost
Land	$ 671
Building and Improvements	2,582
Costs Subsequent to Acquisition	289
Gross Carrying Amount at year end
Land	672
Building and Improvements	2,454
Total	3,126
Total	3,126
Accumulated Depreciation	$ 805
Tucson XIII, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	45,850
Initial cost
Land	$ 587
Building and Improvements	2,258
Costs Subsequent to Acquisition	303
Gross Carrying Amount at year end
Land	587
Building and Improvements	2,194
Total	2,781
Total	2,781
Accumulated Depreciation	$ 722
Tucson XIV, AZ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	49,095
Initial cost
Land	$ 707
Building and Improvements	2,721
Costs Subsequent to Acquisition	459
Gross Carrying Amount at year end
Land	708
Building and Improvements	2,645
Total	3,353
Total	3,353
Accumulated Depreciation	$ 881
Benicia, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	74,770
Initial cost
Land	$ 2,392
Building and Improvements	7,028
Costs Subsequent to Acquisition	275
Gross Carrying Amount at year end
Land	2,392
Building and Improvements	6,220
Total	8,612
Total	8,612
Accumulated Depreciation	$ 2,002
Citrus Heights, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	75,620
Initial cost
Land	$ 1,633
Building and Improvements	4,793
Costs Subsequent to Acquisition	228
Gross Carrying Amount at year end
Land	1,634
Building and Improvements	4,251
Total	5,885
Total	5,885
Accumulated Depreciation	$ 1,436
Corona, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	95,125
Initial cost
Land	$ 2,107
Building and Improvements	10,385
Costs Subsequent to Acquisition	26
Gross Carrying Amount at year end
Land	2,107
Building and Improvements	10,410
Total	12,517
Total	12,517
Accumulated Depreciation	$ 385
Diamond Bar, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	103,284
Initial cost
Land	$ 2,522
Building and Improvements	7,404
Costs Subsequent to Acquisition	195
Gross Carrying Amount at year end
Land	2,524
Building and Improvements	6,507
Total	9,031
Total	9,031
Accumulated Depreciation	$ 2,203
Escondido, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	143,345
Initial cost
Land	$ 3,040
Building and Improvements	11,804
Costs Subsequent to Acquisition	170
Gross Carrying Amount at year end
Land	3,040
Building and Improvements	9,615
Total	12,655
Total	12,655
Accumulated Depreciation	$ 2,525
Fallbrook, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	45,976
Initial cost
Land	$ 133
Building and Improvements	1,492
Costs Subsequent to Acquisition	1,770
Gross Carrying Amount at year end
Land	432
Building and Improvements	2,756
Total	3,188
Total	3,188
Accumulated Depreciation	$ 1,140
Fremont, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	51,243
Initial cost
Land	$ 1,158
Building and Improvements	5,711
Costs Subsequent to Acquisition	138
Gross Carrying Amount at year end
Land	1,158
Building and Improvements	5,850
Total	7,008
Total	7,008
Accumulated Depreciation	$ 354
Lancaster, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	60,450
Initial cost
Land	$ 390
Building and Improvements	2,247
Costs Subsequent to Acquisition	960
Gross Carrying Amount at year end
Land	556
Building and Improvements	2,707
Total	3,263
Total	3,263
Accumulated Depreciation	$ 1,111
Long Beach, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	124,571
Initial cost
Land	$ 3,138
Building and Improvements	14,368
Costs Subsequent to Acquisition	624
Gross Carrying Amount at year end
Land	3,138
Building and Improvements	13,078
Total	16,216
Total	16,216
Accumulated Depreciation	$ 4,115
Murrieta, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	49,815
Initial cost
Land	$ 1,883
Building and Improvements	5,532
Costs Subsequent to Acquisition	228
Gross Carrying Amount at year end
Land	1,903
Building and Improvements	4,895
Total	6,798
Total	6,798
Accumulated Depreciation	$ 1,575
North Highlands, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	57,169
Initial cost
Land	$ 868
Building and Improvements	2,546
Costs Subsequent to Acquisition	395
Gross Carrying Amount at year end
Land	868
Building and Improvements	2,483
Total	3,351
Total	3,351
Accumulated Depreciation	$ 835
Ontario, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	93,590
Initial cost
Land	$ 1,705
Building and Improvements	8,401
Costs Subsequent to Acquisition	248
Gross Carrying Amount at year end
Land	1,705
Building and Improvements	8,649
Total	10,354
Total	10,354
Accumulated Depreciation	$ 318
Orangevale, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	50,542
Initial cost
Land	$ 1,423
Building and Improvements	4,175
Costs Subsequent to Acquisition	302
Gross Carrying Amount at year end
Land	1,423
Building and Improvements	3,796
Total	5,219
Total	5,219
Accumulated Depreciation	$ 1,274
Pleasanton, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	83,600
Initial cost
Land	$ 2,799
Building and Improvements	8,222
Costs Subsequent to Acquisition	178
Gross Carrying Amount at year end
Land	2,799
Building and Improvements	7,158
Total	9,957
Total	9,957
Accumulated Depreciation	$ 2,306
Rancho Cordova, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	53,978
Initial cost
Land	$ 1,094
Building and Improvements	3,212
Costs Subsequent to Acquisition	257
Gross Carrying Amount at year end
Land	1,095
Building and Improvements	2,927
Total	4,022
Total	4,022
Accumulated Depreciation	$ 992
Rialto I, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	57,391
Initial cost
Land	$ 899
Building and Improvements	4,118
Costs Subsequent to Acquisition	182
Gross Carrying Amount at year end
Land	899
Building and Improvements	3,729
Total	4,628
Total	4,628
Accumulated Depreciation	$ 1,187
Rialto II, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	99,783
Initial cost
Land	$ 277
Building and Improvements	3,098
Costs Subsequent to Acquisition	1,720
Gross Carrying Amount at year end
Land	672
Building and Improvements	4,028
Total	4,700
Total	4,700
Accumulated Depreciation	$ 1,794
Riverside I, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	67,020
Initial cost
Land	$ 1,351
Building and Improvements	6,183
Costs Subsequent to Acquisition	526
Gross Carrying Amount at year end
Land	1,351
Building and Improvements	5,877
Total	7,228
Total	7,228
Accumulated Depreciation	$ 1,818
Riverside II, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	85,026
Initial cost
Land	$ 1,170
Building and Improvements	5,359
Costs Subsequent to Acquisition	401
Gross Carrying Amount at year end
Land	1,170
Building and Improvements	4,974
Total	6,144
Total	6,144
Accumulated Depreciation	$ 1,570
Roseville, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	59,944
Initial cost
Land	$ 1,284
Building and Improvements	3,767
Costs Subsequent to Acquisition	363
Gross Carrying Amount at year end
Land	1,284
Building and Improvements	3,531
Total	4,815
Total	4,815
Accumulated Depreciation	$ 1,203
Sacramento I, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	50,764
Initial cost
Land	$ 1,152
Building and Improvements	3,380
Costs Subsequent to Acquisition	255
Gross Carrying Amount at year end
Land	1,152
Building and Improvements	3,076
Total	4,228
Total	4,228
Accumulated Depreciation	$ 1,047
Sacramento II, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	62,088
Initial cost
Land	$ 1,406
Building and Improvements	4,128
Costs Subsequent to Acquisition	239
Gross Carrying Amount at year end
Land	1,407
Building and Improvements	3,703
Total	5,110
Total	5,110
Accumulated Depreciation	$ 1,243
San Bernardino I, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	31,070
Initial cost
Land	$ 51
Building and Improvements	572
Costs Subsequent to Acquisition	1,172
Gross Carrying Amount at year end
Land	182
Building and Improvements	1,422
Total	1,604
Total	1,604
Accumulated Depreciation	$ 577
San Bernardino II, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	41,546
Initial cost
Land	$ 112
Building and Improvements	1,251
Costs Subsequent to Acquisition	1,240
Gross Carrying Amount at year end
Land	306
Building and Improvements	1,949
Total	2,255
Total	2,255
Accumulated Depreciation	$ 823
San Bernardino III, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	35,416
Initial cost
Land	$ 98
Building and Improvements	1,093
Costs Subsequent to Acquisition	1,246
Gross Carrying Amount at year end
Land	242
Building and Improvements	1,843
Total	2,085
Total	2,085
Accumulated Depreciation	$ 748
San Bernardino IV, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	83,307
Initial cost
Land	$ 1,872
Building and Improvements	5,391
Costs Subsequent to Acquisition	177
Gross Carrying Amount at year end
Land	1,872
Building and Improvements	4,851
Total	6,723
Total	6,723
Accumulated Depreciation	$ 1,575
San Bernardino V, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	56,745
Initial cost
Land	$ 783
Building and Improvements	3,583
Costs Subsequent to Acquisition	494
Gross Carrying Amount at year end
Land	783
Building and Improvements	3,550
Total	4,333
Total	4,333
Accumulated Depreciation	$ 1,137
San Bernardino VII, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	78,753
Initial cost
Land	$ 1,475
Building and Improvements	6,753
Costs Subsequent to Acquisition	287
Gross Carrying Amount at year end
Land	1,290
Building and Improvements	6,294
Total	7,584
Total	7,584
Accumulated Depreciation	$ 2,015
San Bernardino VIII, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	98,819
Initial cost
Land	$ 1,691
Building and Improvements	7,741
Costs Subsequent to Acquisition	516
Gross Carrying Amount at year end
Land	1,692
Building and Improvements	6,304
Total	7,996
Total	7,996
Accumulated Depreciation	$ 2,057
San Marcos, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	37,425
Initial cost
Land	$ 775
Building and Improvements	2,288
Costs Subsequent to Acquisition	130
Gross Carrying Amount at year end
Land	776
Building and Improvements	2,054
Total	2,830
Total	2,830
Accumulated Depreciation	$ 696
Santa Ana, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	64,071
Initial cost
Land	$ 1,223
Building and Improvements	5,600
Costs Subsequent to Acquisition	324
Gross Carrying Amount at year end
Land	1,223
Building and Improvements	5,145
Total	6,368
Total	6,368
Accumulated Depreciation	$ 1,629
South Sacramento, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	52,440
Initial cost
Land	$ 790
Building and Improvements	2,319
Costs Subsequent to Acquisition	262
Gross Carrying Amount at year end
Land	791
Building and Improvements	2,161
Total	2,952
Total	2,952
Accumulated Depreciation	$ 731
Spring Valley, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	55,035
Initial cost
Land	$ 1,178
Building and Improvements	5,394
Costs Subsequent to Acquisition	653
Gross Carrying Amount at year end
Land	1,178
Building and Improvements	5,303
Total	6,481
Total	6,481
Accumulated Depreciation	$ 1,686
Temecula I, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	81,330
Initial cost
Land	$ 660
Building and Improvements	4,735
Costs Subsequent to Acquisition	1,244
Gross Carrying Amount at year end
Land	899
Building and Improvements	5,415
Total	6,314
Total	6,314
Accumulated Depreciation	$ 2,002
Temecula II, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	84,393
Initial cost
Land	$ 3,080
Building and Improvements	5,839
Costs Subsequent to Acquisition	344
Gross Carrying Amount at year end
Land	3,080
Building and Improvements	5,254
Total	8,334
Total	8,334
Accumulated Depreciation	$ 1,361
Vista I, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	74,238
Initial cost
Land	$ 711
Building and Improvements	4,076
Costs Subsequent to Acquisition	2,304
Gross Carrying Amount at year end
Land	1,118
Building and Improvements	5,453
Total	6,571
Total	6,571
Accumulated Depreciation	$ 2,130
Vista II, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	147,871
Initial cost
Land	$ 4,629
Building and Improvements	13,599
Costs Subsequent to Acquisition	155
Gross Carrying Amount at year end
Land	4,629
Building and Improvements	11,699
Total	16,328
Total	16,328
Accumulated Depreciation	$ 3,824
Walnut, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	50,708
Initial cost
Land	$ 1,578
Building and Improvements	4,635
Costs Subsequent to Acquisition	287
Gross Carrying Amount at year end
Land	1,595
Building and Improvements	4,184
Total	5,779
Total	5,779
Accumulated Depreciation	$ 1,349
West Sacramento, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	40,015
Initial cost
Land	$ 1,222
Building and Improvements	3,590
Costs Subsequent to Acquisition	209
Gross Carrying Amount at year end
Land	1,222
Building and Improvements	3,237
Total	4,459
Total	4,459
Accumulated Depreciation	$ 1,057
Westminster, CA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	68,503
Initial cost
Land	$ 1,740
Building and Improvements	5,142
Costs Subsequent to Acquisition	355
Gross Carrying Amount at year end
Land	1,743
Building and Improvements	4,611
Total	6,354
Total	6,354
Accumulated Depreciation	$ 1,560
Aurora, CO
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	75,867
Initial cost
Land	$ 1,343
Building and Improvements	2,986
Costs Subsequent to Acquisition	383
Gross Carrying Amount at year end
Land	1,343
Building and Improvements	2,829
Total	4,172
Total	4,172
Accumulated Depreciation	$ 904
Colorado Springs I, CO
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	47,975
Initial cost
Land	$ 771
Building and Improvements	1,717
Costs Subsequent to Acquisition	361
Gross Carrying Amount at year end
Land	771
Building and Improvements	1,735
Total	2,506
Total	2,506
Accumulated Depreciation	$ 556
Colorado Springs II, CO
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	62,400
Initial cost
Land	$ 657
Building and Improvements	2,674
Costs Subsequent to Acquisition	213
Gross Carrying Amount at year end
Land	656
Building and Improvements	2,379
Total	3,035
Total	3,035
Accumulated Depreciation	$ 763
Denver I, CO
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	59,200
Initial cost
Land	$ 673
Building and Improvements	2,741
Costs Subsequent to Acquisition	220
Gross Carrying Amount at year end
Land	646
Building and Improvements	2,484
Total	3,130
Total	3,130
Accumulated Depreciation	$ 832
Denver II, CO
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	74,465
Initial cost
Land	$ 1,430
Building and Improvements	7,053
Costs Subsequent to Acquisition	104
Gross Carrying Amount at year end
Land	1,430
Building and Improvements	7,157
Total	8,587
Total	8,587
Accumulated Depreciation	$ 745
Federal Heights, CO
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	54,770
Initial cost
Land	$ 878
Building and Improvements	1,953
Costs Subsequent to Acquisition	264
Gross Carrying Amount at year end
Land	879
Building and Improvements	1,822
Total	2,701
Total	2,701
Accumulated Depreciation	$ 581
Golden, CO
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	87,800
Initial cost
Land	$ 1,683
Building and Improvements	3,744
Costs Subsequent to Acquisition	443
Gross Carrying Amount at year end
Land	1,684
Building and Improvements	3,516
Total	5,200
Total	5,200
Accumulated Depreciation	$ 1,120
Littleton, CO
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	53,490
Initial cost
Land	$ 1,268
Building and Improvements	2,820
Costs Subsequent to Acquisition	298
Gross Carrying Amount at year end
Land	1,268
Building and Improvements	2,610
Total	3,878
Total	3,878
Accumulated Depreciation	$ 803
Northglenn, CO
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	52,102
Initial cost
Land	$ 862
Building and Improvements	1,917
Costs Subsequent to Acquisition	417
Gross Carrying Amount at year end
Land	862
Building and Improvements	1,920
Total	2,782
Total	2,782
Accumulated Depreciation	$ 593
Bloomfield, CT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	48,700
Initial cost
Land	$ 78
Building and Improvements	880
Costs Subsequent to Acquisition	2,383
Gross Carrying Amount at year end
Land	360
Building and Improvements	2,689
Total	3,049
Total	3,049
Accumulated Depreciation	$ 1,050
Branford, CT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	50,679
Initial cost
Land	$ 217
Building and Improvements	2,433
Costs Subsequent to Acquisition	1,359
Gross Carrying Amount at year end
Land	504
Building and Improvements	3,097
Total	3,601
Total	3,601
Accumulated Depreciation	$ 1,377
Bristol, CT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	47,725
Initial cost
Land	$ 1,819
Building and Improvements	3,161
Costs Subsequent to Acquisition	82
Gross Carrying Amount at year end
Land	1,819
Building and Improvements	2,778
Total	4,597
Total	4,597
Accumulated Depreciation	$ 1,016
East Windsor, CT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	46,016
Initial cost
Land	$ 744
Building and Improvements	1,294
Costs Subsequent to Acquisition	496
Gross Carrying Amount at year end
Land	744
Building and Improvements	1,520
Total	2,264
Accumulated Depreciation	$ 553
Enfield, CT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	52,875
Initial cost
Land	$ 424
Building and Improvements	2,424
Costs Subsequent to Acquisition	417
Gross Carrying Amount at year end
Land	473
Building and Improvements	2,250
Total	2,723
Accumulated Depreciation	$ 952
Gales Ferry, CT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	54,905
Initial cost
Land	$ 240
Building and Improvements	2,697
Costs Subsequent to Acquisition	1,505
Gross Carrying Amount at year end
Land	489
Building and Improvements	3,520
Total	4,009
Accumulated Depreciation	$ 1,676
Manchester I, CT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	46,925
Initial cost
Land	$ 540
Building and Improvements	3,096
Costs Subsequent to Acquisition	397
Gross Carrying Amount at year end
Land	563
Building and Improvements	2,720
Total	3,283
Accumulated Depreciation	$ 1,086
Manchester II, CT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	52,725
Initial cost
Land	$ 996
Building and Improvements	1,730
Costs Subsequent to Acquisition	281
Gross Carrying Amount at year end
Land	996
Building and Improvements	1,704
Total	2,700
Accumulated Depreciation	$ 606
Manchester III, CT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	60,113
Initial cost
Land	$ 671
Building and Improvements	3,308
Costs Subsequent to Acquisition	104
Gross Carrying Amount at year end
Land	671
Building and Improvements	3,412
Total	4,083
Accumulated Depreciation	$ 215
Milford, CT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	44,885
Initial cost
Land	$ 87
Building and Improvements	1,050
Costs Subsequent to Acquisition	1,150
Gross Carrying Amount at year end
Land	274
Building and Improvements	1,723
Total	1,997
Accumulated Depreciation	$ 753
Monroe, CT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	58,500
Initial cost
Land	$ 2,004
Building and Improvements	3,483
Costs Subsequent to Acquisition	604
Gross Carrying Amount at year end
Land	2,004
Building and Improvements	3,403
Total	5,407
Accumulated Depreciation	$ 1,296
Mystic, CT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	50,825
Initial cost
Land	$ 136
Building and Improvements	1,645
Costs Subsequent to Acquisition	1,957
Gross Carrying Amount at year end
Land	410
Building and Improvements	2,862
Total	3,272
Accumulated Depreciation	$ 1,226
Newington I, CT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	42,620
Initial cost
Land	$ 1,059
Building and Improvements	1,840
Costs Subsequent to Acquisition	213
Gross Carrying Amount at year end
Land	1,059
Building and Improvements	1,759
Total	2,818
Accumulated Depreciation	$ 631
Newington II, CT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	36,140
Initial cost
Land	$ 911
Building and Improvements	1,584
Costs Subsequent to Acquisition	249
Gross Carrying Amount at year end
Land	911
Building and Improvements	1,559
Total	2,470
Accumulated Depreciation	$ 565
Norwalk, CT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	30,348
Initial cost
Land	$ 646
Building and Improvements	3,187
Costs Subsequent to Acquisition	52
Gross Carrying Amount at year end
Land	646
Building and Improvements	3,239
Total	3,885
Accumulated Depreciation	$ 357
Old Saybrook I, CT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	86,950
Initial cost
Land	$ 3,092
Building and Improvements	5,374
Costs Subsequent to Acquisition	574
Gross Carrying Amount at year end
Land	3,092
Building and Improvements	5,094
Total	8,186
Accumulated Depreciation	$ 1,859
Old Saybrook II, CT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	26,425
Initial cost
Land	$ 1,135
Building and Improvements	1,973
Costs Subsequent to Acquisition	243
Gross Carrying Amount at year end
Land	1,135
Building and Improvements	1,888
Total	3,023
Accumulated Depreciation	$ 708
Shelton, CT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	78,430
Initial cost
Land	$ 1,449
Building and Improvements	8,221
Costs Subsequent to Acquisition	191
Gross Carrying Amount at year end
Land	1,449
Building and Improvements	7,329
Total	8,778
Accumulated Depreciation	$ 1,185
South Windsor, CT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	72,075
Initial cost
Land	$ 90
Building and Improvements	1,127
Costs Subsequent to Acquisition	1,375
Gross Carrying Amount at year end
Land	272
Building and Improvements	2,116
Total	2,388
Accumulated Depreciation	$ 862
Stamford, CT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	28,907
Initial cost
Land	$ 1,941
Building and Improvements	3,374
Costs Subsequent to Acquisition	110
Gross Carrying Amount at year end
Land	1,941
Building and Improvements	2,948
Total	4,889
Accumulated Depreciation	$ 1,070
Wilton, CT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	84,515
Initial cost
Land	$ 2,409
Building and Improvements	12,261
Costs Subsequent to Acquisition	177
Gross Carrying Amount at year end
Land	2,421
Building and Improvements	12,499
Total	14,920
Accumulated Depreciation	$ 1,529
Washington I, DC
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	63,085
Initial cost
Land	$ 871
Building and Improvements	12,759
Costs Subsequent to Acquisition	451
Gross Carrying Amount at year end
Land	894
Building and Improvements	10,496
Total	11,390
Accumulated Depreciation	$ 2,643
Washington II, DC
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	82,882
Initial cost
Land	$ 3,152
Building and Improvements	13,612
Costs Subsequent to Acquisition	150
Gross Carrying Amount at year end
Land	3,154
Building and Improvements	11,987
Total	15,141
Accumulated Depreciation	$ 1,529
Boca Raton, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	37,958
Initial cost
Land	$ 529
Building and Improvements	3,054
Costs Subsequent to Acquisition	1,582
Gross Carrying Amount at year end
Land	813
Building and Improvements	3,728
Total	4,541
Accumulated Depreciation	$ 1,456
Boynton Beach I, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	61,725
Initial cost
Land	$ 667
Building and Improvements	3,796
Costs Subsequent to Acquisition	1,891
Gross Carrying Amount at year end
Land	958
Building and Improvements	4,597
Total	5,555
Accumulated Depreciation	$ 1,771
Boynton Beach II, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	61,514
Initial cost
Land	$ 1,030
Building and Improvements	2,968
Costs Subsequent to Acquisition	350
Gross Carrying Amount at year end
Land	1,030
Building and Improvements	2,881
Total	3,911
Accumulated Depreciation	$ 946
Boynton Beach III, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	67,393
Initial cost
Land	$ 1,225
Building and Improvements	6,037
Costs Subsequent to Acquisition	220
Gross Carrying Amount at year end
Land	1,225
Building and Improvements	6,258
Total	7,483
Accumulated Depreciation	$ 297
Boynton Beach IV, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	78,765
Initial cost
Land	$ 1,455
Building and Improvements	7,171
Costs Subsequent to Acquisition	15
Gross Carrying Amount at year end
Land	1,455
Building and Improvements	7,186
Total	8,641
Accumulated Depreciation	$ 114
Bradenton I, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	68,373
Initial cost
Land	$ 1,180
Building and Improvements	3,324
Costs Subsequent to Acquisition	232
Gross Carrying Amount at year end
Land	1,180
Building and Improvements	3,035
Total	4,215
Accumulated Depreciation	$ 1,023
Bradenton II, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	87,958
Initial cost
Land	$ 1,931
Building and Improvements	5,561
Costs Subsequent to Acquisition	1,002
Gross Carrying Amount at year end
Land	1,931
Building and Improvements	5,468
Total	7,399
Accumulated Depreciation	$ 1,835
Cape Coral I, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	76,842
Initial cost
Land	$ 472
Building and Improvements	2,769
Costs Subsequent to Acquisition	2,552
Gross Carrying Amount at year end
Land	830
Building and Improvements	4,026
Total	4,856
Accumulated Depreciation	$ 1,733
Cape Coral II, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	67,955
Initial cost
Land	$ 1,093
Building and Improvements	5,387
Costs Subsequent to Acquisition	62
Gross Carrying Amount at year end
Land	1,093
Building and Improvements	5,449
Total	6,542
Accumulated Depreciation	$ 188
Coconut Creek I, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	78,883
Initial cost
Land	$ 1,189
Building and Improvements	5,863
Costs Subsequent to Acquisition	159
Gross Carrying Amount at year end
Land	1,189
Building and Improvements	6,021
Total	7,210
Accumulated Depreciation	$ 630
Coconut Creek II, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	90,176
Initial cost
Land	$ 1,937
Building and Improvements	9,549
Costs Subsequent to Acquisition	160
Gross Carrying Amount at year end
Land	1,937
Building and Improvements	9,709
Total	11,646
Accumulated Depreciation	$ 593
Dania Beach, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	180,488
Initial cost
Land	$ 3,584
Building and Improvements	10,324
Costs Subsequent to Acquisition	1,252
Gross Carrying Amount at year end
Land	3,584
Building and Improvements	10,038
Total	13,622
Accumulated Depreciation	$ 3,401
Dania, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	58,145
Initial cost
Land	$ 205
Building and Improvements	2,068
Costs Subsequent to Acquisition	1,457
Gross Carrying Amount at year end
Land	481
Building and Improvements	2,827
Total	3,308
Accumulated Depreciation	$ 1,248
Davie, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	81,235
Initial cost
Land	$ 1,268
Building and Improvements	7,183
Costs Subsequent to Acquisition	831
Gross Carrying Amount at year end
Land	1,373
Building and Improvements	5,743
Total	7,116
Accumulated Depreciation	$ 2,047
Deerfield Beach, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	57,230
Initial cost
Land	$ 946
Building and Improvements	2,999
Costs Subsequent to Acquisition	2,065
Gross Carrying Amount at year end
Land	1,311
Building and Improvements	4,564
Total	5,875
Accumulated Depreciation	$ 1,853
Delray Beach I, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	67,833
Initial cost
Land	$ 798
Building and Improvements	4,539
Costs Subsequent to Acquisition	716
Gross Carrying Amount at year end
Land	883
Building and Improvements	4,255
Total	5,138
Accumulated Depreciation	$ 1,762
Delray Beach II, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	75,784
Initial cost
Land	$ 957
Building and Improvements	4,718
Costs Subsequent to Acquisition	209
Gross Carrying Amount at year end
Land	957
Building and Improvements	4,927
Total	5,884
Accumulated Depreciation	$ 408
Delray Beach III, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	94,395
Initial cost
Land	$ 2,086
Building and Improvements	10,286
Costs Subsequent to Acquisition	143
Gross Carrying Amount at year end
Land	2,086
Building and Improvements	10,430
Total	12,516
Accumulated Depreciation	$ 495
Ft. Lauderdale I, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	70,043
Initial cost
Land	$ 937
Building and Improvements	3,646
Costs Subsequent to Acquisition	2,456
Gross Carrying Amount at year end
Land	1,384
Building and Improvements	5,427
Total	6,811
Accumulated Depreciation	$ 2,182
Ft. Lauderdale II, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	49,608
Initial cost
Land	$ 862
Building and Improvements	4,250
Costs Subsequent to Acquisition	74
Gross Carrying Amount at year end
Land	862
Building and Improvements	4,324
Total	5,186
Accumulated Depreciation	$ 277
Ft. Myers I, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	67,534
Initial cost
Land	$ 303
Building and Improvements	3,329
Costs Subsequent to Acquisition	907
Gross Carrying Amount at year end
Land	328
Building and Improvements	3,249
Total	3,577
Accumulated Depreciation	$ 1,298
Ft. Myers II, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	83,125
Initial cost
Land	$ 1,030
Building and Improvements	5,080
Costs Subsequent to Acquisition	121
Gross Carrying Amount at year end
Land	1,030
Building and Improvements	5,201
Total	6,231
Accumulated Depreciation	$ 247
Ft. Myers III, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	81,554
Initial cost
Land	$ 1,148
Building and Improvements	5,658
Costs Subsequent to Acquisition	115
Gross Carrying Amount at year end
Land	1,148
Building and Improvements	5,773
Total	6,921
Accumulated Depreciation	$ 276
Jacksonville I, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	79,705
Initial cost
Land	$ 1,862
Building and Improvements	5,362
Costs Subsequent to Acquisition	93
Gross Carrying Amount at year end
Land	1,862
Building and Improvements	4,773
Total	6,635
Accumulated Depreciation	$ 1,443
Jacksonville II, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	65,070
Initial cost
Land	$ 950
Building and Improvements	7,004
Costs Subsequent to Acquisition	126
Gross Carrying Amount at year end
Land	950
Building and Improvements	5,577
Total	6,527
Accumulated Depreciation	$ 1,457
Jacksonville III, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	66,040
Initial cost
Land	$ 860
Building and Improvements	7,409
Costs Subsequent to Acquisition	997
Gross Carrying Amount at year end
Land	1,670
Building and Improvements	6,004
Total	7,674
Accumulated Depreciation	$ 1,578
Jacksonville IV, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	77,625
Initial cost
Land	$ 870
Building and Improvements	8,049
Costs Subsequent to Acquisition	1,037
Gross Carrying Amount at year end
Land	1,651
Building and Improvements	7,010
Total	8,661
Accumulated Depreciation	$ 1,842
Jacksonville V, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	82,493
Initial cost
Land	$ 1,220
Building and Improvements	8,210
Costs Subsequent to Acquisition	318
Gross Carrying Amount at year end
Land	1,220
Building and Improvements	6,820
Total	8,040
Accumulated Depreciation	$ 1,811
Jacksonville VI, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	67,275
Initial cost
Land	$ 755
Building and Improvements	3,725
Costs Subsequent to Acquisition	68
Gross Carrying Amount at year end
Land	755
Building and Improvements	3,792
Total	4,547
Accumulated Depreciation	$ 130
Kendall, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	75,495
Initial cost
Land	$ 2,350
Building and Improvements	8,106
Costs Subsequent to Acquisition	249
Gross Carrying Amount at year end
Land	2,350
Building and Improvements	6,582
Total	8,932
Accumulated Depreciation	$ 1,719
Lake Worth I, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	161,149
Initial cost
Land	$ 183
Building and Improvements	6,597
Costs Subsequent to Acquisition	7,290
Gross Carrying Amount at year end
Land	354
Building and Improvements	11,196
Total	11,550
Accumulated Depreciation	$ 4,746
Lake Worth II, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	86,924
Initial cost
Land	$ 1,552
Building and Improvements	7,654
Costs Subsequent to Acquisition	138
Gross Carrying Amount at year end
Land	1,552
Building and Improvements	7,791
Total	9,343
Accumulated Depreciation	$ 414
Lake Worth III, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	93,985
Initial cost
Land	$ 957
Building and Improvements	4,716
Costs Subsequent to Acquisition	74
Gross Carrying Amount at year end
Land	957
Building and Improvements	4,790
Total	5,747
Accumulated Depreciation	$ 89
Lakeland, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	49,079
Initial cost
Land	$ 81
Building and Improvements	896
Costs Subsequent to Acquisition	1,202
Gross Carrying Amount at year end
Land	256
Building and Improvements	1,515
Total	1,771
Accumulated Depreciation	$ 629
Leisure City, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	56,052
Initial cost
Land	$ 409
Building and Improvements	2,018
Costs Subsequent to Acquisition	135
Gross Carrying Amount at year end
Land	409
Building and Improvements	2,152
Total	2,561
Accumulated Depreciation	$ 234
Lutz I, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	66,795
Initial cost
Land	$ 901
Building and Improvements	2,478
Costs Subsequent to Acquisition	238
Gross Carrying Amount at year end
Land	901
Building and Improvements	2,331
Total	3,232
Accumulated Depreciation	$ 775
Lutz II, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	69,232
Initial cost
Land	$ 992
Building and Improvements	2,868
Costs Subsequent to Acquisition	343
Gross Carrying Amount at year end
Land	992
Building and Improvements	2,722
Total	3,714
Accumulated Depreciation	$ 899
Margate I, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	53,660
Initial cost
Land	$ 161
Building and Improvements	1,763
Costs Subsequent to Acquisition	2,125
Gross Carrying Amount at year end
Land	399
Building and Improvements	3,233
Total	3,632
Accumulated Depreciation	$ 1,384
Margate II, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	65,380
Initial cost
Land	$ 132
Building and Improvements	1,473
Costs Subsequent to Acquisition	1,815
Gross Carrying Amount at year end
Land	383
Building and Improvements	2,676
Total	3,059
Accumulated Depreciation	$ 1,125
Merritt Island, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	50,251
Initial cost
Land	$ 716
Building and Improvements	2,983
Costs Subsequent to Acquisition	609
Gross Carrying Amount at year end
Land	796
Building and Improvements	2,854
Total	3,650
Accumulated Depreciation	$ 1,037
Miami I, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	46,500
Initial cost
Land	$ 179
Building and Improvements	1,999
Costs Subsequent to Acquisition	1,824
Gross Carrying Amount at year end
Land	484
Building and Improvements	3,122
Total	3,606
Accumulated Depreciation	$ 1,485
Miami II, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	66,960
Initial cost
Land	$ 253
Building and Improvements	2,544
Costs Subsequent to Acquisition	1,577
Gross Carrying Amount at year end
Land	561
Building and Improvements	3,303
Total	3,864
Accumulated Depreciation	$ 1,450
Miami III, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	150,320
Initial cost
Land	$ 4,577
Building and Improvements	13,185
Costs Subsequent to Acquisition	839
Gross Carrying Amount at year end
Land	4,577
Building and Improvements	12,199
Total	16,776
Accumulated Depreciation	$ 3,752
Miami IV, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	76,695
Initial cost
Land	$ 1,852
Building and Improvements	10,494
Costs Subsequent to Acquisition	906
Gross Carrying Amount at year end
Land	1,963
Building and Improvements	9,839
Total	11,802
Accumulated Depreciation	$ 1,487
Miramar, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	75,530
Initial cost
Land	$ 1,206
Building and Improvements	5,944
Costs Subsequent to Acquisition	61
Gross Carrying Amount at year end
Land	1,206
Building and Improvements	6,006
Total	7,212
Accumulated Depreciation	$ 494
Naples I, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	48,100
Initial cost
Land	$ 90
Building and Improvements	1,010
Costs Subsequent to Acquisition	2,537
Gross Carrying Amount at year end
Land	270
Building and Improvements	3,158
Total	3,428
Accumulated Depreciation	$ 1,428
Naples II, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	65,850
Initial cost
Land	$ 148
Building and Improvements	1,652
Costs Subsequent to Acquisition	4,358
Gross Carrying Amount at year end
Land	558
Building and Improvements	5,316
Total	5,874
Accumulated Depreciation	$ 2,298
Naples III, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	80,222
Initial cost
Land	$ 139
Building and Improvements	1,561
Costs Subsequent to Acquisition	4,156
Gross Carrying Amount at year end
Land	598
Building and Improvements	4,406
Total	5,004
Accumulated Depreciation	$ 2,068
Naples IV, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	40,525
Initial cost
Land	$ 262
Building and Improvements	2,980
Costs Subsequent to Acquisition	588
Gross Carrying Amount at year end
Land	407
Building and Improvements	2,976
Total	3,383
Accumulated Depreciation	$ 1,303
New Smyrna Beach, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	81,454
Initial cost
Land	$ 1,261
Building and Improvements	6,215
Costs Subsequent to Acquisition	84
Gross Carrying Amount at year end
Land	1,261
Building and Improvements	6,298
Total	7,559
Accumulated Depreciation	$ 232
Ocoee, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	76,200
Initial cost
Land	$ 1,286
Building and Improvements	3,705
Costs Subsequent to Acquisition	180
Gross Carrying Amount at year end
Land	1,286
Building and Improvements	3,368
Total	4,654
Accumulated Depreciation	$ 1,067
Orange City, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	59,580
Initial cost
Land	$ 1,191
Building and Improvements	3,209
Costs Subsequent to Acquisition	208
Gross Carrying Amount at year end
Land	1,191
Building and Improvements	2,929
Total	4,120
Accumulated Depreciation	$ 984
Orlando II, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	63,084
Initial cost
Land	$ 1,589
Building and Improvements	4,576
Costs Subsequent to Acquisition	157
Gross Carrying Amount at year end
Land	1,589
Building and Improvements	4,094
Total	5,683
Accumulated Depreciation	$ 1,309
Orlando III, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	101,330
Initial cost
Land	$ 1,209
Building and Improvements	7,768
Costs Subsequent to Acquisition	675
Gross Carrying Amount at year end
Land	1,209
Building and Improvements	7,055
Total	8,264
Accumulated Depreciation	$ 1,944
Orlando IV, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	76,581
Initial cost
Land	$ 633
Building and Improvements	3,587
Costs Subsequent to Acquisition	157
Gross Carrying Amount at year end
Land	633
Building and Improvements	3,241
Total	3,874
Accumulated Depreciation	$ 518
Orlando V, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	75,295
Initial cost
Land	$ 950
Building and Improvements	4,685
Costs Subsequent to Acquisition	106
Gross Carrying Amount at year end
Land	950
Building and Improvements	4,790
Total	5,740
Accumulated Depreciation	$ 483
Orlando VI, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	67,275
Initial cost
Land	$ 640
Building and Improvements	3,154
Costs Subsequent to Acquisition	127
Gross Carrying Amount at year end
Land	640
Building and Improvements	3,281
Total	3,921
Accumulated Depreciation	$ 111
Oviedo, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	49,276
Initial cost
Land	$ 440
Building and Improvements	2,824
Costs Subsequent to Acquisition	571
Gross Carrying Amount at year end
Land	440
Building and Improvements	2,723
Total	3,163
Accumulated Depreciation	$ 775
Palm Coast I, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	47,400
Initial cost
Land	$ 555
Building and Improvements	2,735
Costs Subsequent to Acquisition	78
Gross Carrying Amount at year end
Land	555
Building and Improvements	2,813
Total	3,368
Accumulated Depreciation	$ 174
Palm Coast II, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	122,490
Encumbrances	$ 7,835
Initial cost
Land	1,511
Building and Improvements	7,450
Costs Subsequent to Acquisition	298
Gross Carrying Amount at year end
Land	1,511
Building and Improvements	7,748
Total	9,259
Accumulated Depreciation	$ 478
Pembroke Pines, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	67,321
Initial cost
Land	$ 337
Building and Improvements	3,772
Costs Subsequent to Acquisition	2,774
Gross Carrying Amount at year end
Land	953
Building and Improvements	5,403
Total	6,356
Accumulated Depreciation	$ 2,307
Royal Palm Beach II, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	81,294
Initial cost
Land	$ 1,640
Building and Improvements	8,607
Costs Subsequent to Acquisition	279
Gross Carrying Amount at year end
Land	1,640
Building and Improvements	7,225
Total	8,865
Accumulated Depreciation	$ 1,885
Sanford I, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	61,810
Initial cost
Land	$ 453
Building and Improvements	2,911
Costs Subsequent to Acquisition	167
Gross Carrying Amount at year end
Land	453
Building and Improvements	2,512
Total	2,965
Accumulated Depreciation	$ 692
Sanford II, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	69,780
Initial cost
Land	$ 1,003
Building and Improvements	4,944
Costs Subsequent to Acquisition	64
Gross Carrying Amount at year end
Land	1,003
Building and Improvements	5,008
Total	6,011
Accumulated Depreciation	$ 185
Sarasota, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	71,142
Initial cost
Land	$ 333
Building and Improvements	3,656
Costs Subsequent to Acquisition	1,323
Gross Carrying Amount at year end
Land	529
Building and Improvements	3,784
Total	4,313
Accumulated Depreciation	$ 1,530
St. Augustine, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	59,725
Initial cost
Land	$ 135
Building and Improvements	1,515
Costs Subsequent to Acquisition	3,347
Gross Carrying Amount at year end
Land	383
Building and Improvements	4,289
Total	4,672
Accumulated Depreciation	$ 1,894
Stuart, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	87,124
Initial cost
Land	$ 324
Building and Improvements	3,625
Costs Subsequent to Acquisition	3,104
Gross Carrying Amount at year end
Land	685
Building and Improvements	5,795
Total	6,480
Accumulated Depreciation	$ 2,446
SW Ranches, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	64,990
Initial cost
Land	$ 1,390
Building and Improvements	7,598
Costs Subsequent to Acquisition	181
Gross Carrying Amount at year end
Land	1,390
Building and Improvements	5,917
Total	7,307
Accumulated Depreciation	$ 1,545
Tampa, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	83,913
Initial cost
Land	$ 2,670
Building and Improvements	6,249
Costs Subsequent to Acquisition	243
Gross Carrying Amount at year end
Land	2,670
Building and Improvements	5,139
Total	7,809
Accumulated Depreciation	$ 1,318
West Palm Beach I, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	66,906
Initial cost
Land	$ 719
Building and Improvements	3,420
Costs Subsequent to Acquisition	1,565
Gross Carrying Amount at year end
Land	835
Building and Improvements	4,010
Total	4,845
Accumulated Depreciation	$ 1,652
West Palm Beach II, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	94,528
Initial cost
Land	$ 2,129
Building and Improvements	8,671
Costs Subsequent to Acquisition	411
Gross Carrying Amount at year end
Land	2,129
Building and Improvements	7,778
Total	9,907
Accumulated Depreciation	$ 2,617
West Palm Beach III, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	77,440
Initial cost
Land	$ 804
Building and Improvements	3,962
Costs Subsequent to Acquisition	49
Gross Carrying Amount at year end
Land	804
Building and Improvements	4,010
Total	4,814
Accumulated Depreciation	$ 394
West Palm Beach IV, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	102,912
Initial cost
Land	$ 1,499
Building and Improvements	7,392
Costs Subsequent to Acquisition	309
Gross Carrying Amount at year end
Land	1,499
Building and Improvements	7,700
Total	9,199
Accumulated Depreciation	$ 365
Winter Park, FL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	54,356
Initial cost
Land	$ 866
Building and Improvements	4,268
Costs Subsequent to Acquisition	52
Gross Carrying Amount at year end
Land	866
Building and Improvements	4,319
Total	5,185
Accumulated Depreciation	$ 159
Alpharetta, GA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	90,501
Initial cost
Land	$ 806
Building and Improvements	4,720
Costs Subsequent to Acquisition	1,017
Gross Carrying Amount at year end
Land	967
Building and Improvements	4,140
Total	5,107
Accumulated Depreciation	$ 1,540
Atlanta, GA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	66,675
Initial cost
Land	$ 822
Building and Improvements	4,053
Costs Subsequent to Acquisition	47
Gross Carrying Amount at year end
Land	822
Building and Improvements	4,100
Total	4,922
Accumulated Depreciation	$ 438
Austell, GA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	83,675
Initial cost
Land	$ 1,635
Building and Improvements	4,711
Costs Subsequent to Acquisition	217
Gross Carrying Amount at year end
Land	1,643
Building and Improvements	4,272
Total	5,915
Accumulated Depreciation	$ 1,204
Decatur, GA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	145,280
Initial cost
Land	$ 616
Building and Improvements	6,776
Costs Subsequent to Acquisition	251
Gross Carrying Amount at year end
Land	616
Building and Improvements	6,099
Total	6,715
Accumulated Depreciation	$ 2,796
Duluth, GA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	70,885
Initial cost
Land	$ 373
Building and Improvements	2,044
Costs Subsequent to Acquisition	179
Gross Carrying Amount at year end
Land	373
Building and Improvements	1,899
Total	2,272
Accumulated Depreciation	$ 273
Lawrenceville, GA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	73,640
Initial cost
Land	$ 546
Building and Improvements	2,903
Costs Subsequent to Acquisition	387
Gross Carrying Amount at year end
Land	546
Building and Improvements	2,873
Total	3,419
Accumulated Depreciation	$ 414
Lithia Springs, GA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	67,568
Initial cost
Land	$ 748
Building and Improvements	5,552
Costs Subsequent to Acquisition	1
Gross Carrying Amount at year end
Land	748
Building and Improvements	5,552
Total	6,300
Accumulated Depreciation	$ 15
Norcross I, GA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	85,420
Initial cost
Land	$ 514
Building and Improvements	2,930
Costs Subsequent to Acquisition	869
Gross Carrying Amount at year end
Land	632
Building and Improvements	3,066
Total	3,698
Accumulated Depreciation	$ 1,161
Norcross II, GA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	52,595
Initial cost
Land	$ 366
Building and Improvements	2,025
Costs Subsequent to Acquisition	190
Gross Carrying Amount at year end
Land	366
Building and Improvements	1,931
Total	2,297
Accumulated Depreciation	$ 279
Norcross III, GA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	46,955
Initial cost
Land	$ 938
Building and Improvements	4,625
Costs Subsequent to Acquisition	58
Gross Carrying Amount at year end
Land	938
Building and Improvements	4,684
Total	5,622
Accumulated Depreciation	$ 573
Norcross IV, GA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	57,505
Initial cost
Land	$ 576
Building and Improvements	2,839
Costs Subsequent to Acquisition	59
Gross Carrying Amount at year end
Land	576
Building and Improvements	2,898
Total	3,474
Accumulated Depreciation	$ 309
Peachtree City I, GA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	49,875
Initial cost
Land	$ 435
Building and Improvements	2,532
Costs Subsequent to Acquisition	710
Gross Carrying Amount at year end
Land	529
Building and Improvements	2,613
Total	3,142
Accumulated Depreciation	$ 984
Peachtree City II, GA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	59,950
Initial cost
Land	$ 398
Building and Improvements	1,963
Costs Subsequent to Acquisition	20
Gross Carrying Amount at year end
Land	398
Building and Improvements	1,983
Total	2,381
Accumulated Depreciation	$ 211
Smyrna, GA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	57,015
Initial cost
Land	$ 750
Building and Improvements	4,271
Costs Subsequent to Acquisition	271
Gross Carrying Amount at year end
Land	750
Building and Improvements	3,512
Total	4,262
Accumulated Depreciation	$ 1,305
Snellville, GA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	79,950
Initial cost
Land	$ 1,660
Building and Improvements	4,781
Costs Subsequent to Acquisition	334
Gross Carrying Amount at year end
Land	1,660
Building and Improvements	4,452
Total	6,112
Accumulated Depreciation	$ 1,187
Suwanee I, GA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	85,125
Initial cost
Land	$ 1,737
Building and Improvements	5,010
Costs Subsequent to Acquisition	290
Gross Carrying Amount at year end
Land	1,737
Building and Improvements	4,601
Total	6,338
Accumulated Depreciation	$ 1,240
Suwanee II, GA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	79,590
Initial cost
Land	$ 800
Building and Improvements	6,942
Costs Subsequent to Acquisition	55
Gross Carrying Amount at year end
Land	622
Building and Improvements	5,793
Total	6,415
Accumulated Depreciation	$ 1,521
Villa Rica, GA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	73,430
Initial cost
Land	$ 757
Building and Improvements	5,616
Costs Subsequent to Acquisition	1
Gross Carrying Amount at year end
Land	757
Building and Improvements	5,617
Total	6,374
Accumulated Depreciation	$ 15
Addison, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	31,325
Initial cost
Land	$ 428
Building and Improvements	3,531
Costs Subsequent to Acquisition	367
Gross Carrying Amount at year end
Land	428
Building and Improvements	3,397
Total	3,825
Accumulated Depreciation	$ 1,135
Aurora, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	73,985
Initial cost
Land	$ 644
Building and Improvements	3,652
Costs Subsequent to Acquisition	186
Gross Carrying Amount at year end
Land	644
Building and Improvements	3,318
Total	3,962
Accumulated Depreciation	$ 1,099
Bartlett, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	51,425
Initial cost
Land	$ 931
Building and Improvements	2,493
Costs Subsequent to Acquisition	285
Gross Carrying Amount at year end
Land	931
Building and Improvements	2,396
Total	3,327
Accumulated Depreciation	$ 803
Bellwood, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	86,550
Initial cost
Land	$ 1,012
Building and Improvements	5,768
Costs Subsequent to Acquisition	822
Gross Carrying Amount at year end
Land	1,012
Building and Improvements	5,292
Total	6,304
Accumulated Depreciation	$ 2,124
Blue Island, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	55,125
Initial cost
Land	$ 633
Building and Improvements	3,120
Costs Subsequent to Acquisition	6
Gross Carrying Amount at year end
Land	633
Building and Improvements	3,127
Total	3,760
Accumulated Depreciation	$ 75
Bolingbrook, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	80,340
Initial cost
Land	$ 1,675
Building and Improvements	8,254
Costs Subsequent to Acquisition	113
Gross Carrying Amount at year end
Land	1,675
Building and Improvements	8,368
Total	10,043
Accumulated Depreciation	$ 309
Chicago I, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	95,745
Initial cost
Land	$ 2,667
Building and Improvements	13,118
Costs Subsequent to Acquisition	311
Gross Carrying Amount at year end
Land	2,667
Building and Improvements	13,428
Total	16,095
Accumulated Depreciation	$ 502
Chicago II, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	78,710
Initial cost
Land	$ 833
Building and Improvements	4,035
Costs Subsequent to Acquisition	46
Gross Carrying Amount at year end
Land	833
Building and Improvements	4,081
Total	4,914
Accumulated Depreciation	$ 151
Chicago III, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	85,170
Initial cost
Land	$ 2,427
Building and Improvements	11,962
Costs Subsequent to Acquisition	520
Gross Carrying Amount at year end
Land	2,427
Building and Improvements	12,482
Total	14,909
Accumulated Depreciation	$ 459
Chicago IV, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	60,495
Initial cost
Land	$ 1,296
Building and Improvements	6,385
Costs Subsequent to Acquisition	16
Gross Carrying Amount at year end
Land	1,296
Building and Improvements	6,401
Total	7,697
Accumulated Depreciation	$ 152
Chicago V, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	51,775
Initial cost
Land	$ 1,044
Building and Improvements	5,144
Costs Subsequent to Acquisition	28
Gross Carrying Amount at year end
Land	1,044
Building and Improvements	5,172
Total	6,216
Accumulated Depreciation	$ 123
Countryside, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	99,881
Initial cost
Land	$ 2,607
Building and Improvements	12,684
Costs Subsequent to Acquisition	52
Gross Carrying Amount at year end
Land	2,607
Building and Improvements	12,737
Total	15,344
Accumulated Depreciation	$ 472
Des Plaines, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	69,600
Initial cost
Land	$ 1,564
Building and Improvements	4,327
Costs Subsequent to Acquisition	617
Gross Carrying Amount at year end
Land	1,564
Building and Improvements	4,305
Total	5,869
Accumulated Depreciation	$ 1,396
Elk Grove Village, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	64,104
Initial cost
Land	$ 1,446
Building and Improvements	3,535
Costs Subsequent to Acquisition	291
Gross Carrying Amount at year end
Land	1,446
Building and Improvements	3,297
Total	4,743
Accumulated Depreciation	$ 1,135
Evanston, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	58,050
Initial cost
Land	$ 1,103
Building and Improvements	5,440
Costs Subsequent to Acquisition	191
Gross Carrying Amount at year end
Land	1,103
Building and Improvements	5,630
Total	6,733
Accumulated Depreciation	$ 470
Glenview, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	100,085
Initial cost
Land	$ 3,740
Building and Improvements	10,367
Costs Subsequent to Acquisition	568
Gross Carrying Amount at year end
Land	3,740
Building and Improvements	9,469
Total	13,209
Accumulated Depreciation	$ 3,120
Gurnee, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	80,300
Initial cost
Land	$ 1,521
Building and Improvements	5,440
Costs Subsequent to Acquisition	293
Gross Carrying Amount at year end
Land	1,521
Building and Improvements	4,970
Total	6,491
Accumulated Depreciation	$ 1,687
Hanover, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	41,190
Initial cost
Land	$ 1,126
Building and Improvements	2,197
Costs Subsequent to Acquisition	265
Gross Carrying Amount at year end
Land	1,126
Building and Improvements	2,123
Total	3,249
Accumulated Depreciation	$ 715
Harvey, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	60,090
Initial cost
Land	$ 869
Building and Improvements	3,635
Costs Subsequent to Acquisition	217
Gross Carrying Amount at year end
Land	869
Building and Improvements	3,311
Total	4,180
Accumulated Depreciation	$ 1,106
Joliet, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	72,865
Initial cost
Land	$ 547
Building and Improvements	4,704
Costs Subsequent to Acquisition	239
Gross Carrying Amount at year end
Land	547
Building and Improvements	4,283
Total	4,830
Accumulated Depreciation	$ 1,432
Kildeer, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	46,485
Initial cost
Land	$ 2,102
Building and Improvements	2,187
Costs Subsequent to Acquisition	223
Gross Carrying Amount at year end
Land	1,997
Building and Improvements	2,208
Total	4,205
Accumulated Depreciation	$ 720
Maywood, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	60,250
Initial cost
Land	$ 749
Building and Improvements	3,689
Costs Subsequent to Acquisition	10
Gross Carrying Amount at year end
Land	749
Building and Improvements	3,699
Total	4,448
Accumulated Depreciation	$ 88
Lombard, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	57,391
Initial cost
Land	$ 1,305
Building and Improvements	3,938
Costs Subsequent to Acquisition	702
Gross Carrying Amount at year end
Land	1,305
Building and Improvements	4,035
Total	5,340
Accumulated Depreciation	$ 1,396
Mount Prospect, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	65,000
Initial cost
Land	$ 1,701
Building and Improvements	3,114
Costs Subsequent to Acquisition	507
Gross Carrying Amount at year end
Land	1,701
Building and Improvements	3,169
Total	4,870
Accumulated Depreciation	$ 1,017
Mundelein, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	44,700
Initial cost
Land	$ 1,498
Building and Improvements	2,782
Costs Subsequent to Acquisition	299
Gross Carrying Amount at year end
Land	1,498
Building and Improvements	2,669
Total	4,167
Accumulated Depreciation	$ 870
North Chicago, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	53,200
Initial cost
Land	$ 1,073
Building and Improvements	3,006
Costs Subsequent to Acquisition	411
Gross Carrying Amount at year end
Land	1,073
Building and Improvements	2,932
Total	4,005
Accumulated Depreciation	$ 982
Plainfield I, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	53,900
Initial cost
Land	$ 1,770
Building and Improvements	1,715
Costs Subsequent to Acquisition	257
Gross Carrying Amount at year end
Land	1,740
Building and Improvements	1,679
Total	3,419
Accumulated Depreciation	$ 549
Plainfield II, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	51,900
Initial cost
Land	$ 694
Building and Improvements	2,000
Costs Subsequent to Acquisition	188
Gross Carrying Amount at year end
Land	694
Building and Improvements	1,854
Total	2,548
Accumulated Depreciation	$ 577
Schaumburg, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	31,160
Initial cost
Land	$ 538
Building and Improvements	645
Costs Subsequent to Acquisition	209
Gross Carrying Amount at year end
Land	538
Building and Improvements	718
Total	1,256
Accumulated Depreciation	$ 234
Streamwood, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	64,305
Initial cost
Land	$ 1,447
Building and Improvements	1,662
Costs Subsequent to Acquisition	392
Gross Carrying Amount at year end
Land	1,447
Building and Improvements	1,742
Total	3,189
Accumulated Depreciation	$ 574
Warrenville, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	48,796
Initial cost
Land	$ 1,066
Building and Improvements	3,072
Costs Subsequent to Acquisition	280
Gross Carrying Amount at year end
Land	1,066
Building and Improvements	2,920
Total	3,986
Accumulated Depreciation	$ 904
Waukegan, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	79,500
Initial cost
Land	$ 1,198
Building and Improvements	4,363
Costs Subsequent to Acquisition	542
Gross Carrying Amount at year end
Land	1,198
Building and Improvements	4,253
Total	5,451
Accumulated Depreciation	$ 1,374
West Chicago, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	48,175
Initial cost
Land	$ 1,071
Building and Improvements	2,249
Costs Subsequent to Acquisition	428
Gross Carrying Amount at year end
Land	1,071
Building and Improvements	2,319
Total	3,390
Accumulated Depreciation	$ 742
Westmont, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	53,250
Initial cost
Land	$ 1,155
Building and Improvements	3,873
Costs Subsequent to Acquisition	254
Gross Carrying Amount at year end
Land	1,155
Building and Improvements	3,587
Total	4,742
Accumulated Depreciation	$ 1,173
Wheeling I, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	54,210
Initial cost
Land	$ 857
Building and Improvements	3,213
Costs Subsequent to Acquisition	356
Gross Carrying Amount at year end
Land	857
Building and Improvements	3,097
Total	3,954
Accumulated Depreciation	$ 1,041
Wheeling II, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	67,825
Initial cost
Land	$ 793
Building and Improvements	3,816
Costs Subsequent to Acquisition	462
Gross Carrying Amount at year end
Land	793
Building and Improvements	3,726
Total	4,519
Accumulated Depreciation	$ 1,258
Woodridge, IL
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	50,232
Initial cost
Land	$ 943
Building and Improvements	3,397
Costs Subsequent to Acquisition	207
Gross Carrying Amount at year end
Land	943
Building and Improvements	3,128
Total	4,071
Accumulated Depreciation	$ 1,045
Schererville, IN
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	67,604
Initial cost
Land	$ 1,134
Building and Improvements	5,589
Costs Subsequent to Acquisition	39
Gross Carrying Amount at year end
Land	1,134
Building and Improvements	5,628
Total	6,762
Accumulated Depreciation	$ 283
Boston I, MA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	33,286
Initial cost
Land	$ 538
Building and Improvements	3,048
Costs Subsequent to Acquisition	175
Gross Carrying Amount at year end
Land	538
Building and Improvements	2,799
Total	3,337
Accumulated Depreciation	$ 454
Boston II, MA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	60,470
Initial cost
Land	$ 1,516
Building and Improvements	8,628
Costs Subsequent to Acquisition	360
Gross Carrying Amount at year end
Land	1,516
Building and Improvements	7,152
Total	8,668
Accumulated Depreciation	$ 2,794
Boston III, MA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	108,205
Initial cost
Land	$ 3,211
Building and Improvements	15,829
Costs Subsequent to Acquisition	171
Gross Carrying Amount at year end
Land	3,211
Building and Improvements	16,000
Total	19,211
Accumulated Depreciation	$ 635
Brockton, MA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	74,286
Initial cost
Land	$ 577
Building and Improvements	4,394
Costs Subsequent to Acquisition	1
Gross Carrying Amount at year end
Land	577
Building and Improvements	4,394
Total	4,971
Accumulated Depreciation	$ 12
Haverhill, MA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	54,890
Initial cost
Land	$ 669
Building and Improvements	6,610
Costs Subsequent to Acquisition	1
Gross Carrying Amount at year end
Land	669
Building and Improvements	6,611
Total	7,280
Accumulated Depreciation	$ 18
Lawrence, MA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	34,552
Initial cost
Land	$ 585
Building and Improvements	4,737
Costs Subsequent to Acquisition	1
Gross Carrying Amount at year end
Land	585
Building and Improvements	4,738
Total	5,323
Accumulated Depreciation	$ 13
Leominster, MA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	54,023
Initial cost
Land	$ 90
Building and Improvements	1,519
Costs Subsequent to Acquisition	2,455
Gross Carrying Amount at year end
Land	338
Building and Improvements	3,356
Total	3,694
Accumulated Depreciation	$ 1,388
Medford, MA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	58,745
Initial cost
Land	$ 1,330
Building and Improvements	7,165
Costs Subsequent to Acquisition	249
Gross Carrying Amount at year end
Land	1,330
Building and Improvements	5,925
Total	7,255
Accumulated Depreciation	$ 1,407
Stoneham, MA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	61,000
Initial cost
Land	$ 1,558
Building and Improvements	7,679
Costs Subsequent to Acquisition	69
Gross Carrying Amount at year end
Land	1,558
Building and Improvements	7,748
Total	9,306
Accumulated Depreciation	$ 640
Tewksbury, MA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	62,402
Initial cost
Land	$ 1,537
Building and Improvements	7,579
Costs Subsequent to Acquisition	69
Gross Carrying Amount at year end
Land	1,537
Building and Improvements	7,647
Total	9,184
Accumulated Depreciation	$ 405
Baltimore, MD
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	93,550
Initial cost
Land	$ 1,050
Building and Improvements	5,997
Costs Subsequent to Acquisition	1,305
Gross Carrying Amount at year end
Land	1,173
Building and Improvements	5,877
Total	7,050
Accumulated Depreciation	$ 2,475
Beltsville, MD
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	63,707
Initial cost
Land	$ 1,277
Building and Improvements	6,295
Costs Subsequent to Acquisition	50
Gross Carrying Amount at year end
Land	1,268
Building and Improvements	6,353
Total	7,621
Accumulated Depreciation	$ 525
California, MD
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	77,840
Initial cost
Land	$ 1,486
Building and Improvements	4,280
Costs Subsequent to Acquisition	211
Gross Carrying Amount at year end
Land	1,486
Building and Improvements	3,899
Total	5,385
Accumulated Depreciation	$ 1,302
Capitol Heights, MD
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	79,625
Initial cost
Land	$ 2,704
Building and Improvements	13,332
Costs Subsequent to Acquisition	1
Gross Carrying Amount at year end
Land	2,704
Building and Improvements	13,334
Total	16,038
Accumulated Depreciation	$ 177
Clinton, MD
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	84,225
Initial cost
Land	$ 2,182
Building and Improvements	10,757
Costs Subsequent to Acquisition	66
Gross Carrying Amount at year end
Land	2,182
Building and Improvements	10,823
Total	13,005
Accumulated Depreciation	$ 718
District Heights, MD
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	78,415
Initial cost
Land	$ 1,527
Building and Improvements	8,313
Costs Subsequent to Acquisition	478
Gross Carrying Amount at year end
Land	1,527
Building and Improvements	7,666
Total	9,193
Accumulated Depreciation	$ 1,066
Elkridge, MD
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	63,475
Initial cost
Land	$ 1,155
Building and Improvements	5,695
Costs Subsequent to Acquisition	198
Gross Carrying Amount at year end
Land	1,155
Building and Improvements	5,893
Total	7,048
Accumulated Depreciation	$ 394
Gaithersburg I M D Member
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	87,045
Initial cost
Land	$ 3,124
Building and Improvements	9,000
Costs Subsequent to Acquisition	423
Gross Carrying Amount at year end
Land	3,124
Building and Improvements	8,161
Total	11,285
Accumulated Depreciation	$ 2,701
Gaithersburg II, MD
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	74,225
Initial cost
Land	$ 2,383
Building and Improvements	11,750
Costs Subsequent to Acquisition	1
Gross Carrying Amount at year end
Land	2,383
Building and Improvements	11,751
Total	14,134
Accumulated Depreciation	$ 156
Hyattsville, MD
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	52,765
Initial cost
Land	$ 1,113
Building and Improvements	5,485
Costs Subsequent to Acquisition	42
Gross Carrying Amount at year end
Land	1,113
Building and Improvements	5,528
Total	6,641
Accumulated Depreciation	$ 458
Laurel, MD
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	162,896
Initial cost
Land	$ 1,409
Building and Improvements	8,035
Costs Subsequent to Acquisition	3,622
Gross Carrying Amount at year end
Land	1,928
Building and Improvements	9,551
Total	11,479
Accumulated Depreciation	$ 3,838
Temple Hills I, MD
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	97,175
Initial cost
Land	$ 1,541
Building and Improvements	8,788
Costs Subsequent to Acquisition	2,411
Gross Carrying Amount at year end
Land	1,800
Building and Improvements	9,352
Total	11,152
Accumulated Depreciation	$ 3,678
Temple Hills II, MD
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	84,125
Initial cost
Land	$ 2,229
Building and Improvements	10,988
Costs Subsequent to Acquisition	27
Gross Carrying Amount at year end
Land	2,229
Building and Improvements	11,014
Total	13,243
Accumulated Depreciation	$ 672
Timonium, MD
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	66,717
Encumbrances	$ 7,781
Initial cost
Land	2,269
Building and Improvements	11,184
Costs Subsequent to Acquisition	162
Gross Carrying Amount at year end
Land	2,269
Building and Improvements	11,346
Total	13,615
Accumulated Depreciation	$ 689
Upper Marlboro, MD
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	62,290
Initial cost
Land	$ 1,309
Building and Improvements	6,455
Costs Subsequent to Acquisition	68
Gross Carrying Amount at year end
Land	1,309
Building and Improvements	6,522
Total	7,831
Accumulated Depreciation	$ 542
Belmont, NC
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	81,850
Initial cost
Land	$ 385
Building and Improvements	2,196
Costs Subsequent to Acquisition	870
Gross Carrying Amount at year end
Land	451
Building and Improvements	2,382
Total	2,833
Accumulated Depreciation	$ 917
Burlington I, NC
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	109,268
Initial cost
Land	$ 498
Building and Improvements	2,837
Costs Subsequent to Acquisition	786
Gross Carrying Amount at year end
Land	498
Building and Improvements	2,990
Total	3,488
Accumulated Depreciation	$ 1,192
Burlington II, NC
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	42,165
Initial cost
Land	$ 320
Building and Improvements	1,829
Costs Subsequent to Acquisition	386
Gross Carrying Amount at year end
Land	340
Building and Improvements	1,783
Total	2,123
Accumulated Depreciation	$ 707
Cary, NC
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	112,402
Initial cost
Land	$ 543
Building and Improvements	3,097
Costs Subsequent to Acquisition	714
Gross Carrying Amount at year end
Land	543
Building and Improvements	3,538
Total	4,081
Accumulated Depreciation	$ 1,546
Charlotte, NC
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	69,000
Initial cost
Land	$ 782
Building and Improvements	4,429
Costs Subsequent to Acquisition	1,473
Gross Carrying Amount at year end
Land	1,068
Building and Improvements	4,708
Total	5,776
Accumulated Depreciation	$ 1,708
Cornelius, NC
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	32,470
Initial cost
Land	$ 2,424
Building and Improvements	4,991
Costs Subsequent to Acquisition	1
Gross Carrying Amount at year end
Land	2,424
Building and Improvements	4,992
Total	7,416
Accumulated Depreciation	$ 13
Pineville, NC
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	77,847
Initial cost
Land	$ 2,490
Building and Improvements	9,169
Costs Subsequent to Acquisition	1
Gross Carrying Amount at year end
Land	2,490
Building and Improvements	9,170
Total	11,660
Accumulated Depreciation	$ 24
Raleigh, NC
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	48,675
Initial cost
Land	$ 209
Building and Improvements	2,398
Costs Subsequent to Acquisition	357
Gross Carrying Amount at year end
Land	296
Building and Improvements	2,282
Total	2,578
Accumulated Depreciation	$ 970
Bordentown, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	50,600
Initial cost
Land	$ 457
Building and Improvements	2,255
Costs Subsequent to Acquisition	29
Gross Carrying Amount at year end
Land	457
Building and Improvements	2,284
Total	2,741
Accumulated Depreciation	$ 245
Brick, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	51,725
Initial cost
Land	$ 234
Building and Improvements	2,762
Costs Subsequent to Acquisition	1,441
Gross Carrying Amount at year end
Land	485
Building and Improvements	3,401
Total	3,886
Accumulated Depreciation	$ 1,559
Cherry Hill I, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	51,500
Initial cost
Land	$ 222
Building and Improvements	1,260
Costs Subsequent to Acquisition	103
Gross Carrying Amount at year end
Land	222
Building and Improvements	1,181
Total	1,403
Accumulated Depreciation	$ 209
Cherry Hill II, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	64,800
Initial cost
Land	$ 471
Building and Improvements	2,323
Costs Subsequent to Acquisition	98
Gross Carrying Amount at year end
Land	471
Building and Improvements	2,420
Total	2,891
Accumulated Depreciation	$ 248
Clifton, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	105,550
Initial cost
Land	$ 4,346
Building and Improvements	12,520
Costs Subsequent to Acquisition	271
Gross Carrying Amount at year end
Land	4,340
Building and Improvements	11,111
Total	15,451
Accumulated Depreciation	$ 3,493
Cranford, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	91,280
Initial cost
Land	$ 290
Building and Improvements	3,493
Costs Subsequent to Acquisition	2,483
Gross Carrying Amount at year end
Land	779
Building and Improvements	4,806
Total	5,585
Accumulated Depreciation	$ 2,071
East Hanover, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	107,679
Initial cost
Land	$ 504
Building and Improvements	5,763
Costs Subsequent to Acquisition	3,988
Gross Carrying Amount at year end
Land	1,315
Building and Improvements	7,885
Total	9,200
Accumulated Depreciation	$ 3,540
Egg Harbor I, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	35,825
Initial cost
Land	$ 104
Building and Improvements	510
Costs Subsequent to Acquisition	43
Gross Carrying Amount at year end
Land	104
Building and Improvements	543
Total	647
Accumulated Depreciation	$ 87
Egg Harbor II, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	70,400
Initial cost
Land	$ 284
Building and Improvements	1,608
Costs Subsequent to Acquisition	205
Gross Carrying Amount at year end
Land	284
Building and Improvements	1,593
Total	1,877
Accumulated Depreciation	$ 277
Elizabeth, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	38,830
Initial cost
Land	$ 751
Building and Improvements	2,164
Costs Subsequent to Acquisition	523
Gross Carrying Amount at year end
Land	751
Building and Improvements	2,364
Total	3,115
Accumulated Depreciation	$ 738
Fairview, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	27,876
Initial cost
Land	$ 246
Building and Improvements	2,759
Costs Subsequent to Acquisition	529
Gross Carrying Amount at year end
Land	246
Building and Improvements	2,693
Total	2,939
Accumulated Depreciation	$ 1,177
Freehold, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	81,420
Initial cost
Land	$ 1,086
Building and Improvements	5,355
Costs Subsequent to Acquisition	120
Gross Carrying Amount at year end
Land	1,086
Building and Improvements	5,475
Total	6,561
Accumulated Depreciation	$ 577
Hamilton, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	70,450
Initial cost
Land	$ 1,885
Building and Improvements	5,430
Costs Subsequent to Acquisition	321
Gross Carrying Amount at year end
Land	1,893
Building and Improvements	4,986
Total	6,879
Accumulated Depreciation	$ 1,401
Hoboken, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	34,180
Initial cost
Land	$ 1,370
Building and Improvements	3,947
Costs Subsequent to Acquisition	668
Gross Carrying Amount at year end
Land	1,370
Building and Improvements	3,982
Total	5,352
Accumulated Depreciation	$ 1,336
Linden, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	100,425
Initial cost
Land	$ 517
Building and Improvements	6,008
Costs Subsequent to Acquisition	2,321
Gross Carrying Amount at year end
Land	1,043
Building and Improvements	6,845
Total	7,888
Accumulated Depreciation	$ 2,936
Lumberton, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	96,025
Initial cost
Land	$ 987
Building and Improvements	4,864
Costs Subsequent to Acquisition	104
Gross Carrying Amount at year end
Land	987
Building and Improvements	4,968
Total	5,955
Accumulated Depreciation	$ 536
Morris Township, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	71,926
Initial cost
Land	$ 500
Building and Improvements	5,602
Costs Subsequent to Acquisition	2,821
Gross Carrying Amount at year end
Land	1,072
Building and Improvements	6,809
Total	7,881
Accumulated Depreciation	$ 2,899
Parsippany, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	58,550
Initial cost
Land	$ 475
Building and Improvements	5,322
Costs Subsequent to Acquisition	2,020
Gross Carrying Amount at year end
Land	844
Building and Improvements	6,026
Total	6,870
Accumulated Depreciation	$ 2,638
Rahway, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	83,121
Initial cost
Land	$ 1,486
Building and Improvements	7,326
Costs Subsequent to Acquisition	109
Gross Carrying Amount at year end
Land	1,486
Building and Improvements	7,435
Total	8,921
Accumulated Depreciation	$ 615
Randolph, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	52,665
Initial cost
Land	$ 855
Building and Improvements	4,872
Costs Subsequent to Acquisition	1,337
Gross Carrying Amount at year end
Land	1,108
Building and Improvements	4,873
Total	5,981
Accumulated Depreciation	$ 1,894
Ridgefield, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	67,953
Initial cost
Land	$ 1,810
Building and Improvements	8,925
Costs Subsequent to Acquisition	50
Gross Carrying Amount at year end
Land	1,810
Building and Improvements	8,974
Total	10,784
Accumulated Depreciation	$ 95
Roseland, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	53,481
Initial cost
Land	$ 1,844
Building and Improvements	9,759
Costs Subsequent to Acquisition	1
Gross Carrying Amount at year end
Land	1,844
Building and Improvements	9,759
Total	11,603
Accumulated Depreciation	$ 26
Sewell, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	57,826
Initial cost
Land	$ 484
Building and Improvements	2,766
Costs Subsequent to Acquisition	1,326
Gross Carrying Amount at year end
Land	706
Building and Improvements	3,242
Total	3,948
Accumulated Depreciation	$ 1,303
Somerset, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	57,485
Initial cost
Land	$ 1,243
Building and Improvements	6,129
Costs Subsequent to Acquisition	123
Gross Carrying Amount at year end
Land	1,243
Building and Improvements	6,251
Total	7,494
Accumulated Depreciation	$ 644
Whippany, NJ
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	92,070
Initial cost
Land	$ 2,153
Building and Improvements	10,615
Costs Subsequent to Acquisition	97
Gross Carrying Amount at year end
Land	2,153
Building and Improvements	10,712
Total	12,865
Accumulated Depreciation	$ 886
Albuquerque I, NM
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	65,927
Initial cost
Land	$ 1,039
Building and Improvements	3,395
Costs Subsequent to Acquisition	276
Gross Carrying Amount at year end
Land	1,039
Building and Improvements	3,087
Total	4,126
Accumulated Depreciation	$ 1,069
Albuquerque II, NM
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	58,798
Initial cost
Land	$ 1,163
Building and Improvements	3,801
Costs Subsequent to Acquisition	260
Gross Carrying Amount at year end
Land	1,163
Building and Improvements	3,438
Total	4,601
Accumulated Depreciation	$ 1,191
Albuquerque III, NM
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	57,536
Initial cost
Land	$ 664
Building and Improvements	2,171
Costs Subsequent to Acquisition	357
Gross Carrying Amount at year end
Land	664
Building and Improvements	2,140
Total	2,804
Accumulated Depreciation	$ 729
Henderson, NV
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	75,150
Initial cost
Land	$ 1,246
Building and Improvements	6,143
Costs Subsequent to Acquisition	41
Gross Carrying Amount at year end
Land	1,246
Building and Improvements	6,183
Total	7,429
Accumulated Depreciation	$ 229
Las Vegas I, NV
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	48,532
Initial cost
Land	$ 1,851
Building and Improvements	2,986
Costs Subsequent to Acquisition	514
Gross Carrying Amount at year end
Land	1,851
Building and Improvements	3,089
Total	4,940
Accumulated Depreciation	$ 1,099
Las Vegas II, NV
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	48,850
Initial cost
Land	$ 3,354
Building and Improvements	5,411
Costs Subsequent to Acquisition	338
Gross Carrying Amount at year end
Land	3,355
Building and Improvements	5,168
Total	8,523
Accumulated Depreciation	$ 1,858
Baldwin, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	61,380
Initial cost
Land	$ 1,559
Building and Improvements	7,685
Costs Subsequent to Acquisition	51
Gross Carrying Amount at year end
Land	1,559
Building and Improvements	7,736
Total	9,295
Accumulated Depreciation	$ 82
Bronx I, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	69,258
Initial cost
Land	$ 2,014
Building and Improvements	11,411
Costs Subsequent to Acquisition	813
Gross Carrying Amount at year end
Land	2,014
Building and Improvements	10,632
Total	12,646
Accumulated Depreciation	$ 1,795
Bronx II, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	81,295
Initial cost
Building and Improvements	$ 31,561
Costs Subsequent to Acquisition	112
Gross Carrying Amount at year end
Building and Improvements	31,138
Total	31,138
Accumulated Depreciation	$ 3,285
Bronx III, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	106,065
Initial cost
Land	$ 6,017
Building and Improvements	33,999
Costs Subsequent to Acquisition	159
Gross Carrying Amount at year end
Land	6,017
Building and Improvements	29,811
Total	35,828
Accumulated Depreciation	$ 4,494
Bronx IV, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	75,030
Initial cost
Building and Improvements	$ 22,830
Costs Subsequent to Acquisition	111
Gross Carrying Amount at year end
Building and Improvements	20,287
Total	20,287
Accumulated Depreciation	$ 2,491
Bronx V, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	54,733
Initial cost
Building and Improvements	$ 17,564
Costs Subsequent to Acquisition	181
Gross Carrying Amount at year end
Building and Improvements	15,633
Total	15,633
Accumulated Depreciation	$ 2,068
Bronx VI, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	45,970
Initial cost
Building and Improvements	$ 15,095
Costs Subsequent to Acquisition	338
Gross Carrying Amount at year end
Building and Improvements	13,401
Total	13,401
Accumulated Depreciation	$ 2,191
Bronx VII, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	78,625
Encumbrances	$ 8,606
Initial cost
Building and Improvements	22,512
Costs Subsequent to Acquisition	109
Gross Carrying Amount at year end
Building and Improvements	22,730
Total	22,730
Accumulated Depreciation	$ 2,768
Bronx VIII, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	30,550
Encumbrances	$ 3,021
Initial cost
Land	1,245
Building and Improvements	6,137
Costs Subsequent to Acquisition	132
Gross Carrying Amount at year end
Land	1,251
Building and Improvements	6,299
Total	7,550
Accumulated Depreciation	$ 768
Bronx IX, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	148,080
Encumbrances	$ 23,369
Initial cost
Land	7,967
Building and Improvements	39,279
Costs Subsequent to Acquisition	1,073
Gross Carrying Amount at year end
Land	7,967
Building and Improvements	40,351
Total	48,318
Accumulated Depreciation	$ 4,716
Bronx X, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	160,005
Encumbrances	$ 27,185
Initial cost
Land	9,090
Building and Improvements	44,816
Costs Subsequent to Acquisition	369
Gross Carrying Amount at year end
Land	9,090
Building and Improvements	45,185
Total	54,275
Accumulated Depreciation	$ 4,930
Bronx XI, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	46,477
Initial cost
Building and Improvements	$ 17,130
Costs Subsequent to Acquisition	16
Gross Carrying Amount at year end
Building and Improvements	17,147
Total	17,147
Accumulated Depreciation	$ 803
Brooklyn I, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	57,640
Initial cost
Land	$ 1,795
Building and Improvements	10,172
Costs Subsequent to Acquisition	262
Gross Carrying Amount at year end
Land	1,795
Building and Improvements	9,017
Total	10,812
Accumulated Depreciation	$ 1,506
Brooklyn II, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	60,920
Initial cost
Land	$ 1,601
Building and Improvements	9,073
Costs Subsequent to Acquisition	466
Gross Carrying Amount at year end
Land	1,601
Building and Improvements	8,241
Total	9,842
Accumulated Depreciation	$ 1,389
Brooklyn III, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	41,585
Initial cost
Land	$ 3,195
Building and Improvements	15,657
Costs Subsequent to Acquisition	98
Gross Carrying Amount at year end
Land	3,195
Building and Improvements	15,837
Total	19,032
Accumulated Depreciation	$ 1,563
Brooklyn IV, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	37,467
Initial cost
Land	$ 2,500
Building and Improvements	12,252
Costs Subsequent to Acquisition	153
Gross Carrying Amount at year end
Land	2,500
Building and Improvements	12,468
Total	14,968
Accumulated Depreciation	$ 1,380
Brooklyn V, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	47,020
Initial cost
Land	$ 2,207
Building and Improvements	10,814
Costs Subsequent to Acquisition	82
Gross Carrying Amount at year end
Land	2,207
Building and Improvements	10,950
Total	13,157
Accumulated Depreciation	$ 1,657
Brooklyn VI, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	75,640
Initial cost
Land	$ 4,016
Building and Improvements	19,680
Costs Subsequent to Acquisition	93
Gross Carrying Amount at year end
Land	4,016
Building and Improvements	19,880
Total	23,896
Accumulated Depreciation	$ 2,869
Brooklyn VII, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	72,725
Initial cost
Land	$ 5,816
Building and Improvements	28,498
Costs Subsequent to Acquisition	111
Gross Carrying Amount at year end
Land	5,816
Building and Improvements	28,773
Total	34,589
Accumulated Depreciation	$ 3,540
Brooklyn VIII, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	61,695
Initial cost
Land	$ 4,982
Building and Improvements	24,561
Costs Subsequent to Acquisition	72
Gross Carrying Amount at year end
Land	4,982
Building and Improvements	24,632
Total	29,614
Accumulated Depreciation	$ 1,307
Brooklyn IX, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	46,980
Initial cost
Land	$ 2,966
Building and Improvements	14,620
Costs Subsequent to Acquisition	58
Gross Carrying Amount at year end
Land	2,966
Building and Improvements	14,678
Total	17,644
Accumulated Depreciation	$ 780
Brooklyn X, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	56,563
Initial cost
Land	$ 3,739
Building and Improvements	7,703
Costs Subsequent to Acquisition	1
Gross Carrying Amount at year end
Land	3,739
Building and Improvements	7,704
Total	$ 11,443
Holbrook, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	60,547
Initial cost
Land	$ 2,029
Building and Improvements	10,737
Costs Subsequent to Acquisition	1
Gross Carrying Amount at year end
Land	2,029
Building and Improvements	10,738
Total	12,767
Accumulated Depreciation	$ 28
Jamaica I, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	88,385
Initial cost
Land	$ 2,043
Building and Improvements	11,658
Costs Subsequent to Acquisition	1,662
Gross Carrying Amount at year end
Land	2,043
Building and Improvements	10,665
Total	12,708
Accumulated Depreciation	$ 3,790
Jamaica II, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	91,245
Initial cost
Land	$ 5,496
Building and Improvements	26,930
Costs Subsequent to Acquisition	131
Gross Carrying Amount at year end
Land	5,496
Building and Improvements	27,204
Total	32,700
Accumulated Depreciation	$ 3,466
Long Island City, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	88,775
Initial cost
Land	$ 5,700
Building and Improvements	28,101
Costs Subsequent to Acquisition	29
Gross Carrying Amount at year end
Land	5,700
Building and Improvements	28,130
Total	33,830
Accumulated Depreciation	$ 969
New Rochelle I, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	46,073
Initial cost
Land	$ 1,673
Building and Improvements	4,827
Costs Subsequent to Acquisition	777
Gross Carrying Amount at year end
Land	1,673
Building and Improvements	4,956
Total	6,629
Accumulated Depreciation	$ 1,478
New Rochelle II, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	63,145
Initial cost
Land	$ 3,167
Building and Improvements	2,713
Costs Subsequent to Acquisition	286
Gross Carrying Amount at year end
Land	3,762
Building and Improvements	18,832
Total	22,594
Accumulated Depreciation	$ 2,282
North Babylon, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	78,341
Initial cost
Land	$ 225
Building and Improvements	2,514
Costs Subsequent to Acquisition	4,098
Gross Carrying Amount at year end
Land	568
Building and Improvements	5,471
Total	6,039
Accumulated Depreciation	$ 2,305
Patchogue, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	47,649
Initial cost
Land	$ 1,141
Building and Improvements	5,624
Costs Subsequent to Acquisition	20
Gross Carrying Amount at year end
Land	1,141
Building and Improvements	5,644
Total	6,785
Accumulated Depreciation	$ 210
Queens, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	74,625
Initial cost
Land	$ 5,158
Building and Improvements	12,339
Costs Subsequent to Acquisition	1
Gross Carrying Amount at year end
Land	5,158
Building and Improvements	12,340
Total	$ 17,498
Riverhead, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	38,340
Initial cost
Land	$ 1,068
Building and Improvements	1,149
Costs Subsequent to Acquisition	198
Gross Carrying Amount at year end
Land	1,068
Building and Improvements	1,114
Total	2,182
Accumulated Depreciation	$ 440
Southold, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	59,645
Initial cost
Land	$ 2,079
Building and Improvements	2,238
Costs Subsequent to Acquisition	279
Gross Carrying Amount at year end
Land	2,079
Building and Improvements	2,113
Total	4,192
Accumulated Depreciation	$ 789
Staten Island, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	96,573
Initial cost
Land	$ 1,919
Building and Improvements	9,463
Costs Subsequent to Acquisition	298
Gross Carrying Amount at year end
Land	1,919
Building and Improvements	9,762
Total	11,681
Accumulated Depreciation	$ 765
Tuckahoe, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	50,953
Initial cost
Land	$ 1,516
Building and Improvements	13,236
Costs Subsequent to Acquisition	240
Gross Carrying Amount at year end
Land	1,516
Building and Improvements	7,705
Total	9,221
Accumulated Depreciation	$ 2,079
West Hempstead, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	83,995
Initial cost
Land	$ 2,237
Building and Improvements	11,030
Costs Subsequent to Acquisition	121
Gross Carrying Amount at year end
Land	2,237
Building and Improvements	11,150
Total	13,387
Accumulated Depreciation	$ 1,165
White Plains, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	86,140
Initial cost
Land	$ 3,295
Building and Improvements	18,049
Costs Subsequent to Acquisition	966
Gross Carrying Amount at year end
Land	3,295
Building and Improvements	16,524
Total	19,819
Accumulated Depreciation	$ 2,447
Woodhaven, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	50,665
Initial cost
Land	$ 2,028
Building and Improvements	11,285
Costs Subsequent to Acquisition	68
Gross Carrying Amount at year end
Land	2,028
Building and Improvements	10,055
Total	12,083
Accumulated Depreciation	$ 1,312
Wyckoff, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	60,955
Initial cost
Land	$ 1,961
Building and Improvements	11,113
Costs Subsequent to Acquisition	271
Gross Carrying Amount at year end
Land	1,961
Building and Improvements	9,902
Total	11,863
Accumulated Depreciation	$ 1,571
Yorktown, NY
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	78,595
Initial cost
Land	$ 2,710
Building and Improvements	13,338
Costs Subsequent to Acquisition	145
Gross Carrying Amount at year end
Land	2,710
Building and Improvements	13,496
Total	16,206
Accumulated Depreciation	$ 1,369
Cleveland I, OH
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	46,000
Initial cost
Land	$ 525
Building and Improvements	2,592
Costs Subsequent to Acquisition	222
Gross Carrying Amount at year end
Land	524
Building and Improvements	2,466
Total	2,990
Accumulated Depreciation	$ 833
Cleveland II, OH
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	58,325
Initial cost
Land	$ 290
Building and Improvements	1,427
Costs Subsequent to Acquisition	205
Gross Carrying Amount at year end
Land	289
Building and Improvements	1,380
Total	1,669
Accumulated Depreciation	$ 476
Columbus I, OH
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	71,905
Initial cost
Land	$ 1,234
Building and Improvements	3,151
Costs Subsequent to Acquisition	108
Gross Carrying Amount at year end
Land	1,239
Building and Improvements	2,783
Total	4,022
Accumulated Depreciation	$ 879
Columbus II, OH
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	36,809
Initial cost
Land	$ 769
Building and Improvements	3,788
Costs Subsequent to Acquisition	111
Gross Carrying Amount at year end
Land	769
Building and Improvements	3,899
Total	4,668
Accumulated Depreciation	$ 144
Columbus III, OH
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	51,200
Initial cost
Land	$ 326
Building and Improvements	1,607
Costs Subsequent to Acquisition	60
Gross Carrying Amount at year end
Land	326
Building and Improvements	1,666
Total	1,992
Accumulated Depreciation	$ 62
Columbus IV, OH
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	61,000
Initial cost
Land	$ 443
Building and Improvements	2,182
Costs Subsequent to Acquisition	33
Gross Carrying Amount at year end
Land	443
Building and Improvements	2,215
Total	2,658
Accumulated Depreciation	$ 83
Columbus V, OH
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	60,925
Initial cost
Land	$ 838
Building and Improvements	4,128
Costs Subsequent to Acquisition	34
Gross Carrying Amount at year end
Land	838
Building and Improvements	4,162
Total	5,000
Accumulated Depreciation	$ 155
Columbus VI, OH
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	63,725
Initial cost
Land	$ 701
Building and Improvements	3,454
Costs Subsequent to Acquisition	28
Gross Carrying Amount at year end
Land	701
Building and Improvements	3,481
Total	4,182
Accumulated Depreciation	$ 130
Grove City, OH
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	89,290
Initial cost
Land	$ 1,756
Building and Improvements	4,485
Costs Subsequent to Acquisition	223
Gross Carrying Amount at year end
Land	1,761
Building and Improvements	4,090
Total	5,851
Accumulated Depreciation	$ 1,262
Hilliard, OH
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	89,190
Initial cost
Land	$ 1,361
Building and Improvements	3,476
Costs Subsequent to Acquisition	239
Gross Carrying Amount at year end
Land	1,366
Building and Improvements	3,227
Total	4,593
Accumulated Depreciation	$ 1,002
Lakewood, OH
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	39,332
Initial cost
Land	$ 405
Building and Improvements	854
Costs Subsequent to Acquisition	596
Gross Carrying Amount at year end
Land	405
Building and Improvements	1,305
Total	1,710
Accumulated Depreciation	$ 914
Lewis Center, OH
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	77,921
Initial cost
Land	$ 1,056
Building and Improvements	5,206
Costs Subsequent to Acquisition	56
Gross Carrying Amount at year end
Land	1,056
Building and Improvements	5,261
Total	6,317
Accumulated Depreciation	$ 195
Middleburg Heights, OH
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	93,200
Initial cost
Land	$ 63
Building and Improvements	704
Costs Subsequent to Acquisition	2,236
Gross Carrying Amount at year end
Land	332
Building and Improvements	2,326
Total	2,658
Accumulated Depreciation	$ 943
North Olmsted I, OH
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	48,665
Initial cost
Land	$ 63
Building and Improvements	704
Costs Subsequent to Acquisition	1,514
Gross Carrying Amount at year end
Land	214
Building and Improvements	1,767
Total	1,981
Accumulated Depreciation	$ 727
North Olmsted II, OH
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	47,850
Initial cost
Land	$ 290
Building and Improvements	1,129
Costs Subsequent to Acquisition	1,169
Gross Carrying Amount at year end
Land	469
Building and Improvements	2,020
Total	2,489
Accumulated Depreciation	$ 1,511
North Randall, OH
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	80,239
Initial cost
Land	$ 515
Building and Improvements	2,323
Costs Subsequent to Acquisition	3,075
Gross Carrying Amount at year end
Land	898
Building and Improvements	4,152
Total	5,050
Accumulated Depreciation	$ 1,804
Reynoldsburg, OH
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	67,245
Initial cost
Land	$ 1,290
Building and Improvements	3,295
Costs Subsequent to Acquisition	268
Gross Carrying Amount at year end
Land	1,295
Building and Improvements	3,108
Total	4,403
Accumulated Depreciation	$ 985
Strongsville, OH
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	43,683
Initial cost
Land	$ 570
Building and Improvements	3,486
Costs Subsequent to Acquisition	354
Gross Carrying Amount at year end
Land	570
Building and Improvements	3,007
Total	3,577
Accumulated Depreciation	$ 803
Warrensville Heights, OH
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	90,281
Initial cost
Land	$ 525
Building and Improvements	766
Costs Subsequent to Acquisition	3,118
Gross Carrying Amount at year end
Land	935
Building and Improvements	3,294
Total	4,229
Accumulated Depreciation	$ 1,284
Westlake, OH
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	62,750
Initial cost
Land	$ 509
Building and Improvements	2,508
Costs Subsequent to Acquisition	213
Gross Carrying Amount at year end
Land	508
Building and Improvements	2,333
Total	2,841
Accumulated Depreciation	$ 823
Conshohocken, PA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	81,255
Initial cost
Land	$ 1,726
Building and Improvements	8,508
Costs Subsequent to Acquisition	140
Gross Carrying Amount at year end
Land	1,726
Building and Improvements	8,648
Total	10,374
Accumulated Depreciation	$ 908
Exton, PA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	57,750
Initial cost
Land	$ 541
Building and Improvements	2,668
Costs Subsequent to Acquisition	98
Gross Carrying Amount at year end
Land	519
Building and Improvements	2,788
Total	3,307
Accumulated Depreciation	$ 283
Langhorne, PA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	65,150
Initial cost
Land	$ 1,019
Building and Improvements	5,023
Costs Subsequent to Acquisition	231
Gross Carrying Amount at year end
Land	1,019
Building and Improvements	5,254
Total	6,273
Accumulated Depreciation	$ 536
Levittown, PA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	76,180
Initial cost
Land	$ 926
Building and Improvements	5,296
Costs Subsequent to Acquisition	1,178
Gross Carrying Amount at year end
Land	926
Building and Improvements	5,462
Total	6,388
Accumulated Depreciation	$ 2,335
Malvern, PA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	18,848
Initial cost
Land	$ 2,959
Building and Improvements	18,198
Costs Subsequent to Acquisition	1,493
Gross Carrying Amount at year end
Land	2,959
Building and Improvements	19,690
Total	22,649
Accumulated Depreciation	$ 1,090
Montgomeryville, PA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	84,145
Initial cost
Land	$ 975
Building and Improvements	4,809
Costs Subsequent to Acquisition	142
Gross Carrying Amount at year end
Land	975
Building and Improvements	4,951
Total	5,926
Accumulated Depreciation	$ 530
Norristown, PA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	61,596
Initial cost
Land	$ 777
Building and Improvements	3,709
Costs Subsequent to Acquisition	721
Gross Carrying Amount at year end
Land	753
Building and Improvements	4,559
Total	5,312
Accumulated Depreciation	$ 469
Philadelphia I, PA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	97,464
Initial cost
Land	$ 1,461
Building and Improvements	8,334
Costs Subsequent to Acquisition	1,793
Gross Carrying Amount at year end
Land	1,461
Building and Improvements	6,887
Total	8,348
Accumulated Depreciation	$ 2,506
Philadelphia II, PA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	68,239
Initial cost
Land	$ 1,012
Building and Improvements	4,990
Costs Subsequent to Acquisition	155
Gross Carrying Amount at year end
Land	1,012
Building and Improvements	5,144
Total	6,156
Accumulated Depreciation	$ 290
Exeter, RI
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	41,275
Initial cost
Land	$ 547
Building and Improvements	2,697
Costs Subsequent to Acquisition	51
Gross Carrying Amount at year end
Land	547
Building and Improvements	2,748
Total	3,295
Accumulated Depreciation	$ 102
Johnston, RI
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	77,225
Initial cost
Land	$ 1,061
Building and Improvements	5,229
Costs Subsequent to Acquisition	71
Gross Carrying Amount at year end
Land	1,061
Building and Improvements	5,301
Total	6,362
Accumulated Depreciation	$ 196
Wakefield, RI
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	45,895
Initial cost
Land	$ 823
Building and Improvements	4,058
Costs Subsequent to Acquisition	16
Gross Carrying Amount at year end
Land	823
Building and Improvements	4,074
Total	4,897
Accumulated Depreciation	$ 151
Woonsocket, RI
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	72,704
Initial cost
Land	$ 1,049
Building and Improvements	5,172
Costs Subsequent to Acquisition	107
Gross Carrying Amount at year end
Land	1,049
Building and Improvements	5,279
Total	6,328
Accumulated Depreciation	$ 194
Antioch, TN
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	76,010
Initial cost
Land	$ 588
Building and Improvements	4,906
Costs Subsequent to Acquisition	324
Gross Carrying Amount at year end
Land	588
Building and Improvements	4,463
Total	5,051
Accumulated Depreciation	$ 1,428
Nashville I, TN
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	107,140
Initial cost
Land	$ 405
Building and Improvements	3,379
Costs Subsequent to Acquisition	530
Gross Carrying Amount at year end
Land	405
Building and Improvements	3,321
Total	3,726
Accumulated Depreciation	$ 1,083
Nashville II, TN
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	83,416
Initial cost
Land	$ 593
Building and Improvements	4,950
Costs Subsequent to Acquisition	190
Gross Carrying Amount at year end
Land	593
Building and Improvements	4,448
Total	5,041
Accumulated Depreciation	$ 1,460
Nashville III, TN
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	101,525
Initial cost
Land	$ 416
Building and Improvements	3,469
Costs Subsequent to Acquisition	208
Gross Carrying Amount at year end
Land	416
Building and Improvements	3,346
Total	3,762
Accumulated Depreciation	$ 1,076
Nashville IV, TN
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	102,450
Initial cost
Land	$ 992
Building and Improvements	8,274
Costs Subsequent to Acquisition	373
Gross Carrying Amount at year end
Land	992
Building and Improvements	7,406
Total	8,398
Accumulated Depreciation	$ 2,363
Nashville V, TN
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	58,860
Encumbrances	$ 2,500
Initial cost
Land	895
Building and Improvements	4,311
Costs Subsequent to Acquisition	3
Gross Carrying Amount at year end
Land	895
Building and Improvements	4,314
Total	5,209
Accumulated Depreciation	$ 100
Nashville VI, TN
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	58,761
Initial cost
Land	$ 2,749
Building and Improvements	8,443
Costs Subsequent to Acquisition	1
Gross Carrying Amount at year end
Land	2,749
Building and Improvements	8,443
Total	11,192
Accumulated Depreciation	$ 22
Allen, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	62,710
Encumbrances	$ 3,546
Initial cost
Land	714
Building and Improvements	3,519
Costs Subsequent to Acquisition	65
Gross Carrying Amount at year end
Land	714
Building and Improvements	3,584
Total	4,298
Accumulated Depreciation	$ 392
Austin I, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	59,645
Initial cost
Land	$ 2,239
Building and Improvements	2,038
Costs Subsequent to Acquisition	201
Gross Carrying Amount at year end
Land	2,239
Building and Improvements	1,889
Total	4,128
Accumulated Depreciation	$ 602
Austin II, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	65,136
Initial cost
Land	$ 734
Building and Improvements	3,894
Costs Subsequent to Acquisition	312
Gross Carrying Amount at year end
Land	738
Building and Improvements	3,645
Total	4,383
Accumulated Depreciation	$ 1,080
Austin III, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	70,560
Initial cost
Land	$ 1,030
Building and Improvements	5,468
Costs Subsequent to Acquisition	229
Gross Carrying Amount at year end
Land	1,035
Building and Improvements	5,038
Total	6,073
Accumulated Depreciation	$ 1,458
Austin IV, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	65,370
Initial cost
Land	$ 862
Building and Improvements	4,250
Costs Subsequent to Acquisition	160
Gross Carrying Amount at year end
Land	862
Building and Improvements	4,410
Total	5,272
Accumulated Depreciation	$ 247
Austin V, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	67,850
Initial cost
Land	$ 1,050
Building and Improvements	5,175
Costs Subsequent to Acquisition	126
Gross Carrying Amount at year end
Land	1,050
Building and Improvements	5,301
Total	6,351
Accumulated Depreciation	$ 209
Austin VI, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	62,770
Initial cost
Land	$ 1,150
Building and Improvements	5,669
Costs Subsequent to Acquisition	124
Gross Carrying Amount at year end
Land	1,150
Building and Improvements	5,793
Total	6,943
Accumulated Depreciation	$ 214
Austin VII, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	71,163
Initial cost
Land	$ 1,429
Building and Improvements	6,263
Costs Subsequent to Acquisition	1
Gross Carrying Amount at year end
Land	1,429
Building and Improvements	6,264
Total	7,693
Accumulated Depreciation	$ 17
Bryan, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	60,400
Initial cost
Land	$ 1,394
Building and Improvements	1,268
Costs Subsequent to Acquisition	242
Gross Carrying Amount at year end
Land	1,396
Building and Improvements	1,273
Total	2,669
Accumulated Depreciation	$ 397
Carrollton, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	77,440
Initial cost
Land	$ 661
Building and Improvements	3,261
Costs Subsequent to Acquisition	56
Gross Carrying Amount at year end
Land	661
Building and Improvements	3,317
Total	3,978
Accumulated Depreciation	$ 320
College Station, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	26,550
Initial cost
Land	$ 812
Building and Improvements	740
Costs Subsequent to Acquisition	151
Gross Carrying Amount at year end
Land	813
Building and Improvements	704
Total	1,517
Accumulated Depreciation	$ 221
Cypress, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	58,181
Initial cost
Land	$ 360
Building and Improvements	1,773
Costs Subsequent to Acquisition	103
Gross Carrying Amount at year end
Land	360
Building and Improvements	1,876
Total	2,236
Accumulated Depreciation	$ 207
Dallas I, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	58,582
Initial cost
Land	$ 2,475
Building and Improvements	2,253
Costs Subsequent to Acquisition	335
Gross Carrying Amount at year end
Land	2,475
Building and Improvements	2,141
Total	4,616
Accumulated Depreciation	$ 700
Dallas II, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	79,123
Initial cost
Land	$ 940
Building and Improvements	4,635
Costs Subsequent to Acquisition	170
Gross Carrying Amount at year end
Land	940
Building and Improvements	4,806
Total	5,746
Accumulated Depreciation	$ 319
Dallas III, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	69,589
Initial cost
Land	$ 2,608
Building and Improvements	12,857
Costs Subsequent to Acquisition	70
Gross Carrying Amount at year end
Land	2,608
Building and Improvements	12,926
Total	15,534
Accumulated Depreciation	$ 444
Dallas IV, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	114,590
Initial cost
Land	$ 2,369
Building and Improvements	11,850
Costs Subsequent to Acquisition	38
Gross Carrying Amount at year end
Land	2,369
Building and Improvements	11,888
Total	14,257
Accumulated Depreciation	$ 289
Dallas V, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	54,455
Initial cost
Building and Improvements	$ 11,604
Costs Subsequent to Acquisition	15
Gross Carrying Amount at year end
Building and Improvements	11,619
Total	11,619
Accumulated Depreciation	$ 154
Denton, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	60,846
Initial cost
Land	$ 553
Building and Improvements	2,936
Costs Subsequent to Acquisition	207
Gross Carrying Amount at year end
Land	569
Building and Improvements	2,648
Total	3,217
Accumulated Depreciation	$ 756
Fort Worth I, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	50,446
Initial cost
Land	$ 1,253
Building and Improvements	1,141
Costs Subsequent to Acquisition	254
Gross Carrying Amount at year end
Land	1,253
Building and Improvements	1,159
Total	2,412
Accumulated Depreciation	$ 354
Fort Worth II, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	72,900
Initial cost
Land	$ 868
Building and Improvements	4,607
Costs Subsequent to Acquisition	333
Gross Carrying Amount at year end
Land	874
Building and Improvements	4,272
Total	5,146
Accumulated Depreciation	$ 1,269
Fort Worth III, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	80,445
Initial cost
Land	$ 1,000
Building and Improvements	4,928
Costs Subsequent to Acquisition	38
Gross Carrying Amount at year end
Land	1,000
Building and Improvements	4,967
Total	5,967
Accumulated Depreciation	$ 131
Frisco I, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	50,854
Initial cost
Land	$ 1,093
Building and Improvements	3,148
Costs Subsequent to Acquisition	169
Gross Carrying Amount at year end
Land	1,093
Building and Improvements	2,859
Total	3,952
Accumulated Depreciation	$ 895
Frisco II, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	71,399
Initial cost
Land	$ 1,564
Building and Improvements	4,507
Costs Subsequent to Acquisition	153
Gross Carrying Amount at year end
Land	1,564
Building and Improvements	4,048
Total	5,612
Accumulated Depreciation	$ 1,282
Frisco III, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	74,765
Initial cost
Land	$ 1,147
Building and Improvements	6,088
Costs Subsequent to Acquisition	497
Gross Carrying Amount at year end
Land	1,154
Building and Improvements	5,780
Total	6,934
Accumulated Depreciation	$ 1,663
Frisco IV, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	75,615
Initial cost
Land	$ 719
Building and Improvements	4,072
Costs Subsequent to Acquisition	244
Gross Carrying Amount at year end
Land	719
Building and Improvements	3,757
Total	4,476
Accumulated Depreciation	$ 629
Frisco V, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	74,315
Initial cost
Land	$ 1,159
Building and Improvements	5,714
Costs Subsequent to Acquisition	68
Gross Carrying Amount at year end
Land	1,159
Building and Improvements	5,781
Total	6,940
Accumulated Depreciation	$ 323
Frisco VI, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	68,926
Initial cost
Land	$ 1,064
Building and Improvements	5,247
Costs Subsequent to Acquisition	69
Gross Carrying Amount at year end
Land	1,064
Building and Improvements	5,316
Total	6,380
Accumulated Depreciation	$ 198
Garland I, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	70,100
Initial cost
Land	$ 751
Building and Improvements	3,984
Costs Subsequent to Acquisition	440
Gross Carrying Amount at year end
Land	767
Building and Improvements	3,837
Total	4,604
Accumulated Depreciation	$ 1,139
Garland II, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	68,425
Initial cost
Land	$ 862
Building and Improvements	4,578
Costs Subsequent to Acquisition	223
Gross Carrying Amount at year end
Land	862
Building and Improvements	4,204
Total	5,066
Accumulated Depreciation	$ 1,175
Houston III, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	61,490
Initial cost
Land	$ 575
Building and Improvements	524
Costs Subsequent to Acquisition	313
Gross Carrying Amount at year end
Land	576
Building and Improvements	725
Total	1,301
Accumulated Depreciation	$ 249
Houston IV, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	43,750
Initial cost
Land	$ 960
Building and Improvements	875
Costs Subsequent to Acquisition	440
Gross Carrying Amount at year end
Land	961
Building and Improvements	1,121
Total	2,082
Accumulated Depreciation	$ 327
Houston V, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	125,170
Initial cost
Land	$ 1,153
Building and Improvements	6,122
Costs Subsequent to Acquisition	568
Gross Carrying Amount at year end
Land	991
Building and Improvements	5,965
Total	6,956
Accumulated Depreciation	$ 1,689
Houston VI, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	54,690
Initial cost
Land	$ 575
Building and Improvements	524
Costs Subsequent to Acquisition	5,717
Gross Carrying Amount at year end
Land	983
Building and Improvements	4,920
Total	5,903
Accumulated Depreciation	$ 721
Houston VII, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	46,991
Initial cost
Land	$ 681
Building and Improvements	3,355
Costs Subsequent to Acquisition	100
Gross Carrying Amount at year end
Land	681
Building and Improvements	3,454
Total	4,135
Accumulated Depreciation	$ 434
Houston VIII, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	54,231
Initial cost
Land	$ 1,294
Building and Improvements	6,377
Costs Subsequent to Acquisition	235
Gross Carrying Amount at year end
Land	1,294
Building and Improvements	6,614
Total	7,908
Accumulated Depreciation	$ 720
Houston IX, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	51,218
Initial cost
Land	$ 296
Building and Improvements	1,459
Costs Subsequent to Acquisition	75
Gross Carrying Amount at year end
Land	296
Building and Improvements	1,534
Total	1,830
Accumulated Depreciation	$ 171
Humble, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	70,701
Initial cost
Land	$ 706
Building and Improvements	5,727
Costs Subsequent to Acquisition	1
Gross Carrying Amount at year end
Land	706
Building and Improvements	5,727
Total	6,433
Accumulated Depreciation	$ 15
Katy, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	71,408
Initial cost
Land	$ 1,329
Building and Improvements	6,552
Costs Subsequent to Acquisition	21
Gross Carrying Amount at year end
Land	1,329
Building and Improvements	6,574
Total	7,903
Accumulated Depreciation	$ 435
Keller, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	61,885
Initial cost
Land	$ 890
Building and Improvements	4,727
Costs Subsequent to Acquisition	153
Gross Carrying Amount at year end
Land	890
Building and Improvements	4,266
Total	5,156
Accumulated Depreciation	$ 1,284
Lewisville I, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	58,140
Initial cost
Land	$ 476
Building and Improvements	2,525
Costs Subsequent to Acquisition	330
Gross Carrying Amount at year end
Land	492
Building and Improvements	2,419
Total	2,911
Accumulated Depreciation	$ 699
Lewisville II, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	127,609
Initial cost
Land	$ 1,464
Building and Improvements	7,217
Costs Subsequent to Acquisition	207
Gross Carrying Amount at year end
Land	1,464
Building and Improvements	7,424
Total	8,888
Accumulated Depreciation	$ 551
Mansfield I, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	63,025
Initial cost
Land	$ 837
Building and Improvements	4,443
Costs Subsequent to Acquisition	235
Gross Carrying Amount at year end
Land	843
Building and Improvements	4,098
Total	4,941
Accumulated Depreciation	$ 1,210
Mansfield II, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	58,025
Initial cost
Land	$ 662
Building and Improvements	3,261
Costs Subsequent to Acquisition	85
Gross Carrying Amount at year end
Land	662
Building and Improvements	3,345
Total	4,007
Accumulated Depreciation	$ 382
McKinney I, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	47,020
Initial cost
Land	$ 1,632
Building and Improvements	1,486
Costs Subsequent to Acquisition	144
Gross Carrying Amount at year end
Land	1,634
Building and Improvements	1,391
Total	3,025
Accumulated Depreciation	$ 446
McKinney II, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	70,050
Initial cost
Land	$ 855
Building and Improvements	5,076
Costs Subsequent to Acquisition	172
Gross Carrying Amount at year end
Land	857
Building and Improvements	4,623
Total	5,480
Accumulated Depreciation	$ 1,386
McKinney III, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	53,148
Initial cost
Land	$ 652
Building and Improvements	3,213
Costs Subsequent to Acquisition	36
Gross Carrying Amount at year end
Land	652
Building and Improvements	3,248
Total	3,900
Accumulated Depreciation	$ 103
North Richland Hills, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	57,200
Initial cost
Land	$ 2,252
Building and Improvements	2,049
Costs Subsequent to Acquisition	213
Gross Carrying Amount at year end
Land	2,252
Building and Improvements	1,884
Total	4,136
Accumulated Depreciation	$ 581
Pearland, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	72,050
Initial cost
Land	$ 450
Building and Improvements	2,216
Costs Subsequent to Acquisition	118
Gross Carrying Amount at year end
Land	450
Building and Improvements	2,335
Total	2,785
Accumulated Depreciation	$ 255
Richmond, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	102,378
Initial cost
Land	$ 1,437
Building and Improvements	7,083
Costs Subsequent to Acquisition	135
Gross Carrying Amount at year end
Land	1,437
Building and Improvements	7,219
Total	8,656
Accumulated Depreciation	$ 481
Roanoke, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	59,860
Initial cost
Land	$ 1,337
Building and Improvements	1,217
Costs Subsequent to Acquisition	138
Gross Carrying Amount at year end
Land	1,337
Building and Improvements	1,130
Total	2,467
Accumulated Depreciation	$ 356
San Antonio I, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	73,309
Initial cost
Land	$ 2,895
Building and Improvements	2,635
Costs Subsequent to Acquisition	324
Gross Carrying Amount at year end
Land	2,895
Building and Improvements	2,428
Total	5,323
Accumulated Depreciation	$ 755
San Antonio II, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	73,230
Initial cost
Land	$ 1,047
Building and Improvements	5,558
Costs Subsequent to Acquisition	162
Gross Carrying Amount at year end
Land	1,052
Building and Improvements	5,027
Total	6,079
Accumulated Depreciation	$ 1,408
San Antonio III, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	71,775
Initial cost
Land	$ 996
Building and Improvements	5,286
Costs Subsequent to Acquisition	263
Gross Carrying Amount at year end
Land	996
Building and Improvements	4,827
Total	5,823
Accumulated Depreciation	$ 1,316
Spring, TX
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	72,751
Initial cost
Land	$ 580
Building and Improvements	3,081
Costs Subsequent to Acquisition	217
Gross Carrying Amount at year end
Land	580
Building and Improvements	2,807
Total	3,387
Accumulated Depreciation	$ 834
Murray I, UT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	60,280
Initial cost
Land	$ 3,847
Building and Improvements	1,017
Costs Subsequent to Acquisition	478
Gross Carrying Amount at year end
Land	3,848
Building and Improvements	1,279
Total	5,127
Accumulated Depreciation	$ 431
Murray II, UT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	71,421
Initial cost
Land	$ 2,147
Building and Improvements	567
Costs Subsequent to Acquisition	495
Gross Carrying Amount at year end
Land	2,148
Building and Improvements	895
Total	3,043
Accumulated Depreciation	$ 284
Salt Lake City I, UT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	56,446
Initial cost
Land	$ 2,695
Building and Improvements	712
Costs Subsequent to Acquisition	509
Gross Carrying Amount at year end
Land	2,696
Building and Improvements	1,044
Total	3,740
Accumulated Depreciation	$ 335
Salt Lake City II, UT
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	51,676
Initial cost
Land	$ 2,074
Building and Improvements	548
Costs Subsequent to Acquisition	402
Gross Carrying Amount at year end
Land	1,931
Building and Improvements	785
Total	2,716
Accumulated Depreciation	$ 262
Alexandria, VA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	114,100
Encumbrances	$ 9,012
Initial cost
Land	2,812
Building and Improvements	13,865
Costs Subsequent to Acquisition	202
Gross Carrying Amount at year end
Land	2,812
Building and Improvements	14,068
Total	16,880
Accumulated Depreciation	$ 1,546
Arlington, VA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	96,382
Initial cost
Land	$ 6,836
Building and Improvements	9,843
Costs Subsequent to Acquisition	92
Gross Carrying Amount at year end
Land	6,836
Building and Improvements	9,936
Total	16,772
Accumulated Depreciation	$ 4
Burke Lake, VA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	91,667
Encumbrances	$ 6,984
Initial cost
Land	2,093
Building and Improvements	10,940
Costs Subsequent to Acquisition	1,120
Gross Carrying Amount at year end
Land	2,093
Building and Improvements	10,464
Total	12,557
Accumulated Depreciation	$ 1,632
Fairfax, VA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	73,325
Initial cost
Land	$ 2,276
Building and Improvements	11,220
Costs Subsequent to Acquisition	281
Gross Carrying Amount at year end
Land	2,276
Building and Improvements	11,501
Total	13,777
Accumulated Depreciation	$ 1,191
Fredericksburg I, VA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	69,475
Initial cost
Land	$ 1,680
Building and Improvements	4,840
Costs Subsequent to Acquisition	283
Gross Carrying Amount at year end
Land	1,680
Building and Improvements	4,450
Total	6,130
Accumulated Depreciation	$ 1,323
Fredericksburg II, VA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	61,057
Initial cost
Land	$ 1,757
Building and Improvements	5,062
Costs Subsequent to Acquisition	341
Gross Carrying Amount at year end
Land	1,758
Building and Improvements	4,711
Total	6,469
Accumulated Depreciation	$ 1,411
Leesburg, VA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	85,503
Initial cost
Land	$ 1,746
Building and Improvements	9,894
Costs Subsequent to Acquisition	100
Gross Carrying Amount at year end
Land	1,746
Building and Improvements	8,706
Total	10,452
Accumulated Depreciation	$ 1,131
Manassas, VA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	72,745
Initial cost
Land	$ 860
Building and Improvements	4,872
Costs Subsequent to Acquisition	136
Gross Carrying Amount at year end
Land	860
Building and Improvements	4,344
Total	5,204
Accumulated Depreciation	$ 715
McLearen, VA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	68,960
Initial cost
Land	$ 1,482
Building and Improvements	8,400
Costs Subsequent to Acquisition	155
Gross Carrying Amount at year end
Land	1,482
Building and Improvements	7,400
Total	8,882
Accumulated Depreciation	$ 1,180
Vienna, VA
REAL ESTATE AND RELATED DEPRECIATION
Area of facility (in square feet) | ft²	54,535
Initial cost
Land	$ 2,300
Building and Improvements	11,340
Costs Subsequent to Acquisition	127
Gross Carrying Amount at year end
Land	2,300
Building and Improvements	11,469
Total	13,769
Accumulated Depreciation	1,198
Divisional Offices
Initial cost
Costs Subsequent to Acquisition	293
Gross Carrying Amount at year end
Building and Improvements	293
Total	293
Accumulated Depreciation	$ 40

SCHEDULE III REAL ESTATE AND 75

SCHEDULE III REAL ESTATE AND RELATED DEPRECIATION (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Activity in Storage facilities
Balance at beginning of year	$ 3,117,198	$ 2,553,706
Acquisitions & improvements	344,775	576,845
Fully depreciated assets	(13,493)	(6,855)
Dispositions and other	(33,921)	(13,716)
Construction in progress	52,473	7,218
Balance at end of year	3,467,032	3,117,198
Activity in Accumulated depreciation
Balance at beginning of year	492,069	398,536
Depreciation expense	122,076	101,542
Fully depreciated assets	(13,493)	(6,855)
Dispositions and other	(6,603)	(1,154)
Balance at end of year	594,049	492,069
Real Estate Investment Property, Net	$ 2,872,983	$ 2,625,129

CONSOLIDATED BALANCE SHEETS (LP

CONSOLIDATED BALANCE SHEETS (LP cube) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
ASSETS
Storage facilities	$ 3,467,032	$ 3,117,198
Less: Accumulated depreciation	(594,049)	(492,069)
Storage facilities, net (including VIE assets of $136,274 and $49,829, respectively)	2,872,983	2,625,129
Cash and cash equivalents	62,869	2,901
Restricted cash	24,600	3,305
Loan procurement costs, net of amortization	13,470	10,653
Investment in real estate venture, at equity	97,281	95,709
Other assets, net	43,631	48,642
Total assets	3,114,834	2,786,339
LIABILITIES AND CAPITAL
Unsecured senior notes	750,000	500,000
Revolving credit facility		78,000
Unsecured term loan	400,000	400,000
Mortgage loans and notes payable	112,212	195,851
Accounts payable, accrued expenses and other liabilities	85,034	69,198
Distributions payable	38,685	28,137
Deferred revenue	17,519	15,311
Security deposits	403	401
Total liabilities	1,403,853	1,286,898
Limited Partnership interests of third parties	$ 66,128	$ 49,823
Commitments and contingencies
Capital
Accumulated other comprehensive loss	$ (4,978)	$ (8,759)
Total liabilities and equity	3,114,834	2,786,339
CubeSmart, L.P. and Subsidiaries
ASSETS
Storage facilities	3,467,032	3,117,198
Less: Accumulated depreciation	(594,049)	(492,069)
Storage facilities, net (including VIE assets of $136,274 and $49,829, respectively)	2,872,983	2,625,129
Cash and cash equivalents	62,869	2,901
Restricted cash	24,600	3,305
Loan procurement costs, net of amortization	13,470	10,653
Investment in real estate venture, at equity	97,281	95,709
Other assets, net	43,631	48,642
Total assets	3,114,834	2,786,339
LIABILITIES AND CAPITAL
Unsecured senior notes	750,000	500,000
Revolving credit facility		78,000
Unsecured term loan	400,000	400,000
Mortgage loans and notes payable	112,212	195,851
Accounts payable, accrued expenses and other liabilities	85,034	69,198
Distributions payable	38,685	28,137
Deferred revenue	17,519	15,311
Security deposits	403	401
Total liabilities	1,403,853	1,286,898
Limited Partnership interests of third parties	$ 66,128	$ 49,823
Commitments and contingencies
Capital
Operating Partner	$ 1,648,305	$ 1,456,785
Accumulated other comprehensive loss	(4,978)	(8,759)
Total CubeSmart, L.P. capital	1,643,327	1,448,026
Noncontrolling interests in subsidiaries	1,526	1,592
Total capital	1,644,853	1,449,618
Total liabilities and equity	$ 3,114,834	$ 2,786,339

CONSOLIDATED BALANCE SHEETS (77

CONSOLIDATED BALANCE SHEETS (Parenthetical) (LP cube) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Storage facilities, net	$ 2,872,983	$ 2,625,129
VIE
Storage facilities, net	136,274	49,829
CubeSmart, L.P. and Subsidiaries
Storage facilities, net	2,872,983	2,625,129
CubeSmart, L.P. and Subsidiaries | VIE
Storage facilities, net	$ 136,274	$ 49,829

CONSOLIDATED STATEMENTS OF OP78

CONSOLIDATED STATEMENTS OF OPERATIONS (LP cube) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
REVENUES
Rental income	$ 392,476	$ 330,898	$ 281,250
Other property related income	45,189	40,065	32,365
Property management fee income	6,856	6,000	4,780
Total revenues	444,521	376,963	318,395
OPERATING EXPENSES
Property operating expenses	153,172	132,701	118,222
Depreciation and amortization	151,789	126,813	112,313
General and administrative	28,371	28,422	29,563
Acquisition related costs	3,301	7,484	3,849
Total operating expenses	336,633	295,420	263,947
OPERATING INCOME	107,888	81,543	54,448
Interest:
Interest expense on loans	(43,736)	(46,802)	(40,424)
Loan procurement amortization expense	$ (2,324)	$ (2,190)	(2,058)
Loan procurement amortization expense - early repayment of debt			(414)
Equity in losses of real estate ventures	$ (411)	$ (6,255)	(1,151)
Gain from sale of real estate	17,567	475
Other	(228)	(405)	8
Total other expense	(29,132)	(55,177)	(44,039)
INCOME FROM CONTINUING OPERATIONS	$ 78,756	26,366	10,409
DISCONTINUED OPERATIONS
Income from discontinued operations		$ 336	4,145
Gain from disposition of discontinued operations			27,440
Total discontinued operations		$ 336	31,585
NET INCOME	$ 78,756	26,702	41,994
NET (INCOME) LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS
Noncontrolling interest in subsidiaries	(84)	(16)	42
Operating Partnership interests of third parties	(960)	(307)	(588)
Distribution to preferred unitholders	(6,008)	(6,008)	(6,008)
NET INCOME ATTRIBUTABLE TO THE COMPANY'S COMMON SHAREHOLDERS	$ 71,704	$ 20,371	$ 35,440
Diluted - as reported (in dollars per share)	$ 0.42	$ 0.13	$ 0.03
Diluted earnings per unit from discontinued operations attributable to common unitholders		0.01	0.23
Diluted earnings per share attributable to common shareholders (in dollars per share)	$ 0.42	$ 0.14	$ 0.26
Weighted-average basic units outstanding (in units)	168,640	149,107	135,191
Weighted-average diluted units outstanding (in units)	170,191	150,863	137,742
AMOUNTS ATTRIBUTABLE TO COMMON UNITHOLDERS:
Income from continuing operations	$ 71,704	$ 20,040	$ 4,392
Total discontinued operations		331	31,048
Net income	71,704	20,371	35,440
CubeSmart, L.P. and Subsidiaries
REVENUES
Rental income	392,476	330,898	281,250
Other property related income	45,189	40,065	32,365
Property management fee income	6,856	6,000	4,780
Total revenues	444,521	376,963	318,395
OPERATING EXPENSES
Property operating expenses	153,172	132,701	118,222
Depreciation and amortization	151,789	126,813	112,313
General and administrative	28,371	28,422	29,563
Acquisition related costs	3,301	7,484	3,849
Total operating expenses	336,633	295,420	263,947
OPERATING INCOME	107,888	81,543	54,448
Interest:
Interest expense on loans	(43,736)	(46,802)	(40,424)
Loan procurement amortization expense	(2,324)	(2,190)	(2,058)
Loan procurement amortization expense - early repayment of debt			(414)
Equity in losses of real estate ventures	(411)	(6,255)	(1,151)
Gain from sale of real estate	17,567	475
Other	(228)	(405)	8
Total other expense	(29,132)	(55,177)	(44,039)
INCOME FROM CONTINUING OPERATIONS	78,756	26,366	10,409
DISCONTINUED OPERATIONS
Income from discontinued operations		336	4,145
Gain from disposition of discontinued operations			27,440
Total discontinued operations		336	31,585
NET INCOME	78,756	26,702	41,994
NET (INCOME) LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS
Noncontrolling interest in subsidiaries	(84)	(16)	42
NET INCOME (LOSS) ATTRIBUTABLE TO CUBESMART L.P.	78,672	26,686	42,036
Operating Partnership interests of third parties	(960)	(307)	(588)
NET INCOME ATTRIBUTABLE TO OPERATING PARTNER	77,712	26,379	41,448
Distribution to preferred unitholders	(6,008)	(6,008)	(6,008)
NET INCOME ATTRIBUTABLE TO THE COMPANY'S COMMON SHAREHOLDERS	$ 71,704	$ 20,371	$ 35,440
Basic earnings per unit from continuing operations attributable to common unitholders	$ 0.43	$ 0.13	$ 0.03
Basic earnings per unit from discontinued operations attributable to common unitholders		0.01	0.23
Basic earnings per unit attributable to common unitholders	0.43	0.14	0.26
Diluted - as reported (in dollars per share)	0.42	0.13	0.03
Diluted earnings per unit from discontinued operations attributable to common unitholders		0.01	0.23
Diluted earnings per share attributable to common shareholders (in dollars per share)	$ 0.42	$ 0.14	$ 0.26
Weighted-average basic units outstanding (in units)	168,640	149,107	135,191
Weighted-average diluted units outstanding (in units)	170,191	150,863	137,742
AMOUNTS ATTRIBUTABLE TO COMMON UNITHOLDERS:
Income from continuing operations	$ 71,704	$ 20,040	$ 4,392
Total discontinued operations		331	31,048
Net income	$ 71,704	$ 20,371	$ 35,440

CONSOLIDATED STATEMENTS OF CO79

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (LP cube) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
NET INCOME	$ 78,756	$ 26,702	$ 41,994
Other comprehensive (loss) income:
Unrealized (losses) gains on interest rate swaps	(3,409)	(3,944)	2,636
Reclassification of realized losses on interest rate swaps	6,263	6,408	6,266
Unrealized loss on foreign currency translation	(249)	(175)	56
Reclassification of realized loss on foreign currency translation	1,199
OTHER COMPREHENSIVE INCOME	3,804	2,289	8,958
COMPREHENSIVE INCOME	82,560	28,991	50,952
Comprehensive income attributable to Operating Partnership interests of third parties	(992)	(338)	(740)
Comprehensive loss (income) attributable to noncontrolling interest in subsidiaries	(75)	(19)	18
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE COMPANY	81,493	28,634	50,230
CubeSmart, L.P. and Subsidiaries
NET INCOME	78,756	26,702	41,994
Other comprehensive (loss) income:
Unrealized (losses) gains on interest rate swaps	(3,409)	(3,944)	2,636
Reclassification of realized losses on interest rate swaps	6,263	6,408	6,266
Unrealized loss on foreign currency translation	(249)	(175)	56
Reclassification of realized loss on foreign currency translation	1,199
OTHER COMPREHENSIVE INCOME	3,804	2,289	8,958
COMPREHENSIVE INCOME	82,560	28,991	50,952
Comprehensive income attributable to Operating Partnership interests of third parties	(992)	(338)	(740)
Comprehensive loss (income) attributable to noncontrolling interest in subsidiaries	(75)	(19)	18
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE COMPANY	$ 81,493	$ 28,634	$ 50,230

CONSOLIDATED STATEMENTS OF CAPI

CONSOLIDATED STATEMENTS OF CAPITAL (LP cube) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Increase (Decrease) in Partners' Capital
Balance of Noncontrolling Interests in the Operating Partnership	$ 49,823
Contributions from noncontrolling interests in subsidiaries	178	$ 642	$ 831
Distributions to noncontrolling interests in subsidiaries	319
Adjustment for Operating Partnership interests of third parties	(19,619)	(14,761)	(3,292)
Net income (loss)	77,796	26,395	41,406
Other comprehensive income (loss), net	3,781
Other comprehensive income (loss), net	3,772	2,258	8,806
Balance of Noncontrolling Interests in the Operating Partnership	66,128	49,823
Noncontrolling Interests in Operating Partnership
Increase (Decrease) in Partners' Capital
Balance of Noncontrolling Interests in the Operating Partnership	49,823	36,275	47,990
Adjustment for Operating Partnership interests of third parties	19,619	14,761	3,292
Net income (loss)	960	307	588
Other comprehensive income (loss), net	32	31	152
Balance of Noncontrolling Interests in the Operating Partnership	66,128	49,823	36,275
CubeSmart, L.P. and Subsidiaries
Increase (Decrease) in Partners' Capital
Balance of Noncontrolling Interests in the Operating Partnership	49,823
Balance	1,449,618	1,093,207	989,909
Contributions from noncontrolling interests in subsidiaries	178	642	831
Distributions to noncontrolling interests in subsidiaries	(319)
Issuance of common OP units	234,061	416,001	100,287
Issuance of restricted OP units	1	5	3
Conversion from units to shares	3,275	308	14,698
Exercise of OP unit options	17,489	13,802	3,710
Amortization of restricted OP units	1,166	182	4,747
OP unit compensation expense	989	1,553	870
Adjustment for Operating Partnership interests of third parties	(19,619)	(14,761)	(3,292)
Net income (loss)	77,796	26,395	41,406
Other comprehensive income (loss), net	3,772	2,258	8,806
Preferred OP unit distributions	(6,008)	(6,008)	(6,008)
Common OP unit distributions	(117,546)	(83,966)	(62,760)
Balance	1,644,853	1,449,618	1,093,207
Balance of Noncontrolling Interests in the Operating Partnership	66,128	49,823
CubeSmart, L.P. and Subsidiaries | Noncontrolling Interests in Operating Partnership
Increase (Decrease) in Partners' Capital
Balance of Noncontrolling Interests in the Operating Partnership	49,823	36,275	47,990
Conversion from units to shares	(3,275)	(308)	(14,698)
Adjustment for Operating Partnership interests of third parties	19,619	14,761	3,292
Net income (loss)	960	307	588
Other comprehensive income (loss), net		31
Other comprehensive income (loss), net	32		152
Common OP unit distributions	(1,531)	(1,243)	(1,049)
Balance of Noncontrolling Interests in the Operating Partnership	66,128	49,823	36,275
CubeSmart, L.P. and Subsidiaries | Noncontrolling Interests in Operating Partnership | Capital Unit ClassB
Increase (Decrease) in Partners' Capital
Issuance of preferred OP units, net	500
CubeSmart, L.P. and Subsidiaries | Total Shareholders' Equity
Increase (Decrease) in Partners' Capital
Balance	1,448,026	1,092,276	989,791
Issuance of common OP units	234,061	416,001	100,287
Issuance of restricted OP units	1	5	3
Conversion from units to shares	3,275	308	14,698
Exercise of OP unit options	17,489	13,802	3,710
Amortization of restricted OP units	1,166	182	4,747
OP unit compensation expense	989	1,553	870
Adjustment for Operating Partnership interests of third parties	(19,619)	(14,761)	(3,292)
Net income (loss)	77,712	26,379	41,448
Other comprehensive income (loss), net	3,781	2,255	8,782
Preferred OP unit distributions	(6,008)	(6,008)	(6,008)
Common OP unit distributions	(117,546)	(83,966)	(62,760)
Balance	1,643,327	1,448,026	1,092,276
CubeSmart, L.P. and Subsidiaries | Operating Partner
Increase (Decrease) in Partners' Capital
Balance	$ 1,456,785	$ 1,103,290	$ 1,009,587
Balance (in units)	163,957	139,328	131,795
Issuance of common OP units	$ 234,061	$ 416,001	$ 100,287
Issuance of common OP units (in units)	8,978	22,704	5,700
Issuance of restricted OP units	$ 1	$ 5	$ 3
Issuance of restricted OP units (in units)	161	482	301
Conversion from units to shares	$ 3,275	$ 308	$ 14,698
Conversion from units to shares (in units)	118	18	1,018
Exercise of OP unit options	$ 17,489	$ 13,802	$ 3,710
Exercise of OP unit options (in units)	1,454	1,425	514
Amortization of restricted OP units	$ 1,166	$ 182	$ 4,747
OP unit compensation expense	989	1,553	870
Adjustment for Operating Partnership interests of third parties	(19,619)	(14,761)	(3,292)
Net income (loss)	77,712	26,379	41,448
Preferred OP unit distributions	(6,008)	(6,008)	(6,008)
Common OP unit distributions	(117,546)	(83,966)	(62,760)
Balance	$ 1,648,305	$ 1,456,785	$ 1,103,290
Balance (in units)	174,668	163,957	139,328
CubeSmart, L.P. and Subsidiaries | Preferred Operating Partner
Increase (Decrease) in Partners' Capital
Balance (in units)	3,100	3,100	3,100
Balance (in units)	3,100	3,100	3,100
CubeSmart, L.P. and Subsidiaries | Accumulated Other Comprehensive (Loss) Income
Increase (Decrease) in Partners' Capital
Balance	$ (8,759)	$ (11,014)	$ (19,796)
Other comprehensive income (loss), net	3,781	2,255	8,782
Balance	(4,978)	(8,759)	(11,014)
CubeSmart, L.P. and Subsidiaries | Noncontrolling Interest in Subsidiaries
Increase (Decrease) in Partners' Capital
Balance	1,592	931	118
Contributions from noncontrolling interests in subsidiaries	178	642	831
Distributions to noncontrolling interests in subsidiaries	(319)
Net income (loss)	84	16	(42)
Other comprehensive income (loss), net	(9)	3	24
Balance	$ 1,526	$ 1,592	$ 931

CONSOLIDATED STATEMENTS OF CA81

CONSOLIDATED STATEMENTS OF CASH FLOWS (LP cube) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Operating Activities
Net income	$ 78,756	$ 26,702	$ 41,994
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	$ 154,113	$ 129,003	117,074
Loan procurement amortization expense - early repayment of debt			414
Equity in losses of real estate ventures	$ 411	$ 6,255	1,151
Gain from sale of real estate	(17,567)	(475)	(27,440)
Equity compensation expense	2,155	1,735	5,617
Accretion of fair market value adjustment of debt	(1,429)	(1,685)	(1,018)
Changes in other operating accounts:
Restricted cash	743	411	567
Other assets	(2,519)	808	(1,156)
Accounts payable and accrued expenses	(438)	2,699	4,564
Other liabilities	1,480	579	1,095
Net cash provided by operating activities	215,705	166,032	142,862
Investing Activities
Acquisitions of storage facilities	(275,726)	(547,515)	(181,612)
Additions and improvements to storage facilities	(24,695)	(19,967)	(20,320)
Development costs	(81,315)	(23,566)	(53,979)
Investment in real estate venture, at equity	(8,370)		(157,461)
Cash contributed to real estate venture	(63)	(2,550)
Cash distributed from real estate venture	6,451	56,896
Proceeds from sale of real estate, net	9,041	13,475	123,780
Fundings of notes receivable	(4,100)
Proceeds from notes receivable	4,100		5,192
Change in restricted cash	69	528	1,476
Net cash used in investing activities	(374,608)	(522,699)	(282,924)
Proceeds from financing activities:
Unsecured senior notes	249,338		247,488
Revolving credit facility	731,320	712,500	636,200
Principal payments on:
Revolving credit facility	(809,320)	(673,100)	(642,600)
Unsecured term loans			(100,000)
Mortgage loans and notes payable	(84,905)	(30,149)	(36,496)
Loan procurement costs	(4,433)	(274)	(4,400)
Contributions from noncontrolling interests in subsidiaries	178	642	831
Distributions paid to noncontrolling interest in subsidiaries	(319)
Distributions paid to common OP unitholders	(107,093)	(75,849)	(59,159)
Distributions paid to preferred OP unitholders	(6,008)	(6,008)	(6,008)
Net cash provided by financing activities	218,871	356,392	138,743
Change in cash and cash equivalents	59,968	(275)	(1,319)
Cash and cash equivalents at beginning of year	2,901	3,176	4,495
Cash and cash equivalents at end of year	62,869	2,901	3,176
Supplemental Cash Flow and Noncash Information
Cash paid for interest, net of interest capitalized	46,216	50,024	43,130
Supplemental disclosure of noncash activities:
Restricted cash - acquisition of storage facilities	(14,353)
Restricted cash - disposition of real estate	36,372
Accretion Of Liability	16,929	8,977
Derivative valuation adjustment	2,854	2,464	8,902
Foreign currency translation adjustment	(249)	(175)	56
Discount on issuance of unsecured senior notes	662		2,512
Mortgage loan assumption - acquisitions of storage facilities	2,695	27,467	8,866
CubeSmart, L.P. and Subsidiaries
Operating Activities
Net income	78,756	26,702	41,994
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	154,113	129,003	117,074
Loan procurement amortization expense - early repayment of debt			414
Equity in losses of real estate ventures	411	6,255	1,151
Gain from sale of real estate	(17,567)	(475)	(27,440)
Equity compensation expense	2,155	1,735	5,617
Accretion of fair market value adjustment of debt	(1,429)	(1,685)	(1,018)
Changes in other operating accounts:
Restricted cash	743	411	567
Other assets	(2,519)	808	(1,156)
Accounts payable and accrued expenses	(438)	2,699	4,564
Other liabilities	1,480	579	1,095
Net cash provided by operating activities	215,705	166,032	142,862
Investing Activities
Acquisitions of storage facilities	(275,726)	(547,515)	(181,612)
Additions and improvements to storage facilities	(24,695)	(19,967)	(20,320)
Development costs	(81,315)	(23,566)	(53,979)
Investment in real estate venture, at equity	(8,370)		(157,461)
Cash contributed to real estate venture	(63)	(2,550)
Cash distributed from real estate venture	6,451	56,896
Proceeds from sale of real estate, net	9,041	13,475	123,780
Fundings of notes receivable	(4,100)
Proceeds from notes receivable	4,100		5,192
Change in restricted cash	69	528	1,476
Net cash used in investing activities	(374,608)	(522,699)	(282,924)
Proceeds from financing activities:
Unsecured senior notes	249,338		247,488
Revolving credit facility	731,320	712,500	636,200
Principal payments on:
Revolving credit facility	(809,320)	(673,100)	(642,600)
Unsecured term loans			(100,000)
Mortgage loans and notes payable	(84,905)	(30,149)	(36,496)
Loan procurement costs	(4,433)	(274)	(4,400)
Proceeds from issuance of common OP units	234,062	416,006	100,290
Exercise of OP unit options	17,489	13,802	3,710
Contributions from noncontrolling interests in subsidiaries	178	642	831
Distributions paid to noncontrolling interest in subsidiaries	(319)
Distributions paid to common OP unitholders	(108,531)	(77,027)	(60,272)
Distributions paid to preferred OP unitholders	(6,008)	(6,008)	(6,008)
Net cash provided by financing activities	218,871	356,392	138,743
Change in cash and cash equivalents	59,968	(275)	(1,319)
Cash and cash equivalents at beginning of year	2,901	3,176	4,495
Cash and cash equivalents at end of year	62,869	2,901	3,176
Supplemental Cash Flow and Noncash Information
Cash paid for interest, net of interest capitalized	46,216	50,024	43,130
Supplemental disclosure of noncash activities:
Restricted cash - acquisition of storage facilities	(14,353)
Restricted cash - disposition of real estate	36,372
Accretion Of Liability	16,929	8,977
Derivative valuation adjustment	2,854	2,464	8,902
Foreign currency translation adjustment	(249)	(175)	56
Discount on issuance of unsecured senior notes	662		2,512
Mortgage loan assumption - acquisitions of storage facilities	$ 2,695	$ 27,467	$ 8,866