CubeSmart (CUBE) 10-Q8 May 202020 Q1 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2020	May 06, 2020
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2020
Entity File Number	001-32324
Entity Registrant Name	CUBESMART
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	20-1024732
Entity Address, Address Line One	5 Old Lancaster Rd. Malvern
Entity Address, City or Town	Malvern
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19355
City Area Code	610
Local Phone Number	535-5000
Title of 12(b) Security	Common Shares, $0.01 par value per share, of CubeSmart
Trading Symbol	CUBE
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		193,587,927
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001298675
Amendment Flag	false
Cubesmart, L P and Subsidiaries
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2020
Entity File Number	000-54462
Entity Registrant Name	CUBESMART, L.P.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	34-1837021
Entity Address, Address Line One	5 Old Lancaster Rd.
Entity Address, City or Town	Malvern
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19355
City Area Code	610
Local Phone Number	535-5000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001300485
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
ASSETS
Storage properties	$ 4,716,549	$ 4,699,844
Less: Accumulated depreciation	(944,958)	(925,359)
Storage properties, net (including VIE assets of $100,143 and $92,612, respectively)	3,771,591	3,774,485
Cash and cash equivalents	35,719	54,857
Restricted cash	2,760	3,584
Loan procurement costs, net of amortization	3,834	4,059
Investment in real estate ventures, at equity	95,174	91,117
Other assets, net	93,684	101,443
Total assets	4,002,762	4,029,545
LIABILITIES AND EQUITY
Unsecured senior notes, net	1,836,223	1,835,725
Mortgage loans and notes payable, net	95,263	96,040
Accounts payable, accrued expenses and other liabilities	136,310	137,880
Distributions payable	64,691	64,688
Deferred revenue	25,662	25,313
Security deposits	478	475
Total liabilities	2,158,627	2,160,121
Noncontrolling interests in the Operating Partnership	53,845	62,088
Commitments and contingencies
Equity
Common shares $.01 par value, 400,000,000 shares authorized, 193,587,165 and 193,557,024 shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively	1,936	1,936
Additional paid-in capital	2,675,867	2,674,745
Accumulated other comprehensive loss	(709)	(729)
Accumulated deficit	(894,773)	(876,606)
Total CubeSmart shareholders' equity	1,782,321	1,799,346
Noncontrolling interests in subsidiaries	7,969	7,990
Total equity	1,790,290	1,807,336
Total liabilities and equity	$ 4,002,762	$ 4,029,545

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Storage properties	$ 3,771,591	$ 3,774,485
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	193,587,165	193,557,024
Common shares, shares outstanding	193,587,165	193,557,024
VIE
Storage properties	$ 100,143	$ 92,612

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
REVENUES
Rental income	$ 140,985	$ 131,592
Total revenues	164,081	152,845
OPERATING EXPENSES
Property operating expenses	55,740	51,425
Depreciation and amortization	40,838	38,442
General and administrative	10,365	9,147
Total operating expenses	106,943	99,014
Interest:
Interest expense on loans	(18,681)	(17,517)
Loan procurement amortization expense	(754)	(624)
Equity in (losses) earnings of real estate ventures	(5)	261
Other	619	(165)
Total other expense	(18,821)	(18,045)
NET INCOME	38,317	35,786
NET (INCOME) LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS
Noncontrolling interests in the Operating Partnership	(383)	(358)
Noncontrolling interest in subsidiaries	(38)	70
NET INCOME ATTRIBUTABLE TO THE COMPANY'S COMMON SHAREHOLDERS	$ 37,896	$ 35,498
Basic earnings per share attributable to common shareholders (in dollars per share)	$ 0.20	$ 0.19
Diluted earnings per share attributable to common shareholders (in dollars per share)	$ 0.20	$ 0.19
Weighted average basic shares outstanding (in shares)	193,582	187,253
Weighted average diluted shares outstanding (in shares)	194,264	187,984
Other Property Related Income
REVENUES
Property related income	$ 16,902	$ 15,675
Property Management Fee Income
REVENUES
Property related income	$ 6,194	$ 5,578

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
NET INCOME	$ 38,317	$ 35,786
Other comprehensive income:
Unrealized gains on interest rate swaps		232
Reclassification of realized losses on interest rate swaps	20	10
OTHER COMPREHENSIVE INCOME	20	242
COMPREHENSIVE INCOME	38,337	36,028
Comprehensive income attributable to noncontrolling interests in the Operating Partnership	(383)	(360)
Comprehensive (income) loss attributable to noncontrolling interest in subsidiaries	(38)	70
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE COMPANY	$ 37,916	$ 35,738

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Thousands, $ in Thousands	Total Shareholders' Equity	Common Shares	Additional Paid-in Capital	Accumulated Other Comprehensive (Loss) Income	Accumulated Deficit	Noncontrolling Interest in Subsidiaries	Noncontrolling Interests in Operating Partnership	Total
Balance at Dec. 31, 2018	$ 1,709,678	$ 1,871	$ 2,500,751	$ (1,029)	$ (791,915)	$ 6,771		$ 1,716,449
Balance (in shares) at Dec. 31, 2018		187,145
Balance of Noncontrolling Interests in the Operating Partnership at Dec. 31, 2018							$ 55,819
Increase (Decrease) in Stockholders' Equity
Contributions from noncontrolling interests in subsidiaries						4,828		4,828
Distributions paid to noncontrolling interests in subsidiaries						(66)		(66)
Acquisition of noncontrolling interest in subsidiary	(9,728)		(9,728)			(272)		(10,000)
Issuance of common shares	24,580	$ 8	24,572					24,580
Issuance of common shares (in shares)		773
Issuance of restricted shares (in shares)		19
Conversion from units to shares	1,842	$ 1	1,841				(1,842)	1,842
Conversion from units to shares (in shares)		60
Exercise of stock options	1,049	$ 1	1,048					1,049
Exercise of stock options (in shares)		140
Amortization of restricted shares	798		798					798
Share compensation expense	468		468					468
Adjustment for noncontrolling interest in the Operating Partnership	(6,681)				(6,681)		6,681	(6,681)
Net income (loss)	35,498				35,498	(70)		35,428
Net income (loss)							358
Other comprehensive income, net	240			240				240
Other comprehensive income, net							2
Common share distributions	(60,375)				(60,375)		(604)	(60,375)
Balance at Mar. 31, 2019	1,697,369	$ 1,881	2,519,750	(789)	(823,473)	11,191		1,708,560
Balance (in shares) at Mar. 31, 2019		188,137
Balance of Noncontrolling Interests in the Operating Partnership at Mar. 31, 2019							60,414
Balance at Dec. 31, 2018	1,709,678	$ 1,871	2,500,751	(1,029)	(791,915)	6,771		1,716,449
Balance (in shares) at Dec. 31, 2018		187,145
Balance of Noncontrolling Interests in the Operating Partnership at Dec. 31, 2018							55,819
Increase (Decrease) in Stockholders' Equity
Adjustment for noncontrolling interest in the Operating Partnership								5,900
Balance at Dec. 31, 2019	1,799,346	$ 1,936	2,674,745	(729)	(876,606)	7,990	62,088	1,807,336
Balance (in shares) at Dec. 31, 2019		193,557
Balance of Noncontrolling Interests in the Operating Partnership at Dec. 31, 2019								62,088
Increase (Decrease) in Stockholders' Equity
Distributions paid to noncontrolling interests in subsidiaries						(59)		(59)
Issuance of common shares	(118)		(118)					(118)
Issuance of restricted shares (in shares)		30
Amortization of restricted shares	710		710					710
Share compensation expense	530		530					530
Adjustment for noncontrolling interest in the Operating Partnership	7,976				7,976		(7,976)	7,976
Net income (loss)	37,896				37,896	38		37,934
Net income (loss)							383
Other comprehensive income, net	20			20				20
Common share distributions	(64,039)				(64,039)		(650)	(64,039)
Balance at Mar. 31, 2020	$ 1,782,321	$ 1,936	$ 2,675,867	$ (709)	$ (894,773)	$ 7,969		1,790,290
Balance (in shares) at Mar. 31, 2020		193,587
Balance of Noncontrolling Interests in the Operating Partnership at Mar. 31, 2020							$ 53,845	$ 53,845

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
CONSOLIDATED STATEMENTS OF EQUITY
Common share distributions (in dollars per share)	$ 0.33	$ 0.32

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Operating Activities
Net income	$ 38,317	$ 35,786
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	41,592	39,066
Equity in losses (earnings) of real estate ventures	5	(261)
Equity compensation expense	1,871	1,619
Accretion of fair market value adjustment of debt	(176)	(179)
Changes in other operating accounts:
Other assets	2,743	(3,212)
Accounts payable and accrued expenses	(3,743)	1,806
Other liabilities	340	833
Net cash provided by operating activities	80,949	75,458
Investing Activities
Acquisitions of storage properties	(9,090)	(25,097)
Additions and improvements to storage properties	(11,923)	(6,153)
Development costs	(9,709)	(49,748)
Investment in real estate ventures	(5,877)	(107)
Cash distributed from real estate ventures	1,815	2,072
Net cash used in investing activities	(34,784)	(79,033)
Proceeds from:
Unsecured senior notes		347,746
Revolving credit facility	5,127	279,020
Principal payments on:
Revolving credit facility	(5,127)	(378,400)
Unsecured term loans		(200,000)
Mortgage loans and notes payable	(633)	(701)
Loan procurement costs		(2,634)
Settlement of hedge transactions		(807)
Acquisition of noncontrolling interest in subsidiary, net		(5,172)
Proceeds from issuance of common shares, net	(118)	24,580
Cash paid upon vesting of restricted shares	(631)	(353)
Exercise of stock options		1,049
Distributions paid to noncontrolling interests in subsidiaries	(59)	(66)
Distributions paid to common shareholders	(64,036)	(60,005)
Distributions paid to noncontrolling interests in Operating Partnership	(650)	(623)
Net cash (used in) provided by financing activities	(66,127)	3,634
Change in cash, cash equivalents and restricted cash	(19,962)	59
Cash, cash equivalents and restricted cash at beginning of period	58,441	6,482
Cash, cash equivalents and restricted cash at end of period	38,479	6,541
Supplemental Cash Flow and Noncash Information
Cash paid for interest, net of interest capitalized	23,652	15,918
Supplemental disclosure of noncash activities:
Discount on issuance of unsecured senior notes		2,254
Accretion of put liability	896	4,070
Derivative valuation adjustment	$ 20	242
Acquisition of noncontrolling interest in subsidiary		(4,828)
Contributions from noncontrolling interests in subsidiaries		$ 4,828

ORGANIZATION AND NATURE OF OPER

ORGANIZATION AND NATURE OF OPERATIONS	3 Months Ended
ORGANIZATION AND NATURE OF OPERATIONS	Mar. 31, 2020
ORGANIZATION AND NATURE OF OPERATIONS
ORGANIZATION AND NATURE OF OPERATIONS	1. ORGANIZATION AND NATURE OF OPERATIONS CubeSmart (the “Parent Company”) operates as a self-managed and self-administered real estate investment trust (“REIT”) with its operations conducted solely through CubeSmart, L.P. and its subsidiaries. CubeSmart, L.P., a Delaware limited partnership (the “Operating Partnership”), operates through an umbrella partnership structure, with the Parent Company, a Maryland REIT, as its sole general partner. In the notes to the consolidated financial statements, we use the terms “the Company”, “we” or “our” to refer to the Parent Company and the Operating Partnership together, unless the context indicates otherwise. As of March 31, 2020, the Company owned self-storage properties located in 24 states throughout the United States and the District of Columbia that are presented under one reportable segment: the Company owns, operates, develops, manages and acquires self-storage properties. As of March 31, 2020, the Parent Company owned approximately 99.0% of the partnership interests (“OP Units”) of the Operating Partnership. The remaining OP Units, consisting exclusively of limited partner interests, are held by persons who contributed their interests in properties to the Operating Partnership in exchange for OP Units. Under the partnership agreement, these persons have the right to tender their OP Units for redemption to the Operating Partnership at any time following a specified restricted period for cash equal to the fair value of an equivalent number of common shares of the Parent Company. In lieu of delivering cash, however, the Parent Company, as the Operating Partnership’s general partner, may, at its option, choose to acquire any OP Units so tendered by issuing common shares in exchange for the tendered OP Units. If the Parent Company so chooses, its common shares will be exchanged for OP Units on a one-for-one basis. This one-for-one exchange ratio is subject to adjustment to prevent dilution. With each such exchange or redemption, the Parent Company’s percentage ownership in the Operating Partnership will increase. In addition, whenever the Parent Company issues common or other classes of its shares, it contributes the net proceeds it receives from the issuance to the Operating Partnership and the Operating Partnership issues to the Parent Company an equal number of OP Units or other partnership interests having preferences and rights that mirror the preferences and rights of the shares issued. This structure is commonly referred to as an umbrella partnership REIT or “UPREIT”.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Mar. 31, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting and, in the opinion of each of the Parent Company’s and Operating Partnership’s respective management, include all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of financial position, results of operations and cash flows for each respective company for the interim periods presented in accordance with generally accepted accounting principles in the United States (“GAAP”). Accordingly, readers of this Quarterly Report on Form 10-Q should refer to the Parent Company’s and the Operating Partnership’s audited financial statements prepared in accordance with GAAP, and the related notes thereto, for the year ended December 31, 2019, which are included in the Parent Company’s and the Operating Partnership’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019 The Operating Partnership meets the criteria as a variable interest entity (“VIE”). The Parent Company’s sole significant asset is its investment in the Operating Partnership. As a result, substantially all of the Parent Company’s assets and liabilities represent those assets and liabilities of the Operating Partnership. All of the Parent Company’s debt is an obligation of the Operating Partnership. Recent Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2016-13 – Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The new guidance changes how entities measure credit losses for most financial assets. This standard requires an entity to estimate its lifetime expected credit loss and record an allowance that, when deducted from the amortized cost basis of the financial asset, presents the net amount expected to be collected on the financial asset. In November 2018, the FASB issued ASU No. 2018-19 – Codification Improvements to Topic 326, Financial Instruments - Credit Losses, which clarifies that receivables arising from operating leases are within the scope of the leasing standard (ASU No. 2016-02), and not within the scope of ASU No. 2016-13. The standard became effective on January 1, 2020. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements.

STORAGE PROPERTIES

STORAGE PROPERTIES	3 Months Ended
STORAGE PROPERTIES	Mar. 31, 2020
STORAGE PROPERTIES
STORAGE FACILITIES	3. STORAGE PROPERTIES The book value of the Company’s real estate assets is summarized as follows: March 31, December 31, 2020 2019 (in thousands) Land $ 859,607 $ 858,541 Buildings and improvements 3,627,204 3,619,594 Equipment 124,667 128,111 Construction in progress 105,071 93,598 Storage properties 4,716,549 4,699,844 Less: Accumulated depreciation (944,958) (925,359) Storage properties, net $ 3,771,591 $ 3,774,485 The following table summarizes the Company’s acquisition and disposition activity during the period beginning on January 1, 2019 through March 31, 2020. Number of Purchase / Sale Price Asset/Portfolio Metropolitan Statistical Area Transaction Date Stores (in thousands) 2020 Acquisition: Texas Asset San Antonio, TX February 2020 1 $ 9,025 1 $ 9,025 2019 Acquisitions: Maryland Asset Baltimore-Towson, MD March 2019 1 $ 22,000 Florida Assets Cape Coral-Fort Myers, FL April 2019 2 19,000 Arizona Asset Phoenix-Mesa-Scottsdale, AZ May 2019 1 1,550 HVP III Assets Various (see note 4) June 2019 18 128,250 (1) Georgia Asset Atlanta-Sandy Springs-Marietta, GA August 2019 1 14,600 South Carolina Asset Charleston-North Charleston, SC August 2019 1 3,300 Texas Asset Dallas-Fort Worth-Arlington, TX October 2019 1 7,300 Florida Assets Orlando-Kissimmee, FL November 2019 3 32,100 California Asset Los Angeles-Long Beach-Santa Ana, CA December 2019 1 18,500 29 $ 246,600 2019 Disposition: Texas Asset College Station-Bryan, TX October 2019 1 $ 4,146 1 $ 4,146 (1) Amount represents the purchase price for 90% of the ownership interest in 191 III CUBE LLC (“HVP III”), which at the time of the acquisition, owned 18 storage properties (see note 4).

INVESTMENT ACTIVITY

INVESTMENT ACTIVITY	3 Months Ended
INVESTMENT ACTIVITY	Mar. 31, 2020
INVESTMENT ACTIVITY
INVESTMENT ACTIVITY	4. INVESTMENT ACTIVITY 2020 Acquisition During the three months ended March 31, 2020, the Company acquired one store located in Texas for a purchase price of $9.0 million. In connection with the transaction, which was accounted for as an asset acquisition, the Company allocated the purchase price and acquisition related costs to the tangible and intangible assets acquired based on fair value. Intangible assets consisted of in-place leases, which aggregated to $0.4 million at the time of the acquisition and prior to amortization of such amounts. The estimated life of these in-place leases was 12 months and the amortization expense that was recognized during the three months ended March 31, 2020 was approximately thirty-two thousand dollars. As of March 31, 2020, the Company had made aggregate deposits of $2.7 million associated with two stores that were under contract to be acquired for an aggregate acquisition price of $65.7 million. The deposits are reflected in Other assets, net on the Company’s consolidated balance sheets. Both transactions closed subsequent to March 31, 2020 (see note 16). 2019 Acquisitions During the year ended December 31, 2019, the Company acquired 11 stores located in Arizona ( 1 ), California ( 1 ), Florida ( 5 ), Georgia ( 1 ), Maryland ( 1 ), South Carolina ( 1 ) and Texas ( 1 ) for an aggregate purchase price of approximately $118.3 million. In connection with these transactions, which were accounted for as asset acquisitions, the Company allocated the purchase price and acquisition related costs to the tangible and intangible assets acquired based on fair value. Intangible assets consisted of in-place leases, which aggregated to $6.2 million at the time of the acquisitions and prior to amortization of such amounts. The estimated life of these in-place leases was 12 months and the amortization expense that was recognized during the three months ended March 31, 2020 and 2019 was approximately $1.5 million and $0.1 million, respectively. In connection with one of the acquisitions, the Company paid $14.9 million of cash and issued OP Units that were valued at approximately $3.6 million as consideration for the purchase price (see note 12). Additionally, on June 6, 2019, the Company acquired its partner’s 90% ownership interest in HVP III, an unconsolidated real estate venture in which the Company previously owned a 10% noncontrolling interest and that was accounted for under the equity method of accounting. As of the date of acquisition, HVP III owned 18 stores located in Georgia ( 1 ), Massachusetts ( 7 ), North Carolina ( 1 ), South Carolina ( 7 ) and Tennessee ( 2 ) (the “HVP III Assets”). The purchase price for the 90% ownership interest was $128.3 million, which was comprised of cash consideration of $120.0 million and $8.3 million of the Company’s escrowed proceeds from HVP III’s sale of 50 properties to an unaffiliated buyer on June 5, 2019 (see note 5). The HVP III Assets were recorded by the Company at $137.5 million, which consisted of the $128.3 million purchase price plus the Company’s $10.6 million carryover basis of its previously held equity interest in HVP III, offset by $1.4 million of acquired cash. As a result of the transaction, which was accounted for as an asset acquisition, the HVP III Assets became wholly-owned by the Company and are now consolidated within its financial statements. No gain or loss was recognized as a result of the transaction. In connection with the transaction, the Company allocated the value of the HVP III Assets and acquisition related costs to the tangible and intangible assets acquired based on fair value. Intangible assets consisted of in-place leases, which aggregated to $14.3 million at the time of the acquisition and prior to amortization of such amounts. The estimated life of these in-place leases was 12 months and the amortization expense that was recognized during the three months ended March 31, 2020 was approximately $3.6 million. 2019 Disposition On October 7, 2019, the Company sold a self-storage property located in Texas for a sales price of $4.1 million. The Company recorded a $1.5 million gain in connection with the sale. Development Activity As of March 31, 2020, the Company had invested in joint ventures to develop five self-storage properties located in Massachusetts (1), New York (2), Pennsylvania (1) and Virginia (1). Construction for all projects is expected to be completed by the second quarter of 2021 (see note 12). As of March 31, 2020, development costs incurred to date for these projects totaled $85.3 million. Total construction costs for these projects are expected to be $137.6 million. These costs are capitalized to construction in progress while the projects are under development and are reflected in Storage properties on the Company’s consolidated balance sheets. The Company has completed the construction and opened for operation the following stores during the period beginning on January 1, 2019 through March 31, 2020. The costs associated with the construction of these stores are capitalized to land, building and improvements, as well as equipment and are reflected in Storage properties on the Company’s consolidated balance sheets. CubeSmart Number of Ownership Total Store Location Stores Date Opened Interest Construction Costs (in thousands) Waltham, MA (1) 1 Q3 2019 100% $ 18,000 Queens, NY (2) 1 Q2 2019 100% 47,500 Bayonne, NJ (2) (3) 1 Q2 2019 100% 25,100 3 $ 90,600 (1) On August 8, 2019, the Company, through a joint venture in which the Company owned a 90% interest and that it previously consolidated, completed the construction and opened for operation a store located in Waltham, MA. On September 6, 2019, the Company acquired the noncontrolling member’s 10% interest in the venture for $2.6 million. Prior to this transaction, the noncontrolling member’s interest was reported in Noncontrolling interests in subsidiaries on the consolidated balance sheets. Since the Company retained its controlling interest in the joint venture and the store is now wholly owned, this transaction was accounted for as an equity transaction. The carrying amount of the noncontrolling interest was reduced to zero to reflect the purchase and the $2.0 million difference between the purchase price paid by the Company and the carrying amount of the noncontrolling interest was recorded as an adjustment to equity attributable to the Company, with no gain or loss recorded. In conjunction with the Company’s acquisition of the noncontrolling interest, the $10.5 million related party loan extended by the Company to the venture during the construction period was repaid in full. (2) These stores were previously owned by two separate consolidated joint ventures, of which the Company held a 51% ownership interest in each. On June 25, 2019, the noncontrolling member in the venture that owned the Bayonne, NJ store put its 49% interest in the venture to the Company for $11.5 million. On September 17, 2019, the noncontrolling member in the venture that owned the Queens, NY store put its 49% interest in the venture to the Company for $15.2 million. These amounts are included in Development costs in the consolidated statements of cash flows. (3) This property is subject to a ground lease. During the fourth quarter of 2015 and the third quarter of 2017, the Company, through two separate joint ventures in which it owned a 90% interest in each and that were previously consolidated, completed the construction and opened for operation a store located in Queens, NY and a store located in New York, NY, respectively. On June 25, 2019, the Company acquired the noncontrolling member’s 10% interest in the venture that owned the New York, NY store for $18.5 million, and on June 28, 2019, the Company acquired the noncontrolling member’s 10% interest in the venture that owned the Queens, NY store for $9.0 million. Prior to these transactions, the noncontrolling members’ interest in each venture was reported in Noncontrolling interests in subsidiaries on the consolidated balance sheets. Since the Company retained its controlling interest in each joint venture and the stores are now wholly owned, these transactions were accounted for as equity transactions. In each case, the carrying amount of the noncontrolling interest was reduced to zero to reflect the purchase, and the difference between the purchase price paid by the Company and the carrying amount of the noncontrolling interest, which aggregated to $22.6 million, was recorded as an adjustment to equity attributable to the Company, with no gain or loss recorded. The $12.4 million related party loan extended by the Company to the venture that owned the Queens, NY store was repaid in conjunction with the Company’s acquisition of the noncontrolling member’s ownership interest.

INVESTMENT IN UNCONSOLIDATED RE

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES	3 Months Ended
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES	Mar. 31, 2020
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES	5. INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES The Company’s investments in real estate ventures, in which it holds a common ownership interest, are summarized as follows (in thousands): CubeSmart Number of Stores as of: Carrying Value of Investment as of: Ownership March 31, December 31, March 31, December 31, Unconsolidated Real Estate Ventures Interest 2020 2019 2020 2019 191 IV CUBE Southeast LLC ("HVPSE") (1) 10% 14 — $ 5,568 $ — 191 IV CUBE LLC ("HVP IV") (2) 20% 21 21 22,860 23,112 CUBE HHF Northeast Venture LLC ("HHFNE") (3) 10% 13 13 1,913 1,998 CUBE HHF Limited Partnership ("HHF") (4) 50% 35 35 64,833 66,007 83 69 $ 95,174 $ 91,117 (1) On March 19, 2020, the Company invested a 10% ownership interest in a newly-formed real estate venture that acquired 14 self-storage properties located in Florida (2) , Georgia (8) and South Carolina (4) . HVPSE paid $135.3 million for these stores, of which $7.7 million was allocated to the value of the in-place lease intangible. The acquisition was funded primarily through the venture’s $81.6 million term loan. The remainder of the purchase price was contributed pro-rata by the Company and its unaffiliated joint venture partner. The Company’s total contribution to HVPSE related to this portfolio acquisition was $5.6 million. The loan bears interest at LIBOR plus 1.60% and matures on March 19, 2023 with options to extend the maturity date through March 19, 2025, subject to satisfaction of certain conditions and payment of the extension fees as stipulated in the loan agreement. (2) The stores owned by HVP IV are located in Arizona (2) , Connecticut (2) , Florida (4) , Georgia (2) , Maryland (1) , Minnesota (1), Pennsylvania (1) and Texas (8) . The Company’s total contribution to HVP IV in connection with these store acquisitions was $26.3 million. As of March 31, 2020, HVP IV had $82.2 million outstanding on its $107.0 million loan facility, which bears interest at LIBOR plus 1.70% per annum, and matures on May 16, 2021 with options to extend the maturity date through May 16, 2023, subject to satisfaction of certain conditions and payment of the extension fees as stipulated in the loan agreement. As of March 31, 2020, HVP IV also had $55.5 million outstanding under a separate loan that bears interest at LIBOR plus 2.75% per annum, and matures on June 9, 2022 with options to extend the maturity date through June 9, 2024, subject to satisfaction of certain conditions and payment of the extension fees as stipulated in the loan agreement. (3) The stores owned by HHFNE are located in Connecticut (3) , Massachusetts (6) , Rhode Island (2) and Vermont (2) . The Company’s total contribution to HHFNE in connection with these store acquisitions was $3.8 million. As of March 31, 2020, HHFNE had an outstanding $45.0 million loan facility, which bears interest at LIBOR plus 1.20% per annum and matures on December 16, 2024. (4) The stores owned by HHF are located in North Carolina (1) and Texas (34) . As of March 31, 2020, HHF had an outstanding $100.0 million secured loan, which bears interest at 3.59% per annum and matures on April 30, 2021. On June 5, 2019, HVP III sold 50 stores located in Florida (3), Georgia (4), Michigan (17), North Carolina (3), South Carolina (15) and Tennessee (8), to an unaffiliated third party buyer for an aggregate sales price of $293.5 million. As of the transaction date, HVP III had five mortgage loans with an aggregate outstanding balance of $22.9 million, as well as $179.5 million outstanding on its $185.5 million loan facility, all of which were defeased or repaid in full at the time of the sale. Net proceeds to the venture from the transaction totaled $82.9 million. The venture recorded gains which aggregated to approximately $106.7 million in connection with the sale. Subsequent to the sale, the Company acquired its partner’s 90% ownership interest in HVP III, which at the time of the acquisition, owned the remaining 18 storage properties (see note 4). Based upon the facts and circumstances at formation of HVPSE, HVP IV, HHFNE and HHF (the “Ventures”), the Company determined that the Ventures are not VIEs in accordance with the accounting standard for the consolidation of VIEs. As a result, the Company used the voting interest model under the accounting standard for consolidation in order to determine whether to consolidate the Ventures. Based upon each member's substantive participating rights over the activities of each entity as stipulated in the operating agreements, the Ventures are not consolidated by the Company and are accounted for under the equity method of accounting (except for HVP III, which was consolidated as of June 6, 2019). The Company’s investments in the Ventures are included in Investment in real estate ventures, at equity on the Company’s consolidated balance sheets and the Company’s earnings from its investments in the Ventures are presented in Equity in earnings (losses) of real estate ventures on the Company’s consolidated statements of operations. The amounts reflected in the following table are based on the historical financial information of the Ventures. The following is a summary of the financial position of the Ventures as of March 31, 2020 and December 31, 2019 (in thousands). March 31, December 31, 2020 2019 (1) Assets (in thousands) Storage properties, net $ 677,226 $ 552,791 Other assets 21,120 11,997 Total assets $ 698,346 $ 564,788 Liabilities and equity Other liabilities $ 11,836 $ 10,064 Debt 360,950 280,392 Equity CubeSmart 95,174 91,117 Joint venture partners 230,386 183,215 Total liabilities and equity $ 698,346 $ 564,788 (1) Excludes HVPSE as it acquired its initial assets on March 19, 2020. The following is a summary of results of operations of the Ventures for the three months ended March 31, 2020 and 2019 (in thousands): Three Months Ended March 31, 2020 2019 (1) Total revenues $ 14,605 $ 23,203 Operating expenses 6,942 10,163 Other expenses 113 142 Interest expense, net 2,720 4,216 Depreciation and amortization 6,423 9,506 Net loss $ (1,593) $ (824) Company’s share of net (loss) income $ (5) $ 261 (1) Excludes HVPSE as it acquired its initial assets on March 19, 2020 and includes HVP III as its assets were not sold until June 5, 2019. Capital Storage Partners, LLC (“Capital Storage”) On September 5, 2018, the Company invested $5.0 million in exchange for 100% of the Class A Preferred Units of Capital Storage Partners, LLC, a newly formed venture that acquired 22 self-storage properties located in Florida (4), Oklahoma (5) and Texas (13). The Class A Preferred Units earn an 11% cumulative dividend prior to any other distributions. The Company’s investment in Capital Storage and the related dividends are included in Other assets, net on the Company’s consolidated balance sheets and in Other income on the Company’s consolidated statements of operations, respectively.

UNSECURED SENIOR NOTES

UNSECURED SENIOR NOTES	3 Months Ended
UNSECURED SENIOR NOTES	Mar. 31, 2020
UNSECURED SENIOR NOTES
UNSECURED SENIOR NOTES	6. UNSECURED SENIOR NOTES The Company’s unsecured senior notes are summarized as follows (collectively referred to as the “Senior Notes”): March 31, December 31, Effective Issuance Maturity Unsecured Senior Notes 2020 2019 Interest Rate Date Date (in thousands) $250M 4.800% Guaranteed Notes due 2022 $ 250,000 $ 250,000 4.82 % Jun-12 Jul-22 $300M 4.375% Guaranteed Notes due 2023 (1) 300,000 300,000 4.33 % Various (1) Dec-23 $300M 4.000% Guaranteed Notes due 2025 (2) 300,000 300,000 3.99 % Various (2) Nov-25 $300M 3.125% Guaranteed Notes due 2026 300,000 300,000 3.18 % Aug-16 Sep-26 $350M 4.375% Guaranteed Notes due 2029 350,000 350,000 4.46 % Jan-19 Feb-29 $350M 3.000% Guaranteed Notes due 2030 350,000 350,000 3.04 % Oct-19 Feb-30 Principal balance outstanding 1,850,000 1,850,000 Less: Discount on issuance of unsecured senior notes, net (3,759) (3,860) Less: Loan procurement costs, net (10,018) (10,415) Total unsecured senior notes, net $ 1,836,223 $ 1,835,725 (1) On April 4, 2017, the Operating Partnership issued $50.0 million of its 4.375% senior notes due 2023, which are part of the same series as the $250.0 million principal amount of the Operating Partnership’s 4.375% senior notes due December 15, 2023 issued on December 17, 2013. The $50.0 million and $250.0 million tranches were priced at 105.040% and 98.995% , respectively, of the principal amount to yield 3.495% and 4.501% , respectively, to maturity. The combined weighted average effective interest rate of the 2023 notes is 4.330% . (2) On April 4, 2017, the Operating Partnership issued $50.0 million of its 4.000% senior notes due 2025, which are part of the same series as the $250.0 million principal amount of the Operating Partnership’s 4.000% senior notes due November 15, 2025 issued on October 26, 2015. The $50.0 million and $250.0 million tranches were priced at 101.343% and 99.735% , respectively, of the principal amount to yield 3.811% and 4.032% , respectively, to maturity. The combined weighted average effective interest rate of the 2025 notes is 3.994% . The indenture under which the Senior Notes were issued restricts the ability of the Operating Partnership and its subsidiaries to incur debt unless the Operating Partnership and its consolidated subsidiaries comply with a leverage ratio not to exceed 60% and an interest coverage ratio of more than 1.5:1.0 after giving effect to the incurrence of the debt. The indenture also restricts the ability of the Operating Partnership and its subsidiaries to incur secured debt unless the Operating Partnership and its consolidated subsidiaries comply with a secured debt leverage ratio not to exceed 40% after giving effect to the incurrence of the debt. The indenture also contains other financial and customary covenants, including a covenant not to own unencumbered assets with a value less than 150% of the unsecured indebtedness of the Operating Partnership and its consolidated subsidiaries. As of March 31, 2020, 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	3 Months Ended
REVOLVING CREDIT FACILITY AND UNSECURED TERM LOANS	Mar. 31, 2020
REVOLVING CREDIT FACILITY AND UNSECURED TERM LOANS
REVOLVING CREDIT FACILITY AND UNSECURED TERM LOANS	7. REVOLVING CREDIT FACILITY AND UNSECURED TERM LOANS On December 9, 2011, the Company entered into a credit agreement (the “Credit Facility”), which was subsequently amended on April 5, 2012, June 18, 2013 and April 22, 2015 to provide for, among other things, a $200.0 million unsecured term loan with a maturity date of January 31, 2019 and a $500.0 million unsecured revolving facility with a maturity date of April 22, 2020. On June 19, 2019, the Company amended and restated, in its entirety, the Credit Facility (the “Amended and Restated Credit Facility”) which, subsequent to the amendment and restatement, is comprised of a $750.0 million unsecured revolving facility (the “Revolver”) maturing on June 19, 2024. Under the Amended and Restated Credit Facility, pricing on the Revolver is dependent upon the Company’s unsecured debt credit ratings. At the Company’s current Baa2/BBB level, amounts drawn under the Revolver are priced at 1.10% over LIBOR, inclusive of a facility fee of 0.15%. The Company incurred costs of $3.9 million in 2019 in connection with amending and restating the Credit Facility and capitalized such costs as a component of Loan procurement costs, net of amortization on the consolidated balance sheets. As of March 31, 2020, borrowings under the Revolver had an effective weighted average interest rate of 2.09%. Additionally, as of March 31, 2020, $749.3 million was available for borrowing under the Revolver. The available balance under the Revolver is reduced by an outstanding letter of credit of $0.7 million. On January 31, 2019, the Company used a portion of the net proceeds from the issuance of $350.0 million of 4.375% Senior Notes due 2029 (the “2029 Notes”) to repay all of the outstanding indebtedness under the $200.0 million unsecured term loan portion of the Credit Facility. On June 20, 2011, the Company entered into an unsecured term loan agreement (the “Term Loan Facility”), which was subsequently amended on June 18, 2013 and August 5, 2014, consisting of, among other things, a $100.0 million unsecured term loan that was scheduled to mature in January 2020. On June 19, 2019, the Company used an initial advance at closing of the Amended and Restated Credit Facility to repay all of the outstanding indebtedness under the unsecured term loan portion of the Term Loan Facility. Unamortized loan procurement costs of $0.1 million were written off in conjunction with the repayment. Under the Amended and Restated Credit Facility, the Company’s ability to borrow under the Revolver is subject to ongoing compliance with certain financial covenants which include, among other things, (1) a maximum total indebtedness to total asset value of 60.0% , and (2) a minimum fixed charge coverage ratio of 1.5 :1.0. As of March 31, 2020, the Company was in compliance with all of its financial covenants.

MORTGAGE LOANS AND NOTES PAYABL

MORTGAGE LOANS AND NOTES PAYABLE	3 Months Ended
MORTGAGE LOANS AND NOTES PAYABLE	Mar. 31, 2020
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: March 31, December 31, Effective Maturity Mortgage Loans and Notes Payable 2020 2019 Interest Rate Date (in thousands) YSI 26 $ 7,748 $ 7,805 4.56 % Nov-20 YSI 57 2,720 2,740 4.61 % Nov-20 YSI 55 21,419 21,547 4.85 % Jun-21 YSI 24 23,822 24,042 4.64 % Jun-21 YSI 65 2,300 2,313 3.85 % Jun-23 YSI 66 30,437 30,588 3.51 % Jun-23 YSI 68 5,415 5,459 3.78 % May-24 Principal balance outstanding 93,861 94,494 Plus: Unamortized fair value adjustment 1,657 1,833 Less: Loan procurement costs, net (255) (287) Total mortgage loans and notes payable, net $ 95,263 $ 96,040 As of March 31, 2020 and December 31, 2019, the Company’s mortgage loans payable were secured by certain of its self-storage properties with net book values of approximately $204.9 million and $206.3 million, respectively. The following table represents the future principal payment requirements on the outstanding mortgage loans and notes payable as of March 31, 2020 (in thousands): 2020 $ 12,158 2021 45,057 2022 923 2023 31,019 2024 4,704 2025 and thereafter — Total mortgage payments 93,861 Plus: Unamortized fair value adjustment 1,657 Less: Loan procurement costs, net (255) Total mortgage loans and notes payable, net $ 95,263

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE LOSS	3 Months Ended
ACCUMULATED OTHER COMPREHENSIVE LOSS	Mar. 31, 2020
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 three months ended March 31, 2020 (in thousands): Unrealized Gains (Losses) on Interest Rate Swaps (in thousands) Balance at December 31, 2019 $ (729) Amounts reclassified from accumulated other comprehensive loss 20 (1) Balance at March 31, 2020 (709) (1) See note 10 for additional information about the effects of the amounts reclassified.

RISK MANAGEMENT AND USE OF FINA

RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS	3 Months Ended
RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS	Mar. 31, 2020
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 exposure and not for speculative purposes. The principal objective of such arrangements is to minimize the risks and/or costs associated with the Company’s operating and financial structure, as well as to hedge specific transactions. The counterparties to these arrangements are major financial institutions with which the Company and its subsidiaries may also have other financial relationships. The Company is potentially exposed to credit loss in the event of non-performance by these counterparties. However, because of the high credit ratings of the counterparties, the Company does not anticipate any of the counterparties will fail to meet these obligations as they come due. The Company does not hedge credit or property value market risks. The Company formally assesses, both at inception of a hedge and on an on-going basis, whether each derivative is highly-effective in offsetting changes in cash flows of the hedged item. If management determines that the derivative is highly-effective as a hedge, then the Company accounts for the derivative using hedge accounting, pursuant to which gains or losses inherent in the derivative do not impact the Company’s results of operations. If management determines that the derivative is not highly-effective as a hedge or if a derivative ceases to be a highly-effective hedge, the Company discontinues hedge accounting prospectively and reflects in its statement of operations realized and unrealized gains and losses with respect to the derivative. As of March 31, 2020 and December 31, 2019, all derivative instruments entered into by the Company had been settled. On December 24, 2018, the Company entered into interest rate swap agreements with notional amounts that aggregated to $150.0 million (the “Interest Rate Swaps”) to protect the Company against adverse fluctuations in interest rates by reducing exposure to variability in cash flows relating to interest payments on a forecasted issuance of long-term debt. The Interest Rate Swaps qualified and were designated as cash flow hedges. Accordingly, the Interest Rate Swaps were recorded on the consolidated balance sheet at fair value and the related gains or losses were deferred in shareholders’ equity as accumulated other comprehensive income or loss. These deferred gains and losses were amortized into interest expense during the period or periods in which the related interest payments affected earnings. On January 24, 2019, in conjunction with the issuance of the 2029 Notes, the Company settled the Interest Rate Swaps for $0.8 million. The $0.8 million termination premium will be reclassified from accumulated other comprehensive loss as an increase to interest expense over the life of the 2029 Notes, which mature on February 15, 2029. The change in unrealized losses on interest rate swaps reflects a reclassification of twenty thousand dollars of unrealized losses from accumulated other comprehensive loss as an increase to interest expense during the three months ended March 31, 2020. The Company estimates that $0.1 million will be reclassified as an increase to interest expense in the next 12 months.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
FAIR VALUE MEASUREMENTS	Mar. 31, 2020
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. There were no financial assets or liabilities carried at fair value as of March 31, 2020 or December 31, 2019. The fair values of financial instruments, including cash and cash equivalents, restricted cash, accounts receivable and accounts payable approximate their respective carrying values at March 31, 2020 and December 31, 2019. The aggregate carrying value of the Company’s debt was $1,931.5 million and $1,931.8 million at March 31, 2020 and December 31, 2019, respectively. The estimated fair value of the Company’s debt was $2,022.7 million and $2,037.6 million at March 31, 2020 and December 31, 2019, respectively. The fair value of debt estimates were based on a discounted cash flow analysis assuming market interest rates for comparable obligations at March 31, 2020 and December 31, 2019. The Company estimates the fair value of its fixed rate debt and the credit spreads over variable market rates on its variable rate debt by discounting the future cash flows of each instrument at estimated market rates or credit spreads consistent with the maturity of the debt obligation with similar credit policies, which is classified within level 2 of the fair value hierarchy. Rates and credit spreads take into consideration general market conditions and maturity.

NONCONTROLLING INTERESTS

NONCONTROLLING INTERESTS	3 Months Ended
NONCONTROLLING INTERESTS	Mar. 31, 2020
NONCONTROLLING INTERESTS
NONCONTROLLING INTERESTS	12. NONCONTROLLING INTERESTS Interests in Consolidated Joint Ventures Noncontrolling interests in subsidiaries represent the ownership interests of third parties in the Company’s consolidated real estate ventures. The Company has determined that these ventures are VIEs, and that the Company is the primary beneficiary. Accordingly, the Company consolidates the assets, liabilities and results of operations of the real estate ventures in the table below (dollars in thousands): Date Opened / CubeSmart Number Estimated Ownership March 31, 2020 Consolidated Joint Ventures of Stores Location Opening Interest Total Assets Total Liabilities (in thousands) CS Valley Forge Village Storage, LLC ("VFV") (1) 1 King of Prussia, PA Q2 2021 (est.) 70% $ 7,022 $ 1,592 Shirlington Rd II, LLC ("SH2") (2) 1 Arlington, VA Q1 2021 (est.) 90% 10,429 998 CS 2087 Hempstead Tpk, LLC ("Hempstead") (3) 1 East Meadow, NY Q1 2021 (est.) 51% 13,543 3,941 CS SDP Newtonville, LLC ("Newton") (1) 1 Newton, MA Q4 2020 (est.) 90% 12,461 5,938 CS 1158 McDonald Ave, LLC ("McDonald Ave") (3) 1 Brooklyn, NY Q2 2020 (est.) 51% 42,312 10,687 Shirlington Rd, LLC ("SH1") (2) 1 Arlington, VA Q2 2015 90% 14,759 241 6 $ 100,526 $ 23,397 (1) The Company has a related party loan commitment to VFV and Newton to fund a portion of the construction costs. As of March 31, 2020, the Company has funded $5.0 million of the total $12.1 million loan commitment to Newton, which is included in the total liability amount within the table above. This loan and the related interest were eliminated for consolidation purposes. As of March 31, 2020, the Company had not funded any of its $12.4 million loan commitment to VFV. (2) On March 7, 2019, the Company acquired the noncontrolling member’s ownership interest in SH1, inclusive of its promoted interest in the venture, for $10.0 million. Prior to this transaction, the noncontrolling member’s interest was reported in Noncontrolling interests in subsidiaries on the consolidated balance sheets. Since the Company retained its controlling interest in the joint venture, this transaction was accounted for as an equity transaction. The carrying amount of the noncontrolling interest was reduced to zero to reflect the purchase, and the $9.7 million difference between the purchase price paid by the Company and the carrying amount of the noncontrolling interest was recorded as an adjustment to equity attributable to the Company. In conjunction with the Company’s acquisition of the noncontrolling interest in SH1, the $12.2 million related party loan extended by the Company to the venture during the construction period was repaid in full. Subsequently, the noncontrolling member re-acquired a 10% interest in SH1 and a 10% interest in SH2 for a combined $4.8 million, which is included in Noncontrolling interests in subsidiaries on the consolidated balance sheets. (3) The noncontrolling members of Hempstead and McDonald Ave have the option to put their ownership interest in the ventures to the Company for $6.6 million and $10.0 million, respectively, within the one-year period after construction of each store is substantially complete. Additionally, the Company has a one-year option to call the ownership interest of the noncontrolling members of Hempstead and McDonald Ave for $6.6 million and $10.0 million, respectively, beginning on the second anniversary of the respective store’s construction being substantially complete. The Company, at its sole discretion, may pay cash and/or issue OP Units in exchange for the noncontrolling member’s interest in Hempstead and McDonald. The Company is accreting the respective liabilities during the development periods and, as of March 31, 2020, has accrued $3.6 million and $9.9 million, related to Hempstead and McDonald Ave, respectively, which are included in Accounts payable, accrued expenses and other liabilities on the Company’s consolidated balance sheets. On May 30, 2019, the Company sold its 90% ownership interest in CS SJM E 92nd Street, LLC, a previously consolidated development joint venture, for $3.7 million. In conjunction with the sale, $0.7 million of the $1.7 million related party loan extended by the Company to the venture was repaid. The remaining $1.0 million was recorded as a note receivable and was repaid during the third quarter of 2019. Additionally, as a result of the transaction, the Company was released from its obligations under the venture’s ground lease, and right-of-use assets and lease liabilities totaling $13.4 million and $14.6 million, respectively, were removed from the Company’s consolidated balance sheets. 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 1.0% of the outstanding OP Units, as of March 31, 2020 and December 31, 2019 were not owned by CubeSmart, the sole general partner. The interests in the Operating Partnership represented by these OP Units were a component of the consideration that the Operating Partnership paid to acquire certain self-storage properties. The holders of the OP Units are limited partners in the Operating Partnership and have the right to require CubeSmart to redeem all or part of their OP Units for, at the general partner’s option, an equivalent number of common shares of CubeSmart or cash based upon the fair value of an equivalent number of common shares of CubeSmart. However, the partnership agreement contains certain provisions that could result in a settlement outside the control of CubeSmart and the Operating Partnership, as CubeSmart does not have the ability to settle in unregistered shares. Accordingly, consistent with the guidance, the Operating Partnership will record the OP Units owned by third parties outside of permanent capital in the consolidated balance sheets. Net income or loss related to the OP Units owned by third parties is excluded from net income or loss attributable to Operating Partner in the consolidated statements of operations. On December 16, 2019, the Company acquired a store in California for $18.5 million. In conjunction with the closing, the Company paid $14.9 million and issued 106,738 OP Units, valued at approximately $3.6 million, to pay the remaining consideration. On January 31, 2018, the Company acquired a store in Texas for $12.2 million and assumed an existing mortgage loan with an outstanding balance of approximately $7.2 million, which was immediately repaid by the Company. In conjunction with the closing, the Company paid $0.2 million in cash and issued 168,011 OP Units, valued at approximately $4.8 million, to pay the remaining consideration. 1,972,308 OP units were held by third parties as of March 31, 2020 and December 31, 2019. 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 quarter. Based on the Company’s evaluation of the redemption value of the redeemable noncontrolling interest, the Company has reflected these interests at the greater of the carrying value based on the accumulation of historical cost or the redemption value at March 31, 2020 and December 31, 2019. As of March 31, 2020, the Operating Partnership recorded a decrease in the value of OP Units owned by third parties and a corresponding increase to capital of $8.0 million. As of December 31, 2019, the Operating Partnership recorded an increase in the value of OP Units owned by third parties and a corresponding decrease to capital of $5.9 million.

LEASES

LEASES	3 Months Ended
LEASES	Mar. 31, 2020
LEASES
LEASES	13. LEASES CubeSmart as Lessor The Company derives revenue primarily from rents received from customers who rent cubes at its self-storage properties under month-to-month leases for personal or business use. The self-storage lease agreements utilized by the Company vary slightly to comply with state-specific laws and regulations, but generally provide for automatic monthly renewals, flexibility to increase rental rates over time as market conditions permit and the collection of contingent fees such as administrative and late fees. None of the self-storage lease agreements contain options that allow the customer to purchase the leased space at any time during, or at the expiration of, the lease term. All self-storage leases in which the Company serves as lessor have been classified as operating leases. Accordingly, storage cubes are carried at historical cost less accumulated depreciation and impairment, if any, and are included in Storage properties on the Company’s consolidated balance sheets. Operating lease income for amounts received under the Company’s self-storage lease agreements is recognized on a straight-line basis which, due to the month-to-month nature of the leases, results in the recognition of income during the initial term and each subsequent monthly renewal using the then-in-place rent amount. Operating lease income is included in Rental income within the Company’s consolidated statements of operations. Variable lease income related to the Company’s self-storage lease agreements consists of administrative and late fees charged to customers. For each of the three months ended March 31, 2020 and 2019, administrative and late fees totaled $5.4 million and are included in Other property related income within the Company’s consolidated statements of operations. CubeSmart as Lessee The Company serves as lessee in lease agreements for land, office space, automobiles and certain equipment, which have remaining lease terms ranging from one year to 44 years . Certain of the Company’s leases contain provisions that (1) provide for one or more options to renew, with renewal options that can extend the lease term from one year to 69 years , (2) allow for early termination at certain points during the lease term and/or (3) give the Company the option to purchase the leased property. In all cases, the exercise of the lease renewal, termination and purchase options, if provided for in the lease, are at the Company’s sole discretion. Certain of the Company’s lease agreements, particularly its land leases, require rental payments that are periodically adjusted for inflation using a defined index. None of the Company’s lease agreements contain any material residual value guarantees or material restrictive covenants. As a result of the Company’s election of the package of practical expedients permitted within ASC 842, which among other things, allows for the carryforward of historical lease classification, all of the Company’s lease agreements have been classified as operating leases. Lease expense for payments related to the Company’s operating leases is recognized on a straight-line basis over the related lease term, which includes options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Right-of-use assets represent the Company’s right to use an underlying asset during the lease term and lease liabilities represent the Company’s obligation to make lease payments as specified in the lease. Right-of-use assets and lease liabilities related to the Company’s operating leases are recognized at the lease commencement date based on the present value of the remaining lease payments over the lease term. As the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available surrounding the Company’s unsecured borrowing rates and implied secured spread at the lease commencement date in determining the present value of lease payments. The right-of-use asset also includes any lease payments made at or before lease commencement less any lease incentives. The Company’s right-of-use assets, lease liabilities and other supplemental balance sheet information associated with its operating leases as of March 31, 2020 and December 31, 2019 are summarized in the table below. March 31, December 31, 2020 2019 (dollars in thousands) Right-of-use assets (1) $ 41,532 $ 41,698 Lease liabilities (1) $ 46,406 $ 46,391 Weighted average lease term 35.6 years 35.9 years Weighted average discount rate 4.74 % 4.74 % (1) Right-of-use assets and lease liabilities are included in Other assets , net and Accounts payable, accrued expenses and other liabilities, respectively, on the Company’s consolidated balance sheets. For the three months ended March 31, 2020 and 2019, the Company’s lease cost consists of the following components, each of which is included in Property operating expenses within the Company’s consolidated statements of operations: Three Months Ended March 31, 2020 2019 (in thousands) Operating lease cost $ 746 $ 980 Short-term lease cost (1) 308 296 Total lease cost $ 1,054 $ 1,276 (1) Represents automobile leases that have a lease term of 12 months. The Company has made an accounting policy election not to apply the recognition requirements of ASC 842 to this asset class. The lease cost associated with these leases is recognized on a straight-line basis over the related lease term. The following table represents the future operating lease liability maturities as of March 31, 2020 (in thousands): 2020 $ 1,730 2021 2,327 2022 2,461 2023 2,523 2024 2,373 2025 and thereafter 91,241 Total operating lease payments 102,655 Less: Imputed interest (56,249) Present value of operating lease liabilities $ 46,406 During the three months ended March 31, 2020 and 2019, the cash paid for amounts included in the measurement of lease liabilities related to the Company’s operating leases was approximately $0.6 million and $0.7 million, respectively, which is included as an operating cash outflow within the consolidated statements of cash flows. During the three months ended March 31, 2020 and 2019, the Company did not enter into any lease agreements set to commence in the future.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
COMMITMENTS AND CONTINGENCIES	Mar. 31, 2020
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	14. COMMITMENTS AND CONTINGENCIES The Company is involved in claims from time to time, which arise in the ordinary course of business. In accordance with applicable accounting guidance, management establishes an accrued liability for claim expenses, insurance retention and litigation costs when those matters present loss contingencies that are both probable and reasonably estimable. In such cases, there may be exposure to loss in excess of those amounts accrued. The estimated loss, if any, is based upon currently available information and is subject to significant judgment, a variety of assumptions, and known and unknown uncertainties. In the opinion of management, the Company has made adequate provisions for potential liabilities, arising from any such matters, which are included in Accounts payable, accrued expenses and other liabilities on the Company’s consolidated balance sheets.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
RELATED PARTY TRANSACTIONS	Mar. 31, 2020
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	15. RELATED PARTY TRANSACTIONS The Company provides management services to certain joint ventures and other related parties. Management agreements provide for fee income to the Company based on a percentage of revenues at the managed stores. Total management fees for unconsolidated real estate ventures or other entities in which the Company held an ownership interest for the three months ended March 31, 2020 and 2019 totaled $0.9 million and $1.2 million, respectively. The management agreements for certain joint ventures, other related parties and third-party stores provide for the reimbursement to the Company for certain expenses incurred to manage the stores. These amounts consist of amounts due for management fees, payroll, and other store expenses. The amounts due to the Company were $11.5 million and $10.5 million as of March 31, 2020 and December 31, 2019, respectively, and are reflected in Other assets, net on the Company’s consolidated balance sheets. Additionally, as discussed in note 12, the Company had outstanding mortgage loans receivable from consolidated joint ventures of $5.0 million and $3.1 million as of March 31, 2020 and December 31, 2019, respectively, which are eliminated for consolidation purposes. The Company believes that all of these related-party receivables are fully collectible. The HVPSE, HVP III, HVP IV and HHFNE operating agreements provide for acquisition, disposition and other fees payable from HVPSE, HVP III, HVP IV and HHFNE to the Company upon the closing of a property transaction by HVPSE, HVP III, HVP IV and HHFNE, or any of their subsidiaries and completion of certain measures as defined in the operating agreements. During the three months ended March 31, 2020, the Company recognized $0.7 million in fees associated with property transactions. There were no property transaction fees recognized during the three months ended March 31, 2019. Property transaction fees are included in Other income on the consolidated statements of operations.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
SUBSEQUENT EVENTS	Mar. 31, 2020
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	16. SUBSEQUENT EVENTS Subsequent to March 31, 2020, the Company acquired two self-storage properties located in Maryland (1) and New Jersey (1) for an aggregate purchase price of $65.7 million. During and subsequent to the first quarter of 2020, the Company has been impacted by the spread of a novel coronavirus and the disease that it causes known as COVID-19. Since the outbreak, the Company has made operational, pricing and other necessary changes to comply with governmental mandates on a jurisdiction by jurisdiction basis within the locales that its stores operate including, but not limited to, whether its stores are permitted to remain open, protections put in place for its employees and customers, and travel restrictions. The extent to which the COVID-19 pandemic impacts the Company’s business, operations and financial results will depend on numerous evolving factors that management is not be able to predict at this time, including, among others: the duration and scope of the pandemic; actions that have been and continue to be taken by governmental entities, individuals and businesses in response to the pandemic; the impact on economic activity from the pandemic and actions taken in response thereto; the impact on capital availability and costs of capital; the health of the Company’s employees; and the effect on the Company’s customers and their ability to make rental payments.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) 10K	3 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) 10K	Mar. 31, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation	Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting and, in the opinion of each of the Parent Company’s and Operating Partnership’s respective management, include all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of financial position, results of operations and cash flows for each respective company for the interim periods presented in accordance with generally accepted accounting principles in the United States (“GAAP”). Accordingly, readers of this Quarterly Report on Form 10-Q should refer to the Parent Company’s and the Operating Partnership’s audited financial statements prepared in accordance with GAAP, and the related notes thereto, for the year ended December 31, 2019, which are included in the Parent Company’s and the Operating Partnership’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019 The Operating Partnership meets the criteria as a variable interest entity (“VIE”). The Parent Company’s sole significant asset is its investment in the Operating Partnership. As a result, substantially all of the Parent Company’s assets and liabilities represent those assets and liabilities of the Operating Partnership. All of the Parent Company’s debt is an obligation of the Operating Partnership.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2016-13 – Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The new guidance changes how entities measure credit losses for most financial assets. This standard requires an entity to estimate its lifetime expected credit loss and record an allowance that, when deducted from the amortized cost basis of the financial asset, presents the net amount expected to be collected on the financial asset. In November 2018, the FASB issued ASU No. 2018-19 – Codification Improvements to Topic 326, Financial Instruments - Credit Losses, which clarifies that receivables arising from operating leases are within the scope of the leasing standard (ASU No. 2016-02), and not within the scope of ASU No. 2016-13. The standard became effective on January 1, 2020. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements.

STORAGE PROPERTIES (Tables)

STORAGE PROPERTIES (Tables)	3 Months Ended
STORAGE PROPERTIES (Tables)	Mar. 31, 2020
STORAGE PROPERTIES
Summary of real estate assets	March 31, December 31, 2020 2019 (in thousands) Land $ 859,607 $ 858,541 Buildings and improvements 3,627,204 3,619,594 Equipment 124,667 128,111 Construction in progress 105,071 93,598 Storage properties 4,716,549 4,699,844 Less: Accumulated depreciation (944,958) (925,359) Storage properties, net $ 3,771,591 $ 3,774,485
Schedule of acquisitions and dispositions of real estate assets	The following table summarizes the Company’s acquisition and disposition activity during the period beginning on January 1, 2019 through March 31, 2020. Number of Purchase / Sale Price Asset/Portfolio Metropolitan Statistical Area Transaction Date Stores (in thousands) 2020 Acquisition: Texas Asset San Antonio, TX February 2020 1 $ 9,025 1 $ 9,025 2019 Acquisitions: Maryland Asset Baltimore-Towson, MD March 2019 1 $ 22,000 Florida Assets Cape Coral-Fort Myers, FL April 2019 2 19,000 Arizona Asset Phoenix-Mesa-Scottsdale, AZ May 2019 1 1,550 HVP III Assets Various (see note 4) June 2019 18 128,250 (1) Georgia Asset Atlanta-Sandy Springs-Marietta, GA August 2019 1 14,600 South Carolina Asset Charleston-North Charleston, SC August 2019 1 3,300 Texas Asset Dallas-Fort Worth-Arlington, TX October 2019 1 7,300 Florida Assets Orlando-Kissimmee, FL November 2019 3 32,100 California Asset Los Angeles-Long Beach-Santa Ana, CA December 2019 1 18,500 29 $ 246,600 2019 Disposition: Texas Asset College Station-Bryan, TX October 2019 1 $ 4,146 1 $ 4,146 (1) Amount represents the purchase price for 90% of the ownership interest in 191 III CUBE LLC (“HVP III”), which at the time of the acquisition, owned 18 storage properties (see note 4).

INVESTMENT ACTIVITY (Tables)

INVESTMENT ACTIVITY (Tables)	3 Months Ended
INVESTMENT ACTIVITY (Tables)	Mar. 31, 2020
INVESTMENT ACTIVITY
Schedule of capitalized costs for investments in storage properties	CubeSmart Number of Ownership Total Store Location Stores Date Opened Interest Construction Costs (in thousands) Waltham, MA (1) 1 Q3 2019 100% $ 18,000 Queens, NY (2) 1 Q2 2019 100% 47,500 Bayonne, NJ (2) (3) 1 Q2 2019 100% 25,100 3 $ 90,600 (1) On August 8, 2019, the Company, through a joint venture in which the Company owned a 90% interest and that it previously consolidated, completed the construction and opened for operation a store located in Waltham, MA. On September 6, 2019, the Company acquired the noncontrolling member’s 10% interest in the venture for $2.6 million. Prior to this transaction, the noncontrolling member’s interest was reported in Noncontrolling interests in subsidiaries on the consolidated balance sheets. Since the Company retained its controlling interest in the joint venture and the store is now wholly owned, this transaction was accounted for as an equity transaction. The carrying amount of the noncontrolling interest was reduced to zero to reflect the purchase and the $2.0 million difference between the purchase price paid by the Company and the carrying amount of the noncontrolling interest was recorded as an adjustment to equity attributable to the Company, with no gain or loss recorded. In conjunction with the Company’s acquisition of the noncontrolling interest, the $10.5 million related party loan extended by the Company to the venture during the construction period was repaid in full. (2) These stores were previously owned by two separate consolidated joint ventures, of which the Company held a 51% ownership interest in each. On June 25, 2019, the noncontrolling member in the venture that owned the Bayonne, NJ store put its 49% interest in the venture to the Company for $11.5 million. On September 17, 2019, the noncontrolling member in the venture that owned the Queens, NY store put its 49% interest in the venture to the Company for $15.2 million. These amounts are included in Development costs in the consolidated statements of cash flows. (3) This property is subject to a ground lease.

INVESTMENT IN UNCONSOLIDATED _2

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURE (Tables)	3 Months Ended
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURE (Tables)	Mar. 31, 2020
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES
Schedule of investments in real estate ventures	CubeSmart Number of Stores as of: Carrying Value of Investment as of: Ownership March 31, December 31, March 31, December 31, Unconsolidated Real Estate Ventures Interest 2020 2019 2020 2019 191 IV CUBE Southeast LLC ("HVPSE") (1) 10% 14 — $ 5,568 $ — 191 IV CUBE LLC ("HVP IV") (2) 20% 21 21 22,860 23,112 CUBE HHF Northeast Venture LLC ("HHFNE") (3) 10% 13 13 1,913 1,998 CUBE HHF Limited Partnership ("HHF") (4) 50% 35 35 64,833 66,007 83 69 $ 95,174 $ 91,117 (1) On March 19, 2020, the Company invested a 10% ownership interest in a newly-formed real estate venture that acquired 14 self-storage properties located in Florida (2) , Georgia (8) and South Carolina (4) . HVPSE paid $135.3 million for these stores, of which $7.7 million was allocated to the value of the in-place lease intangible. The acquisition was funded primarily through the venture’s $81.6 million term loan. The remainder of the purchase price was contributed pro-rata by the Company and its unaffiliated joint venture partner. The Company’s total contribution to HVPSE related to this portfolio acquisition was $5.6 million. The loan bears interest at LIBOR plus 1.60% and matures on March 19, 2023 with options to extend the maturity date through March 19, 2025, subject to satisfaction of certain conditions and payment of the extension fees as stipulated in the loan agreement. (2) The stores owned by HVP IV are located in Arizona (2) , Connecticut (2) , Florida (4) , Georgia (2) , Maryland (1) , Minnesota (1), Pennsylvania (1) and Texas (8) . The Company’s total contribution to HVP IV in connection with these store acquisitions was $26.3 million. As of March 31, 2020, HVP IV had $82.2 million outstanding on its $107.0 million loan facility, which bears interest at LIBOR plus 1.70% per annum, and matures on May 16, 2021 with options to extend the maturity date through May 16, 2023, subject to satisfaction of certain conditions and payment of the extension fees as stipulated in the loan agreement. As of March 31, 2020, HVP IV also had $55.5 million outstanding under a separate loan that bears interest at LIBOR plus 2.75% per annum, and matures on June 9, 2022 with options to extend the maturity date through June 9, 2024, subject to satisfaction of certain conditions and payment of the extension fees as stipulated in the loan agreement. (3) The stores owned by HHFNE are located in Connecticut (3) , Massachusetts (6) , Rhode Island (2) and Vermont (2) . The Company’s total contribution to HHFNE in connection with these store acquisitions was $3.8 million. As of March 31, 2020, HHFNE had an outstanding $45.0 million loan facility, which bears interest at LIBOR plus 1.20% per annum and matures on December 16, 2024. (4) The stores owned by HHF are located in North Carolina (1) and Texas (34) . As of March 31, 2020, HHF had an outstanding $100.0 million secured loan, which bears interest at 3.59% per annum and matures on April 30, 2021.
Summary of the financial position of the ventures	March 31, December 31, 2020 2019 (1) Assets (in thousands) Storage properties, net $ 677,226 $ 552,791 Other assets 21,120 11,997 Total assets $ 698,346 $ 564,788 Liabilities and equity Other liabilities $ 11,836 $ 10,064 Debt 360,950 280,392 Equity CubeSmart 95,174 91,117 Joint venture partners 230,386 183,215 Total liabilities and equity $ 698,346 $ 564,788 (1) Excludes HVPSE as it acquired its initial assets on March 19, 2020.
Summary of results of operations of the ventures	Three Months Ended March 31, 2020 2019 (1) Total revenues $ 14,605 $ 23,203 Operating expenses 6,942 10,163 Other expenses 113 142 Interest expense, net 2,720 4,216 Depreciation and amortization 6,423 9,506 Net loss $ (1,593) $ (824) Company’s share of net (loss) income $ (5) $ 261 (1) Excludes HVPSE as it acquired its initial assets on March 19, 2020 and includes HVP III as its assets were not sold until June 5, 2019.

UNSECURED SENIOR NOTES (Tables)

UNSECURED SENIOR NOTES (Tables)	3 Months Ended
UNSECURED SENIOR NOTES (Tables)	Mar. 31, 2020
Senior Notes
Summary of debt	March 31, December 31, Effective Issuance Maturity Unsecured Senior Notes 2020 2019 Interest Rate Date Date (in thousands) $250M 4.800% Guaranteed Notes due 2022 $ 250,000 $ 250,000 4.82 % Jun-12 Jul-22 $300M 4.375% Guaranteed Notes due 2023 (1) 300,000 300,000 4.33 % Various (1) Dec-23 $300M 4.000% Guaranteed Notes due 2025 (2) 300,000 300,000 3.99 % Various (2) Nov-25 $300M 3.125% Guaranteed Notes due 2026 300,000 300,000 3.18 % Aug-16 Sep-26 $350M 4.375% Guaranteed Notes due 2029 350,000 350,000 4.46 % Jan-19 Feb-29 $350M 3.000% Guaranteed Notes due 2030 350,000 350,000 3.04 % Oct-19 Feb-30 Principal balance outstanding 1,850,000 1,850,000 Less: Discount on issuance of unsecured senior notes, net (3,759) (3,860) Less: Loan procurement costs, net (10,018) (10,415) Total unsecured senior notes, net $ 1,836,223 $ 1,835,725 (1) On April 4, 2017, the Operating Partnership issued $50.0 million of its 4.375% senior notes due 2023, which are part of the same series as the $250.0 million principal amount of the Operating Partnership’s 4.375% senior notes due December 15, 2023 issued on December 17, 2013. The $50.0 million and $250.0 million tranches were priced at 105.040% and 98.995% , respectively, of the principal amount to yield 3.495% and 4.501% , respectively, to maturity. The combined weighted average effective interest rate of the 2023 notes is 4.330% . (2) On April 4, 2017, the Operating Partnership issued $50.0 million of its 4.000% senior notes due 2025, which are part of the same series as the $250.0 million principal amount of the Operating Partnership’s 4.000% senior notes due November 15, 2025 issued on October 26, 2015. The $50.0 million and $250.0 million tranches were priced at 101.343% and 99.735% , respectively, of the principal amount to yield 3.811% and 4.032% , respectively, to maturity. The combined weighted average effective interest rate of the 2025 notes is 3.994% .

MORTGAGE LOANS AND NOTES PAYA_2

MORTGAGE LOANS AND NOTES PAYABLE (Tables) - Mortgages	3 Months Ended
MORTGAGE LOANS AND NOTES PAYABLE (Tables) - Mortgages	Mar. 31, 2020
Summary of debt	Carrying Value as of: March 31, December 31, Effective Maturity Mortgage Loans and Notes Payable 2020 2019 Interest Rate Date (in thousands) YSI 26 $ 7,748 $ 7,805 4.56 % Nov-20 YSI 57 2,720 2,740 4.61 % Nov-20 YSI 55 21,419 21,547 4.85 % Jun-21 YSI 24 23,822 24,042 4.64 % Jun-21 YSI 65 2,300 2,313 3.85 % Jun-23 YSI 66 30,437 30,588 3.51 % Jun-23 YSI 68 5,415 5,459 3.78 % May-24 Principal balance outstanding 93,861 94,494 Plus: Unamortized fair value adjustment 1,657 1,833 Less: Loan procurement costs, net (255) (287) Total mortgage loans and notes payable, net $ 95,263 $ 96,040
Schedule of the future principal payment requirements on the outstanding mortgage loans and notes payable	The following table represents the future principal payment requirements on the outstanding mortgage loans and notes payable as of March 31, 2020 (in thousands): 2020 $ 12,158 2021 45,057 2022 923 2023 31,019 2024 4,704 2025 and thereafter — Total mortgage payments 93,861 Plus: Unamortized fair value adjustment 1,657 Less: Loan procurement costs, net (255) Total mortgage loans and notes payable, net $ 95,263

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	3 Months Ended
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	Mar. 31, 2020
ACCUMULATED OTHER COMPREHENSIVE LOSS
Summary of changes in accumulated other comprehensive loss by component	The following table summarizes the changes in accumulated other comprehensive loss by component for the three months ended March 31, 2020 (in thousands): Unrealized Gains (Losses) on Interest Rate Swaps (in thousands) Balance at December 31, 2019 $ (729) Amounts reclassified from accumulated other comprehensive loss 20 (1) Balance at March 31, 2020 (709) (1) See note 10 for additional information about the effects of the amounts reclassified.

NONCONTROLLING INTERESTS (Table

NONCONTROLLING INTERESTS (Tables)	3 Months Ended
NONCONTROLLING INTERESTS (Tables)	Mar. 31, 2020
NONCONTROLLING INTERESTS
Schedule of noncontrolling interests in subsidiaries	Date Opened / CubeSmart Number Estimated Ownership March 31, 2020 Consolidated Joint Ventures of Stores Location Opening Interest Total Assets Total Liabilities (in thousands) CS Valley Forge Village Storage, LLC ("VFV") (1) 1 King of Prussia, PA Q2 2021 (est.) 70% $ 7,022 $ 1,592 Shirlington Rd II, LLC ("SH2") (2) 1 Arlington, VA Q1 2021 (est.) 90% 10,429 998 CS 2087 Hempstead Tpk, LLC ("Hempstead") (3) 1 East Meadow, NY Q1 2021 (est.) 51% 13,543 3,941 CS SDP Newtonville, LLC ("Newton") (1) 1 Newton, MA Q4 2020 (est.) 90% 12,461 5,938 CS 1158 McDonald Ave, LLC ("McDonald Ave") (3) 1 Brooklyn, NY Q2 2020 (est.) 51% 42,312 10,687 Shirlington Rd, LLC ("SH1") (2) 1 Arlington, VA Q2 2015 90% 14,759 241 6 $ 100,526 $ 23,397 (1) The Company has a related party loan commitment to VFV and Newton to fund a portion of the construction costs. As of March 31, 2020, the Company has funded $5.0 million of the total $12.1 million loan commitment to Newton, which is included in the total liability amount within the table above. This loan and the related interest were eliminated for consolidation purposes. As of March 31, 2020, the Company had not funded any of its $12.4 million loan commitment to VFV. (2) On March 7, 2019, the Company acquired the noncontrolling member’s ownership interest in SH1, inclusive of its promoted interest in the venture, for $10.0 million. Prior to this transaction, the noncontrolling member’s interest was reported in Noncontrolling interests in subsidiaries on the consolidated balance sheets. Since the Company retained its controlling interest in the joint venture, this transaction was accounted for as an equity transaction. The carrying amount of the noncontrolling interest was reduced to zero to reflect the purchase, and the $9.7 million difference between the purchase price paid by the Company and the carrying amount of the noncontrolling interest was recorded as an adjustment to equity attributable to the Company. In conjunction with the Company’s acquisition of the noncontrolling interest in SH1, the $12.2 million related party loan extended by the Company to the venture during the construction period was repaid in full. Subsequently, the noncontrolling member re-acquired a 10% interest in SH1 and a 10% interest in SH2 for a combined $4.8 million, which is included in Noncontrolling interests in subsidiaries on the consolidated balance sheets. (3) The noncontrolling members of Hempstead and McDonald Ave have the option to put their ownership interest in the ventures to the Company for $6.6 million and $10.0 million, respectively, within the one-year period after construction of each store is substantially complete. Additionally, the Company has a one-year option to call the ownership interest of the noncontrolling members of Hempstead and McDonald Ave for $6.6 million and $10.0 million, respectively, beginning on the second anniversary of the respective store’s construction being substantially complete. The Company, at its sole discretion, may pay cash and/or issue OP Units in exchange for the noncontrolling member’s interest in Hempstead and McDonald. The Company is accreting the respective liabilities during the development periods and, as of March 31, 2020, has accrued $3.6 million and $9.9 million, related to Hempstead and McDonald Ave, respectively, which are included in Accounts payable, accrued expenses and other liabilities on the Company’s consolidated balance sheets.

LEASES (Tables)

LEASES (Tables)	3 Months Ended
LEASES (Tables)	Mar. 31, 2020
LEASES
Schedule of balance sheet information associated with operating leases	March 31, December 31, 2020 2019 (dollars in thousands) Right-of-use assets (1) $ 41,532 $ 41,698 Lease liabilities (1) $ 46,406 $ 46,391 Weighted average lease term 35.6 years 35.9 years Weighted average discount rate 4.74 % 4.74 % (1) Right-of-use assets and lease liabilities are included in Other assets , net and Accounts payable, accrued expenses and other liabilities, respectively, on the Company’s consolidated balance sheets.
Summary of lease cost	Three Months Ended March 31, 2020 2019 (in thousands) Operating lease cost $ 746 $ 980 Short-term lease cost (1) 308 296 Total lease cost $ 1,054 $ 1,276 (1) Represents automobile leases that have a lease term of 12 months. The Company has made an accounting policy election not to apply the recognition requirements of ASC 842 to this asset class. The lease cost associated with these leases is recognized on a straight-line basis over the related lease term.
Schedule of future operating lease liability maturities	The following table represents the future operating lease liability maturities as of March 31, 2020 (in thousands): 2020 $ 1,730 2021 2,327 2022 2,461 2023 2,523 2024 2,373 2025 and thereafter 91,241 Total operating lease payments 102,655 Less: Imputed interest (56,249) Present value of operating lease liabilities $ 46,406

ORGANIZATION AND NATURE OF OP_2

ORGANIZATION AND NATURE OF OPERATIONS (Details)	3 Months Ended
ORGANIZATION AND NATURE OF OPERATIONS (Details)	Mar. 31, 2020statesegment
Number of states in which self-storage facilities are located \| state	24
Number of reportable segments \| segment	1
Common stock, conversion ratio	1
Cubesmart
Percentage of the entity's partnership interest in Operating Partnership	99.00%

STORAGE PROPERTIES - Summary (D

STORAGE PROPERTIES - Summary (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
STORAGE FACILITIES
Storage properties	$ 4,716,549	$ 4,699,844
Less: Accumulated depreciation	(944,958)	(925,359)
Storage properties, net (including VIE assets of $100,143 and $92,612, respectively)	3,771,591	3,774,485
Land
STORAGE FACILITIES
Storage properties	859,607	858,541
Buildings and improvements
STORAGE FACILITIES
Storage properties	3,627,204	3,619,594
Equipment
STORAGE FACILITIES
Storage properties	124,667	128,111
Construction in progress
STORAGE FACILITIES
Storage properties	$ 105,071	$ 93,598

STORAGE PROPERTIES - Activity (

STORAGE PROPERTIES - Activity (Details) $ in Thousands	Jun. 06, 2019property	Mar. 31, 2020property	Mar. 31, 2020facility	Mar. 31, 2020USD ($)	Dec. 31, 2019property	Dec. 31, 2019facility	Dec. 31, 2019USD ($)
STORAGE FACILITIES
Purchase Price							$ 118,300
HVP III
STORAGE FACILITIES
Number of self-storage facilities \| property	18
HVP III
STORAGE FACILITIES
Percentage of interest acquired	90.00%
2020 Acquisitions
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties)		1	1
Purchase Price				$ 9,025
2020 Acquisitions \| Texas Asset February 2020
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) \| facility			1
Purchase Price				$ 9,025
2019 Acquisitions
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties)					11	29
Purchase Price							246,600
2019 Acquisitions \| Maryland Asset March 2019
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) \| facility						1
Purchase Price							22,000
2019 Acquisitions \| Florida Assets April 2019
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) \| facility						2
Purchase Price							19,000
2019 Acquisitions \| Arizona Asset May 2019
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) \| facility						1
Purchase Price							1,550
2019 Acquisitions \| HVP III Assets June 2019
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) \| facility						18
Purchase Price							128,250
2019 Acquisitions \| Georgia Asset August 2019
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) \| facility						1
Purchase Price							14,600
2019 Acquisitions \| South Carolina Asset August 2019
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) \| facility						1
Purchase Price							3,300
2019 Acquisitions \| Texas Asset October 2019
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) \| facility						1
Purchase Price							7,300
2019 Acquisitions \| Florida Assets November 2019
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) \| facility						3
Purchase Price							32,100
2019 Acquisitions \| California Asset December 2019
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) \| facility						1
Purchase Price							18,500
2019 Acquisitions \| HVP III
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) \| property	18
Percentage of interest acquired	90.00%
2019 Dispositions
STORAGE FACILITIES
Number of Facilities, dispositions (in properties) \| facility						1
Sale Price							4,146
2019 Dispositions \| Texas Asset October 2019
STORAGE FACILITIES
Number of Facilities, dispositions (in properties) \| facility						1
Sale Price							$ 4,146

INVESTMENT ACTIVITY (Details)

Dec. 16, 2019USD ($)

Sep. 17, 2019USD ($)

Sep. 06, 2019USD ($)

Aug. 08, 2019USD ($)

Jun. 28, 2019USD ($)

Jun. 25, 2019USD ($)

Jun. 06, 2019USD ($)property

Jun. 05, 2019USD ($)property

Jan. 31, 2018USD ($)

Nov. 30, 2018USD ($)

Mar. 31, 2020USD ($)

Mar. 31, 2020USD ($)property

Mar. 31, 2020USD ($)facility

Mar. 31, 2020USD ($)

Mar. 31, 2019USD ($)

Dec. 31, 2018item

Dec. 31, 2015item

Mar. 31, 2020USD ($)

Dec. 31, 2019USD ($)

Dec. 31, 2019USD ($)property

Dec. 31, 2019USD ($)facility

Dec. 31, 2019USD ($)

Self-storage facilities

Aggregate purchase price

$ 118,300,000

Number of facilities, construction completed and opened

$ 3

Total Construction Costs

90,600,000

Acquisition of noncontrolling interest

$ 10,000,000

HVP III

Self-storage facilities

Percentage of interest acquired

90.00%

Texas

Self-storage facilities

Cash paid for acquisition

$ 200,000

Issuance of OP Shares

4,800,000

Total consideration

$ 12,200,000

California

Self-storage facilities

Cash paid for acquisition

$ 14,900,000

Issuance of OP Shares

3,600,000

Total consideration

$ 18,500,000

Self storage under construction

Self-storage facilities

Number of facilities under contract | property

Self storage under construction | New York

Self-storage facilities

Number of facilities under contract | facility

Self storage under construction | Massachusetts

Self-storage facilities

Number of facilities under contract | facility

Self storage under construction | Virginia

Self-storage facilities

Number of facilities under contract | property

Self storage under construction | Pennsylvania

Self-storage facilities

Number of facilities under contract | facility

Self-storage Facility in Waltham, MA

Self-storage facilities

Cash paid for acquisition

$ 2,600,000

Percentage of interest acquired

10.00%

Number of facilities, construction completed and opened

$ 1

Ownership interest held by the entity (as a percent)

90.00%

100.00%

Total Construction Costs

$ 18,000,000

Acquisition of noncontrolling interest

$ 2,000,000

Repayments of debt

$ 10,500,000

Self Storage Facility in Queens, NY I

Self-storage facilities

Cash paid for acquisition

$ 9,000,000

Percentage of interest acquired

10.00%

Acquisition of noncontrolling interest

$ 22,600,000

Repayments of debt

12,400,000

Self Storage Facility in Bayonne, NJ

Self-storage facilities

Number of facilities, construction completed and opened

$ 1

Ownership interest held by the entity (as a percent)

100.00%

Total Construction Costs

$ 25,100,000

Self Storage Facility in Brooklyn, NY I

Self-storage facilities

Cash paid for acquisition

$ 18,500,000

Percentage of interest acquired

10.00%

Ownership interest held by the entity (as a percent)

90.00%

Number of joint ventures | item

Self Storage Facilities in Waltham, MA and New York, NY

Self-storage facilities

Acquisition, gain (loss) recognized

$ 0

Self Storage Facilities in Brooklyn NY, and Queens NY

Self-storage facilities

Acquisition, gain (loss) recognized

$ 0

Self-storage Facility in Queens, NY

Self-storage facilities

Number of facilities, construction completed and opened

$ 1

Ownership interest held by the entity (as a percent)

100.00%

Total Construction Costs

$ 47,500,000

2020 Acquisitions

Self-storage facilities

Number of self-storage facilities acquired

Aggregate purchase price

$ 9,025,000

Deposit

$ 2,700,000

2,700,000

Expected aggregate purchase or sales price

65,700,000

$ 65,700,000

65,700,000

Number of facilities under contract | property

2020 Acquisitions | Leases, Acquired-in-Place

Self-storage facilities

Intangible value of the in-place leases

$ 40,000,000

40,000,000

Estimated life

12 months

Amortization expense

32,000

2019 Acquisitions

Self-storage facilities

Number of self-storage facilities acquired

Aggregate purchase price

246,600,000

Cash paid for acquisition

14,900,000

Issuance of OP Shares

3,600,000

2019 Acquisitions | Leases, Acquired-in-Place

Self-storage facilities

Intangible value of the in-place leases

$ 6,200,000

6,200,000

Estimated life

12 months

Amortization expense

1,500,000

$ 100,000

2019 Acquisitions | HVP III

Self-storage facilities

Number of self-storage facilities acquired | property

Cash paid for acquisition

$ 120,000,000

Percentage of interest acquired

90.00%

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

10.00%

Total consideration

$ 128,300,000

Amount of escrowed proceeds from sale of assets

8,300,000

Acquisition, assets recorded

137,500,000

Acquistion, previously held equity interest

10,600,000

Acquisition, cash acquired

1,400,000

Acquisition, gain (loss) recognized

$ 0

2019 Acquisitions | HVP III | Leases, Acquired-in-Place

Self-storage facilities

Estimated life

12 months

Amortization expense

3,600,000

2019 Acquisitions | Texas

Self-storage facilities

Number of self-storage facilities acquired | property

2019 Acquisitions | Florida

Self-storage facilities

Number of self-storage facilities acquired | property

2019 Acquisitions | Massachusetts | HVP III

Self-storage facilities

Number of self-storage facilities acquired | property

2019 Acquisitions | Maryland

Self-storage facilities

Number of self-storage facilities acquired | property

2019 Acquisitions | California

Self-storage facilities

Number of self-storage facilities acquired | property

2019 Acquisitions | Arizona

Self-storage facilities

Number of self-storage facilities acquired | property

2019 Acquisitions | Georgia

Self-storage facilities

Number of self-storage facilities acquired | property

2019 Acquisitions | Georgia | HVP III

Self-storage facilities

Number of self-storage facilities acquired | property

2019 Acquisitions | North Carolina | HVP III

Self-storage facilities

Number of self-storage facilities acquired | property

2019 Acquisitions | South Carolina

Self-storage facilities

Number of self-storage facilities acquired | property

2019 Acquisitions | South Carolina | HVP III

Self-storage facilities

Number of self-storage facilities acquired | property

2019 Acquisitions | Tennessee | HVP III

Self-storage facilities

Number of self-storage facilities acquired | property

2019 Acquisitions | HVP III

Self-storage facilities

Number of assets sold | property

2019 Acquisitions | Maryland Asset March 2019

Self-storage facilities

Number of self-storage facilities acquired | facility

Aggregate purchase price

22,000,000

2019 Dispositions

Self-storage facilities

Aggregate sale price

$ 4,146,000

2019 Dispositions | HVP III | Leases, Acquired-in-Place

Self-storage facilities

Intangible value of the in-place leases

$ 14,300,000

2019 Dispositions | Texas

Self-storage facilities

Aggregate sale price

$ 4,100,000

Gain from sale of real estate, net

$ 1,500,000

Real Estate Acquisitions Expected in 2019 | Self storage under construction

Self-storage facilities

Development costs

$ 85,300,000

85,300,000

$ 85,300,000

Expected construction cost

$ 137,600,000

Real Estate Acquisitions Expected in 2019 | Self storage under construction | Massachusetts

Self-storage facilities

Number of facilities under contract | facility

Joint Venture | Self-storage Facility in Waltham, MA

Self-storage facilities

Minority ownership interest (as a percent)

0.00%

Joint Venture | Self Storage Facility in Queens, NY I

Self-storage facilities

Minority ownership interest (as a percent)

0.00%

Joint Venture | Self Storage Facility in Bayonne, NJ

Self-storage facilities

Ownership interest held by the entity (as a percent)

51.00%

Number of joint ventures | item

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

49.00%

Option to put ownership interest in the venture

$ 15,200,000

$ 11,500,000

HVP III

Self-storage facilities

Number of self-storage facilities acquired | property

Aggregate sale price

$ 293,500,000

Gain from sale of real estate, net

$ 106,700,000

Ownership interest held by the entity (as a percent)

90.00%

HVP III | Florida

Self-storage facilities

Number of assets sold | property

(3)

HVP III | Georgia

Self-storage facilities

Number of assets sold | property

(4)

HVP III | North Carolina

Self-storage facilities

Number of assets sold | property

(3)

HVP III | South Carolina

Self-storage facilities

Number of assets sold | property

(15)

HVP III | Tennessee

Self-storage facilities

Number of assets sold | property

(8)

INVESTMENT IN UNCONSOLIDATED _3

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURE (Details) $ in Thousands	Mar. 19, 2020USD ($)facility	Jun. 06, 2019property	Jun. 05, 2019USD ($)propertyitemfacility	Sep. 05, 2018USD ($)property	Jan. 31, 2018USD ($)	Dec. 15, 2016	Mar. 31, 2020USD ($)property	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)property
Investment in Unconsolidated Real Estate Venture
Investment in real estate entities							$ 95,174		$ 91,117
Acquisitions of storage facilities							9,090	$ 25,097
Summary of results of operations of the real estate venture
Company's share of net income (loss)							(5)	261
HVPSE
Investment in Unconsolidated Real Estate Venture
Investment in real estate entities							$ 5,568
Ownership interest in partnership (as a percent)	10.00%						10.00%
Number of storage facilities owned by investee \| property							14
Number of self-storage facilities acquired \| facility	14
Acquisitions of storage facilities	$ 135,300
Intangible value of the in-place leases	7,700
Contribution To Real Estate Venture	$ 5,600
Interest rate (as percentage)	1.60%
HVPSE \| Term Loan Facility
Investment in Unconsolidated Real Estate Venture
Proceeds from debt	$ 81,600
HHFNE
Investment in Unconsolidated Real Estate Venture
Investment in real estate entities							$ 1,913		$ 1,998
Ownership interest in partnership (as a percent)							10.00%
Number of storage facilities owned by investee \| property							13		13
HHFNE \| Secured Debt Due December 2019
Investment in Unconsolidated Real Estate Venture
Outstanding debt							$ 45,000
HHFNE \| LIBOR
Investment in Unconsolidated Real Estate Venture
Interest rate (as percentage)						1.20%
HHFNE \| LIBOR \| Secured Debt Due December 2019
Investment in Unconsolidated Real Estate Venture
Interest rate (as percentage)							1.20%
HVP III
Investment in Unconsolidated Real Estate Venture
Ownership interest held by the entity (as a percent)			90.00%
Number of storage facilities owned by investee \| facility			18
Number of self-storage facilities acquired \| property			50
Net proceeds from sale of assets			$ 82,900
Aggregate sale price			$ 293,500
Number of mortgage loans \| item			5
Summary of results of operations of the real estate venture
Gain from sale of real estate, net			$ 106,700
HVP III \| Term Loan Facility
Investment in Unconsolidated Real Estate Venture
Outstanding debt			22,900
HVP III \| Credit Facility
Investment in Unconsolidated Real Estate Venture
Outstanding debt			179,500
Principal amount of debt			$ 185,500
HVP IV
Investment in Unconsolidated Real Estate Venture
Investment in real estate entities							$ 22,860		$ 23,112
Ownership interest in partnership (as a percent)							20.00%
Number of storage facilities owned by investee \| property							21		21
HVP IV \| Secured Loan Due May 2021
Investment in Unconsolidated Real Estate Venture
Outstanding debt							$ 82,200
Principal amount of debt							107,000
HVP IV \| Secured Debt Due June 2024
Investment in Unconsolidated Real Estate Venture
Outstanding debt							$ 55,500
HVP IV \| LIBOR \| Secured Loan Due May 2021
Investment in Unconsolidated Real Estate Venture
Interest rate (as percentage)							1.70%
HVP IV \| LIBOR \| Secured Debt Due June 2024
Investment in Unconsolidated Real Estate Venture
Interest rate (as percentage)							2.75%
HHF
Investment in Unconsolidated Real Estate Venture
Investment in real estate entities							$ 64,833		$ 66,007
Ownership interest in partnership (as a percent)							50.00%
Number of storage facilities owned by investee \| property							35		35
Arizona \| HVP IV
Investment in Unconsolidated Real Estate Venture
Number of storage facilities owned by investee \| property							2
Maryland \| HVP IV
Investment in Unconsolidated Real Estate Venture
Number of storage facilities owned by investee \| property							1
Michigan \| HVP III
Investment in Unconsolidated Real Estate Venture
Number of assets sold \| property			(17)
Connecticut \| HHFNE
Investment in Unconsolidated Real Estate Venture
Number of storage facilities owned by investee \| property							3
Connecticut \| HVP IV
Investment in Unconsolidated Real Estate Venture
Number of storage facilities owned by investee \| property							2
Massachusetts \| HHFNE
Investment in Unconsolidated Real Estate Venture
Number of storage facilities owned by investee \| property							6
Rhode Island \| HHFNE
Investment in Unconsolidated Real Estate Venture
Number of storage facilities owned by investee \| property							2
Vermont \| HHFNE
Investment in Unconsolidated Real Estate Venture
Number of storage facilities owned by investee \| property							2
Tennessee \| HVP III
Investment in Unconsolidated Real Estate Venture
Number of assets sold \| property			(8)
Florida \| HVPSE
Investment in Unconsolidated Real Estate Venture
Number of storage facilities owned by investee \| facility	(2)
Florida \| HVP III
Investment in Unconsolidated Real Estate Venture
Number of assets sold \| property			(3)
Florida \| HVP IV
Investment in Unconsolidated Real Estate Venture
Number of storage facilities owned by investee \| property							4
Texas
Investment in Unconsolidated Real Estate Venture
Cash paid for acquisition of remaining interest in real estate ventures					$ 200
Texas \| HVP IV
Investment in Unconsolidated Real Estate Venture
Number of storage facilities owned by investee \| property							8
Texas \| HHF
Investment in Unconsolidated Real Estate Venture
Number of storage facilities owned by investee \| property							34
North Carolina \| HVP III
Investment in Unconsolidated Real Estate Venture
Number of assets sold \| property			(3)
North Carolina \| HHF
Investment in Unconsolidated Real Estate Venture
Number of storage facilities owned by investee \| property							1
South Carolina \| HVPSE
Investment in Unconsolidated Real Estate Venture
Number of storage facilities owned by investee \| facility	(4)
South Carolina \| HVP III
Investment in Unconsolidated Real Estate Venture
Number of assets sold \| property			(15)
Georgia \| HVPSE
Investment in Unconsolidated Real Estate Venture
Number of storage facilities owned by investee \| facility	(8)
Georgia \| HVP III
Investment in Unconsolidated Real Estate Venture
Number of assets sold \| property			(4)
Georgia \| HVP IV
Investment in Unconsolidated Real Estate Venture
Number of storage facilities owned by investee \| property							2
Pennsylvania \| HVP IV
Investment in Unconsolidated Real Estate Venture
Number of storage facilities owned by investee \| property							1
Ventures
Investment in Unconsolidated Real Estate Venture
Investment in real estate entities							$ 95,174		$ 91,117
Number of storage facilities owned by investee \| property							83		69
Assets
Storage propeties, net							$ 677,226		$ 552,791
Other assets							21,120		11,997
Total Assets							698,346		564,788
Liabilities and equity
Other liabilities							11,836		10,064
Debt							360,950		280,392
Equity
CubeSmart							95,174		91,117
Joint venture partner							230,386		183,215
Total liabilities and equity							698,346		$ 564,788
Summary of results of operations of the real estate venture
Total revenues							14,605	23,203
Operating expenses							(6,942)	(10,163)
Other expenses							(113)	(142)
Interest expense, net							(2,720)	(4,216)
Depreciation and amortization							(6,423)	(9,506)
Net income (loss)							(1,593)	(824)
Company's share of net income (loss)							(5)	$ 261
HHFNE
Investment in Unconsolidated Real Estate Venture
Investment in real estate entities							3,800
HVP III
Investment in Unconsolidated Real Estate Venture
Number of storage facilities owned by investee \| property		18
HVP IV
Investment in Unconsolidated Real Estate Venture
Investment in real estate entities							26,300
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%
Capital Storage Partners, LLC
Investment in Unconsolidated Real Estate Venture
Investment in real estate entities				$ 5,000
Ownership interest in partnership (as a percent)				100.00%
Number of self-storage facilities acquired \| property				22
Series A Preferred shares, percentage				11.00%
Capital Storage Partners, LLC \| Florida
Investment in Unconsolidated Real Estate Venture
Number of self-storage facilities acquired \| property				4
Capital Storage Partners, LLC \| Texas
Investment in Unconsolidated Real Estate Venture
Number of self-storage facilities acquired \| property				13
Capital Storage Partners, LLC \| Oklahoma
Investment in Unconsolidated Real Estate Venture
Number of self-storage facilities acquired \| property				5

UNSECURED SENIOR NOTES (Details

UNSECURED SENIOR NOTES (Details) $ in Thousands	Apr. 04, 2017USD ($)	Oct. 26, 2015USD ($)	Dec. 17, 2013USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Jan. 31, 2019USD ($)
Mortgage loans and Notes payable
Less: Loan procurement costs, net				$ (3,834)	$ (4,059)
Total unsecured senior notes, net				1,836,223	1,835,725
Cubesmart, L P and Subsidiaries
Mortgage loans and Notes payable
Less: Loan procurement costs, net				(3,834)	(4,059)
Total unsecured senior notes, net				1,836,223	1,835,725
Senior Notes
Mortgage loans and Notes payable
Carrying value				1,850,000	1,850,000
Less: Discount on issuance of notes, net				(3,759)	(3,860)
Less: Loan procurement costs, net				(10,018)	(10,415)
Total unsecured senior notes, net				$ 1,836,223	1,835,725
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 4.800% due 2022
Mortgage loans and Notes payable
Interest rate (as a percent)				4.80%
Carrying value				$ 250,000	250,000
Effective interest rate (as a percent)				4.82%
Senior notes 4.375% due 2023
Mortgage loans and Notes payable
Senior notes, principal amount	$ 50,000		$ 250,000
Interest rate (as a percent)	4.375%		4.375%	4.375%
Carrying value				$ 300,000	300,000
Effective interest rate (as a percent)	3.495%		4.501%	4.33%
Effective weighted average interest rate (as a percent)				4.33%
Proceeds from senior notes	$ 50,000		$ 250,000
Debt instrument, redemption percentage	105.04%		98.995%
Senior notes 4.000% due 2025
Mortgage loans and Notes payable
Senior notes, principal amount	$ 50,000	$ 250,000
Interest rate (as a percent)	4.00%	4.00%		4.00%
Carrying value				$ 300,000	300,000
Effective interest rate (as a percent)	3.811%	4.032%		3.99%
Effective weighted average interest rate (as a percent)				3.994%
Proceeds from senior notes	$ 50,000	$ 250,000
Debt instrument, redemption percentage	101.343%	99.735%
Senior Notes 3.125% Due 2026
Mortgage loans and Notes payable
Interest rate (as a percent)				3.125%
Carrying value				$ 300,000	300,000
Effective interest rate (as a percent)				3.18%
Senior Notes 4.375 % Due 2029
Mortgage loans and Notes payable
Senior notes, principal amount						$ 350,000
Interest rate (as a percent)				4.375%		4.375%
Carrying value				$ 350,000	350,000
Effective interest rate (as a percent)				4.46%
Senior Notes 3.000 % Due 2030
Mortgage loans and Notes payable
Interest rate (as a percent)				3.00%
Carrying value				$ 350,000	$ 350,000
Effective interest rate (as a percent)				3.04%

REVOLVING CREDIT FACILITY AND_2

REVOLVING CREDIT FACILITY AND UNSECURED TERM LOANS (Details) - USD ($) $ in Thousands	Jun. 19, 2019	Apr. 04, 2017	Oct. 26, 2015	Dec. 17, 2013	Jan. 31, 2019	Mar. 31, 2020	Dec. 31, 2019	Apr. 22, 2015	Jun. 20, 2011
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Loan procurement costs, net of amortization						$ 3,834	$ 4,059
Less: Loan procurement costs, net						(3,834)	$ (4,059)
Term Loan
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Write off of unamortized cost	$ 100
Revolver
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Remaining borrowing capacity						749,300
Outstanding letter of credit						$ 700
Effective weighted average interest rate (as a percent)						2.09%
Term Loan Facility \| Maximum
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Total indebtedness to total asset value ratio (as a percent)						60.00%
Term Loan Facility \| Term Loan B
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Maximum borrowing capacity									$ 100,000
Credit Facility
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Loan procurement costs capitalized	3,900
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	$ 750,000							$ 500,000
Interest rate, basis spread (as a percent)						1.10%
Facility fee (as a percent)						0.15%
Credit Facility \| Unsecured term loan
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Debt amount								$ 200,000
Repayment of outstanding debt					$ 200,000
Senior notes 4.375% due 2023
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Debt amount		$ 50,000		$ 250,000
Proceeds from senior notes		$ 50,000		$ 250,000
Interest rate (as a percent)		4.375%		4.375%		4.375%
Effective interest rate (as a percent)		3.495%		4.501%		4.33%
Effective weighted average interest rate (as a percent)						4.33%
Senior notes 4.000% due 2025
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Debt amount		$ 50,000	$ 250,000
Proceeds from senior notes		$ 50,000	$ 250,000
Interest rate (as a percent)		4.00%	4.00%			4.00%
Effective interest rate (as a percent)		3.811%	4.032%			3.99%
Effective weighted average interest rate (as a percent)						3.994%
Senior Notes 4.375 % Due 2029
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Debt amount					$ 350,000
Interest rate (as a percent)					4.375%	4.375%
Effective interest rate (as a percent)						4.46%

MORTGAGE LOANS AND NOTES PAYA_3

MORTGAGE LOANS AND NOTES PAYABLE - Summary (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Mortgage loans and Notes payable
Less: Loan procurement costs, net	$ (3,834)	$ (4,059)
Total mortgage loans and notes payable	95,263	96,040
Net book value of self-storage facilities	3,771,591	3,774,485
Mortgages
Mortgage loans and Notes payable
Carrying value	93,861	94,494
Plus: Unamortized fair value adjustment	1,657	1,833
Less: Loan procurement costs, net	(255)	(287)
Total mortgage loans and notes payable	95,263	96,040
Net book value of self-storage facilities	204,900	206,300
YSI 26
Mortgage loans and Notes payable
Carrying value	$ 7,748	7,805
Effective interest rate (as a percent)	4.56%
YSI 57
Mortgage loans and Notes payable
Carrying value	$ 2,720	2,740
Effective interest rate (as a percent)	4.61%
YSI 55
Mortgage loans and Notes payable
Carrying value	$ 21,419	21,547
Effective interest rate (as a percent)	4.85%
YSI 24
Mortgage loans and Notes payable
Carrying value	$ 23,822	24,042
Effective interest rate (as a percent)	4.64%
YSI 65
Mortgage loans and Notes payable
Carrying value	$ 2,300	2,313
Effective interest rate (as a percent)	3.85%
YSI 66
Mortgage loans and Notes payable
Carrying value	$ 30,437	30,588
Effective interest rate (as a percent)	3.51%
YSI 68
Mortgage loans and Notes payable
Carrying value	$ 5,415	$ 5,459
Effective interest rate (as a percent)	3.78%

MORTGAGE LOANS AND NOTES PAYA_4

MORTGAGE LOANS AND NOTES PAYABLE - Future Payments (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Future principal payment requirements on the outstanding mortgage loans and notes payable at year end
Less: Loan procurement costs, net	$ (3,834)	$ (4,059)
Total mortgage loans and notes payable, net	95,263	96,040
Mortgages
Future principal payment requirements on the outstanding mortgage loans and notes payable at year end
2020	12,158
2021	45,057
2022	923
2023	31,019
2024	4,704
Total mortgage payments	93,861	94,494
Plus: Unamortized fair value adjustment	1,657	1,833
Less: Loan procurement costs, net	(255)	(287)
Total mortgage loans and notes payable, net	$ 95,263	$ 96,040

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Changes in accumulated other comprehensive income by component
Beginning balance	$ (729)
Ending balance	(709)
Unrealized losses on interest rate swaps
Changes in accumulated other comprehensive income by component
Other comprehensive gain before reclassifications	(729)
Amounts reclassified from accumulated other comprehensive loss	20
Net current-period other comprehensive income	$ (709)

RISK MANAGEMENT AND USE OF FI_2

RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands	Jan. 24, 2019	Mar. 31, 2020	Mar. 31, 2019	Dec. 24, 2018
Derivative financial instruments
Settlement of hedge transactions			$ 807
Realized losses reclassified from accumulated other comprehensive loss		$ 20
Amount estimated to be reclassified as an increase to interest expense		$ 100
Interest rate swap
Derivative financial instruments
Notional Amount				$ 150,000
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Termination Premium	$ 800
Designated \| Cash flow
Derivative financial instruments
Settlement of hedge transactions	$ 800

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
FAIR VALUE MEASUREMENTS
Derivative Assets	$ 0	$ 0
Derivative Liabilities	0	0
Aggregate carrying value of total debt	1,931.5	1,931.8
Estimated fair value of total debt	$ 2,022.7	$ 2,037.6

NONCONTROLLING INTERESTS - Inte

NONCONTROLLING INTERESTS - Interests in Consolidated Real Estate Joint Ventures (Details) $ in Thousands	May 30, 2019USD ($)	Mar. 07, 2019USD ($)	Mar. 31, 2020USD ($)facility	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)	Sep. 30, 2019USD ($)	May 29, 2019USD ($)
Interests in Consolidated Real Estate Joint Ventures
Assets			$ 4,002,762		$ 4,029,545
Liabilities			2,158,627		2,160,121
Purchase Price					118,300
Elimination of noncontrolling interest in subsidiaries due to acquisition				$ 10,000
Noncontrolling interests in subsidiaries			$ 7,969		$ 7,990
Reduction to additional paid in capital				$ 4,828
VIE
Interests in Consolidated Real Estate Joint Ventures
Number of self-storage facilities owned and operated \| facility			6
Assets			$ 100,526
Liabilities			$ 23,397
CS Valley Forge Village Storage LLC \| VIE
Interests in Consolidated Real Estate Joint Ventures
Number of self-storage facilities owned and operated \| facility			1
Ownership interest held by the entity (as a percent)			70.00%
Assets			$ 7,022
Liabilities			$ 1,592
Shirlington Rd II LLC \| VIE
Interests in Consolidated Real Estate Joint Ventures
Number of self-storage facilities owned and operated \| facility			1
Ownership interest held by the entity (as a percent)			90.00%
Assets			$ 10,429
Liabilities			998
CS 2087 Hempstead Tpk LLC
Interests in Consolidated Real Estate Joint Ventures
Option to call ownership interest of another member			6,600
Accretion liability			$ 3,600
CS 2087 Hempstead Tpk LLC \| VIE
Interests in Consolidated Real Estate Joint Ventures
Number of self-storage facilities owned and operated \| facility			1
Ownership interest held by the entity (as a percent)			51.00%
Assets			$ 13,543
Liabilities			$ 3,941
CS SDP Newtonville LLC \| VIE
Interests in Consolidated Real Estate Joint Ventures
Number of self-storage facilities owned and operated \| facility			1
Ownership interest held by the entity (as a percent)			90.00%
Assets			$ 12,461
Liabilities			5,938
CS 1158 McDonald Ave LLC
Interests in Consolidated Real Estate Joint Ventures
Option to call ownership interest of another member			10,000
Accretion liability			$ 9,900
CS 1158 McDonald Ave LLC \| VIE
Interests in Consolidated Real Estate Joint Ventures
Number of self-storage facilities owned and operated \| facility			1
Ownership interest held by the entity (as a percent)			51.00%
Assets			$ 42,312
Liabilities			$ 10,687
Shirlington Rd LLC
Interests in Consolidated Real Estate Joint Ventures
Elimination of noncontrolling interest in subsidiaries due to acquisition		$ 10,000
Noncontrolling interests in subsidiaries		0
Reduction to additional paid in capital		9,700
Amount of debt repaid		12,200
Shirlington Rd LLC \| VIE
Interests in Consolidated Real Estate Joint Ventures
Number of self-storage facilities owned and operated \| facility			1
Ownership interest held by the entity (as a percent)			90.00%
Assets			$ 14,759
Liabilities			$ 241
CS SJM E 92nd Street LLC
Interests in Consolidated Real Estate Joint Ventures
Percentage of the Variable Interest Entity sold	90.00%
Carrying amount of mortgage loans							$ 1,700
Proceeds from sale of real estate, net	$ 3,700
Note receivable						$ 1,000
Amount of debt repaid	700
Increase (Decrease) Operating Lease Liability	(14,600)
Increase (decrease) in operating lease, right-of-use asset	$ (13,400)
VIE
Interests in Consolidated Real Estate Joint Ventures
Period of option to call ownership interest of another member			1 year
Period of option to put ownership interest in venture			1 year
Payment made for acquisition of interest in real estate ventures		$ 4,800
VIE \| CS Valley Forge Village Storage LLC
Interests in Consolidated Real Estate Joint Ventures
Amount of mortgage loan commitment			$ 12,400
VIE \| Shirlington Rd II LLC
Interests in Consolidated Real Estate Joint Ventures
Percentage of interest acquired		10.00%
VIE \| CS 2087 Hempstead Tpk LLC
Interests in Consolidated Real Estate Joint Ventures
Option to put ownership interest in the venture			6,600
VIE \| CS SDP Newtonville LLC
Interests in Consolidated Real Estate Joint Ventures
Carrying amount of mortgage loans			5,000
Amount of mortgage loan commitment			12,100
VIE \| CS 1158 McDonald Ave LLC
Interests in Consolidated Real Estate Joint Ventures
Option to put ownership interest in the venture			$ 10,000
VIE \| Shirlington Rd LLC
Interests in Consolidated Real Estate Joint Ventures
Percentage of interest acquired		10.00%

NONCONTROLLING INTERESTS - Oper

NONCONTROLLING INTERESTS - Operating Partnership Ownership (Details) - USD ($) $ in Thousands	Dec. 16, 2019	Jan. 31, 2018	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Operating Partnership Ownership
OP Units outstanding which are not owned by the general partner (as a percent)			1.00%		1.00%
Elimination of noncontrolling interest in subsidiaries due to acquisition				$ 10,000
Adjustment for noncontrolling interest in the Operating Partnership			$ 7,976	(6,681)	$ 5,900
California
Operating Partnership Ownership
OP units issued (in shares)	106,738
Issuance of OP Shares	$ 3,600
Total consideration	18,500
Cash paid for acquisition	$ 14,900
Texas
Operating Partnership Ownership
OP units issued (in shares)		168,011
Issuance of OP Shares		$ 4,800
Total consideration		12,200
Cash paid for acquisition		200
Amount of mortgage loan commitment		$ 7,200
Cubesmart, L P and Subsidiaries
Operating Partnership Ownership
OP units outstanding (in shares)					1,972,308
Number of trading days used to determine average of the closing prices of the shares			10 days
Elimination of noncontrolling interest in subsidiaries due to acquisition				10,000
Adjustment for noncontrolling interest in the Operating Partnership			$ 7,976	$ (6,681)

LEASES - Narrative (Details)

LEASES - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
LEASES - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Sep. 30, 2019	Mar. 31, 2019	Sep. 30, 2019	Dec. 31, 2019
LEASES
Lessor, Administrative and late fees income	$ 5,400
Operating Lease, Income, Comprehensive Income [Extensible List]		cube:OtherpropertyRelatedIncomeMember		cube:OtherpropertyRelatedIncomeMember
Lessee, Operating Lease, Existence of Option to Extend [true false]	true
Lessee, Operating Lease, Existence of Option to Terminate [true false]	true
Right-of-use assets	$ 41,532				$ 41,698
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	us-gaap:OtherAssetsMember				us-gaap:OtherAssetsMember
Operating lease liabilities	$ 46,406				$ 46,391
Operating Lease, Liability, Statement of Financial Position [Extensible List]	us-gaap:AccountsPayableAndOtherAccruedLiabilities				us-gaap:AccountsPayableAndOtherAccruedLiabilities
Operating lease weighted-average remaining lease term (in years)	35 years 7 months 6 days				35 years 10 months 24 days
Operating lease weighted-average discount rate	4.74%				4.74%
Operating lease amount paid	$ 600		$ 700
Minimum
LEASES
Operating lease term (in years)	1 year
Operating lease renewal term (in years)	1 year
Maximum
LEASES
Operating lease term (in years)	44 years
Operating lease renewal term (in years)	69 years

LEASES - Lease Cost (Details)

LEASES - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended
LEASES - Lease Cost (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Mar. 31, 2019
LEASES
Operating lease cost	$ 746	$ 980
Short-term lease cost	308	296
Total lease cost	$ 1,054	$ 1,276

LEASES - Future Operating Lease

LEASES - Future Operating Lease Liability Maturities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Future operating lease liability maturities
2020	$ 1,730
2021	2,327
2022	2,461
2023	2,523
2024	2,373
2025 and thereafter	91,241
Total operating lease payments	102,655
Less: Imputed interest	(56,249)
Lease liabilities	46,406		$ 46,391
Operating lease amount paid	$ 600	$ 700

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - Joint ventures related to affiliated real estate investments - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
RELATED PARTY TRANSACTIONS
Management fees	$ 0.9	$ 1.2
Amounts due to the Company from related parties	11.5		$ 10.5
Mortgage loans receivable from consolidated joint ventures	5		$ 3.1
Ventures
RELATED PARTY TRANSACTIONS
Acquisition fees	$ 0.7	$ 0

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Subsequent event $ in Millions	Apr. 01, 2020USD ($)facility
Subsequent Events
Number of self-storage facilities acquired \| facility	2
Total consideration \| $	$ 65.7

CONSOLIDATED BALANCE SHEETS (LP

CONSOLIDATED BALANCE SHEETS (LP cube) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
ASSETS
Storage properties	$ 4,716,549	$ 4,699,844
Less: Accumulated depreciation	(944,958)	(925,359)
Storage properties, net (including VIE assets of $100,143 and $92,612, respectively)	3,771,591	3,774,485
Cash and cash equivalents	35,719	54,857
Restricted cash	2,760	3,584
Loan procurement costs, net of amortization	3,834	4,059
Investment in real estate ventures, at equity	95,174	91,117
Other assets, net	93,684	101,443
Total assets	4,002,762	4,029,545
LIABILITIES AND CAPITAL
Unsecured senior notes, net	1,836,223	1,835,725
Mortgage loans and notes payable, net	95,263	96,040
Accounts payable, accrued expenses and other liabilities	136,310	137,880
Distributions payable	64,691	64,688
Deferred revenue	25,662	25,313
Security deposits	478	475
Total liabilities	2,158,627	2,160,121
Limited Partnership interests of third parties	53,845	62,088
Commitments and contingencies
Capital
Accumulated other comprehensive loss	(709)	(729)
Total liabilities and equity	4,002,762	4,029,545
Cubesmart, L P and Subsidiaries
ASSETS
Storage properties	4,716,549	4,699,844
Less: Accumulated depreciation	(944,958)	(925,359)
Storage properties, net (including VIE assets of $100,143 and $92,612, respectively)	3,771,591	3,774,485
Cash and cash equivalents	35,719	54,857
Restricted cash	2,760	3,584
Loan procurement costs, net of amortization	3,834	4,059
Investment in real estate ventures, at equity	95,174	91,117
Other assets, net	93,684	101,443
Total assets	4,002,762	4,029,545
LIABILITIES AND CAPITAL
Unsecured senior notes, net	1,836,223	1,835,725
Mortgage loans and notes payable, net	95,263	96,040
Accounts payable, accrued expenses and other liabilities	136,310	137,880
Distributions payable	64,691	64,688
Deferred revenue	25,662	25,313
Security deposits	478	475
Total liabilities	2,158,627	2,160,121
Limited Partnership interests of third parties	53,845	62,088
Commitments and contingencies
Capital
Operating Partner	1,783,030	1,800,075
Accumulated other comprehensive loss	(709)	(729)
Total CubeSmart, L.P. capital	1,782,321	1,799,346
Noncontrolling interests in subsidiaries	7,969	7,990
Total capital	1,790,290	1,807,336
Total liabilities and equity	$ 4,002,762	$ 4,029,545

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (Parenthetical) (LP cube) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Storage facilities, net	$ 3,771,591	$ 3,774,485
VIE
Storage facilities, net	100,143	92,612
Cubesmart, L P and Subsidiaries
Storage facilities, net	3,771,591	3,774,485
Cubesmart, L P and Subsidiaries \| VIE
Storage facilities, net	$ 100,143	$ 92,612

CONSOLIDATED STATEMENTS OF OP_2

CONSOLIDATED STATEMENTS OF OPERATIONS (LP cube) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
REVENUES
Rental income	$ 140,985	$ 131,592
Total revenues	164,081	152,845
OPERATING EXPENSES
Property operating expenses	55,740	51,425
Depreciation and amortization	40,838	38,442
General and administrative	10,365	9,147
Total operating expenses	106,943	99,014
Interest:
Interest expense on loans	(18,681)	(17,517)
Loan procurement amortization expense	(754)	(624)
Equity in (losses) earnings of real estate ventures	(5)	261
Other	619	(165)
Total other expense	(18,821)	(18,045)
NET (INCOME) LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS
Operating Partnership interests of third parties	$ (383)	$ (358)
Diluted earnings per share attributable to common shareholders (in dollars per share)	$ 0.20	$ 0.19
Weighted-average basic units outstanding (in units)	193,582	187,253
Weighted-average diluted units outstanding (in units)	194,264	187,984
Other Property Related Income
REVENUES
Property related income	$ 16,902	$ 15,675
Property Management Fee Income
REVENUES
Property related income	6,194	5,578
Cubesmart, L P and Subsidiaries
REVENUES
Rental income	140,985	131,592
Total revenues	164,081	152,845
OPERATING EXPENSES
Property operating expenses	55,740	51,425
Depreciation and amortization	40,838	38,442
General and administrative	10,365	9,147
Total operating expenses	106,943	99,014
Interest:
Interest expense on loans	(18,681)	(17,517)
Loan procurement amortization expense	(754)	(624)
Equity in (losses) earnings of real estate ventures	(5)	261
Other	619	(165)
Total other expense	(18,821)	(18,045)
NET INCOME	38,317	35,786
NET (INCOME) LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS
Noncontrolling interest in subsidiaries	(38)	70
NET INCOME ATTRIBUTABLE TO CUBESMART L.P.	38,279	35,856
Operating Partnership interests of third parties	(383)	(358)
NET INCOME ATTRIBUTABLE TO COMMON UNITHOLDERS	$ 37,896	$ 35,498
Basic earnings per unit attributable to common unitholders	$ 0.20	$ 0.19
Diluted earnings per share attributable to common shareholders (in dollars per share)	$ 0.20	$ 0.19
Weighted-average basic units outstanding (in units)	193,582	187,253
Weighted-average diluted units outstanding (in units)	194,264	187,984
Cubesmart, L P and Subsidiaries \| Other Property Related Income
REVENUES
Property related income	$ 16,902	$ 15,675
Cubesmart, L P and Subsidiaries \| Property Management Fee Income
REVENUES
Property related income	$ 6,194	$ 5,578

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (LP cube) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Other comprehensive income:
Unrealized gains on interest rate swaps		$ 232
Reclassification of realized losses on interest rate swaps	$ 20	10
OTHER COMPREHENSIVE INCOME	20	242
COMPREHENSIVE INCOME	38,337	36,028
Comprehensive income attributable to Operating Partnership interests of third parties	(383)	(360)
Comprehensive (income) loss attributable to noncontrolling interest in subsidiaries	(38)	70
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE COMPANY	37,916	35,738
Cubesmart, L P and Subsidiaries
NET INCOME	38,317	35,786
Other comprehensive income:
Unrealized gains on interest rate swaps		232
Reclassification of realized losses on interest rate swaps	20	10
OTHER COMPREHENSIVE INCOME	20	242
COMPREHENSIVE INCOME	38,337	36,028
Comprehensive income attributable to Operating Partnership interests of third parties	(383)	(360)
Comprehensive (income) loss attributable to noncontrolling interest in subsidiaries	(38)	70
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE COMPANY	$ 37,916	$ 35,738

CONSOLIDATED STATEMENTS OF CAPI

CONSOLIDATED STATEMENTS OF CAPITAL (LP cube) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended			12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2019
Increase (Decrease) in Partners' Capital
Balance of Noncontrolling Interests in the Operating Partnership	$ 62,088
Contributions from noncontrolling interests in subsidiaries		$ 4,828
Distributions paid to noncontrolling interests in subsidiaries	(59)	(66)
Acquisition of noncontrolling interest in subsidiary		(10,000)
Adjustment for Operating Partnership interests of third parties	7,976	(6,681)		$ 5,900
Net income (loss)	37,934	35,428
Other comprehensive income, net	20	240
Balance of Noncontrolling Interests in the Operating Partnership	53,845			62,088
Noncontrolling Interests in Operating Partnership
Increase (Decrease) in Partners' Capital
Balance of Noncontrolling Interests in the Operating Partnership		55,819		55,819
Adjustment for Operating Partnership interests of third parties	(7,976)	6,681
Net income (loss)	383	358
Other comprehensive income, net		2
Balance of Noncontrolling Interests in the Operating Partnership	53,845	60,414
Cubesmart, L P and Subsidiaries
Increase (Decrease) in Partners' Capital
Balance	1,807,336	1,716,449		1,716,449
Balance of Noncontrolling Interests in the Operating Partnership	62,088
Contributions from noncontrolling interests in subsidiaries		4,828
Distributions paid to noncontrolling interests in subsidiaries	(59)	(66)
Acquisition of noncontrolling interest in subsidiary		(10,000)
Preferred OP unit redemption	(118)
Issuance of common OP units		24,580
Issuance of common OP units	(118)
Conversion from OP units to shares		1,842
Exercise of OP unit options		1,049
Amortization of restricted OP units	710	798
OP unit compensation expense	530		$ 468
Adjustment for Operating Partnership interests of third parties	7,976	(6,681)
Net income (loss)	37,934	35,428
Other comprehensive income, net	20	240
Common OP unit distributions	(64,039)	(60,375)
Balance	1,790,290	1,708,560		1,807,336
Balance of Noncontrolling Interests in the Operating Partnership	53,845			62,088
Cubesmart, L P and Subsidiaries \| Noncontrolling Interests in Operating Partnership
Increase (Decrease) in Partners' Capital
Balance of Noncontrolling Interests in the Operating Partnership	62,088	55,819		55,819
Conversion from OP units to shares		(1,842)
Adjustment for Operating Partnership interests of third parties	(7,976)	6,681
Net income (loss)	383	358
Other comprehensive income, net		2
Common OP unit distributions	(650)	(604)
Balance of Noncontrolling Interests in the Operating Partnership	53,845	60,414		62,088
Cubesmart, L P and Subsidiaries \| Total Shareholders' Equity
Increase (Decrease) in Partners' Capital
Balance	1,799,346	1,709,678		1,709,678
Acquisition of noncontrolling interest in subsidiary		(9,728)
Preferred OP unit redemption	(118)
Issuance of common OP units		24,580
Issuance of common OP units	(118)
Conversion from OP units to shares		1,842
Exercise of OP unit options		1,049
Amortization of restricted OP units	710	798
OP unit compensation expense	530		468
Adjustment for Operating Partnership interests of third parties	7,976	(6,681)
Net income (loss)	37,896	35,498
Other comprehensive income, net	20	240
Common OP unit distributions	(64,039)	(60,375)
Balance	1,782,321	1,697,369		1,799,346
Cubesmart, L P and Subsidiaries \| Operating Partner
Increase (Decrease) in Partners' Capital
Balance	$ 1,800,075	$ 1,710,707		$ 1,710,707
Balance (in units)	193,557	187,145		187,145
Acquisition of noncontrolling interest in subsidiary		$ (9,728)
Preferred OP unit redemption	$ (118)
Issuance of common OP units		$ 24,580
Issuance of common OP units (in units)		773
Issuance of common OP units	$ (118)
Issuance of restricted OP units (in units)	30	19
Conversion from OP units to shares		$ 1,842
Conversion from OP units to shares (in units)		60
Exercise of OP unit options		$ 1,049
Exercise of OP unit options (in units)		140
Amortization of restricted OP units	$ 710	$ 798
OP unit compensation expense	530		$ 468
Adjustment for Operating Partnership interests of third parties	7,976	(6,681)
Net income (loss)	37,896	35,498
Common OP unit distributions	(64,039)	(60,375)
Balance	$ 1,783,030	$ 1,698,158		$ 1,800,075
Balance (in units)	193,587	188,137		193,557
Cubesmart, L P and Subsidiaries \| Accumulated Other Comprehensive (Loss) Income
Increase (Decrease) in Partners' Capital
Balance	$ (729)	$ (1,029)		$ (1,029)
Other comprehensive income, net	20	240
Balance	(709)	(789)		(729)
Cubesmart, L P and Subsidiaries \| Noncontrolling Interest in Subsidiaries
Increase (Decrease) in Partners' Capital
Balance	7,990	6,771		6,771
Contributions from noncontrolling interests in subsidiaries		4,828
Distributions paid to noncontrolling interests in subsidiaries	(59)	(66)
Acquisition of noncontrolling interest in subsidiary		(272)
Net income (loss)	38	(70)
Balance	$ 7,969	$ 11,191		$ 7,990

CONSOLIDATED STATEMENTS OF EQ_3

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) (LP cube) - $ / shares	Mar. 31, 2020	Mar. 31, 2019
Cubesmart, L P and Subsidiaries
Common OP unit distributions (in dollars per share)	$ 0.33	$ 0.32

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (LP cube) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Operating Activities
Net income	$ 38,317	$ 35,786
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	41,592	39,066
Equity in losses (earnings) of real estate ventures	5	(261)
Equity compensation expense	1,871	1,619
Accretion of fair market value adjustment of debt	(176)	(179)
Changes in other operating accounts:
Other assets	2,743	(3,212)
Accounts payable and accrued expenses	(3,743)	1,806
Other liabilities	340	833
Net cash provided by operating activities	80,949	75,458
Investing Activities
Acquisitions of storage properties	(9,090)	(25,097)
Additions and improvements to storage properties	(11,923)	(6,153)
Development costs	(9,709)	(49,748)
Investment in real estate ventures	(5,877)	(107)
Cash distributed from real estate ventures	1,815	2,072
Net cash used in investing activities	(34,784)	(79,033)
Proceeds from:
Unsecured senior notes		347,746
Revolving credit facility	5,127	279,020
Principal payments on:
Revolving credit facility	(5,127)	(378,400)
Unsecured term loans		(200,000)
Mortgage loans and notes payable	(633)	(701)
Loan procurement costs		(2,634)
Settlement of hedge transactions		(807)
Acquisition of noncontrolling interest in subsidiary, net		(5,172)
Cash paid upon vesting of restricted OP units	(631)	(353)
Distributions paid to noncontrolling interests in subsidiaries	(59)	(66)
Distributions paid to common OP unitholders	(64,036)	(60,005)
Net cash (used in) provided by financing activities	(66,127)	3,634
Change in cash, cash equivalents and restricted cash	(19,962)	59
Cash, cash equivalents and restricted cash at beginning of period	58,441	6,482
Cash, cash equivalents and restricted cash at end of period	38,479	6,541
Supplemental Cash Flow and Noncash Information
Cash paid for interest, net of interest capitalized	23,652	15,918
Supplemental disclosure of noncash activities:
Discount on issuance of unsecured senior notes		2,254
Accretion of put liability	896	4,070
Derivative valuation adjustment	(20)	(242)
Acquisition of noncontrolling interest in subsidiary		(4,828)
Contributions from noncontrolling interests in subsidiaries		4,828
Cubesmart, L P and Subsidiaries
Operating Activities
Net income	38,317	35,786
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	41,592	39,066
Equity in losses (earnings) of real estate ventures	5	(261)
Equity compensation expense	1,871	1,619
Accretion of fair market value adjustment of debt	(176)	(179)
Changes in other operating accounts:
Other assets	2,743	(3,212)
Accounts payable and accrued expenses	(3,743)	1,806
Other liabilities	340	833
Net cash provided by operating activities	80,949	75,458
Investing Activities
Acquisitions of storage properties	(9,090)	(25,097)
Additions and improvements to storage properties	(11,923)	(6,153)
Development costs	(9,709)	(49,748)
Investment in real estate ventures	(5,877)	(107)
Cash distributed from real estate ventures	1,815	2,072
Net cash used in investing activities	(34,784)	(79,033)
Proceeds from:
Unsecured senior notes		347,746
Revolving credit facility	5,127	279,020
Principal payments on:
Revolving credit facility	(5,127)	(378,400)
Unsecured term loans		(200,000)
Mortgage loans and notes payable	(633)	(701)
Loan procurement costs		(2,634)
Settlement of hedge transactions		(807)
Acquisition of noncontrolling interest in subsidiary, net		(5,172)
Proceeds from issuance of common OP units	(118)	24,580
Cash paid upon vesting of restricted OP units	(631)	(353)
Exercise of OP unit options		1,049
Distributions paid to noncontrolling interests in subsidiaries	(59)	(66)
Distributions paid to common OP unitholders	(64,686)	(60,628)
Net cash (used in) provided by financing activities	(66,127)	3,634
Change in cash, cash equivalents and restricted cash	(19,962)	59
Cash, cash equivalents and restricted cash at beginning of period	58,441	6,482
Cash, cash equivalents and restricted cash at end of period	38,479	6,541
Supplemental Cash Flow and Noncash Information
Cash paid for interest, net of interest capitalized	23,652	15,918
Supplemental disclosure of noncash activities:
Discount on issuance of unsecured senior notes		2,254
Accretion of put liability	896	4,070
Derivative valuation adjustment	$ 20	242
Acquisition of noncontrolling interest in subsidiary		(4,828)
Contributions from noncontrolling interests in subsidiaries		$ 4,828