CUBESMART

SCHEDULE III

REAL ESTATE AND RELATED DEPRECIATION

December 31, 2014

(dollars in thousands)

			Initial Cost		Costs Subsequent	Gross Carrying Amount at December 31, 2014			Accumulated	Year
Description	Square Footage	Encumbrances	Land	Buildings and Improvements	to Acquisition	Land	Buildings and Improvements	Total	Depreciation (C)	Acquired / Developed
Chandler I, AZ	47,520		327	1,257	271	327	1,353	1,680	421	2005
Chandler II, AZ	83,819		1,518	7,485	12	1,518	7,496	9,014	474	2013
Gilbert, AZ	57,380		951	4,688	11	951	4,699	5,650	1,305	2013
Glendale, AZ	56,807		201	2,265	1,010	418	2,725	3,143	1,249	1998
Green Valley, AZ	25,050		298	1,153	132	298	1,075	1,373	297	2005
Mesa I, AZ	52,575		920	2,739	176	921	2,469	3,390	690	2006
Mesa II, AZ	45,511		731	2,176	189	731	2,048	2,779	566	2006
Mesa III, AZ	58,264		706	2,101	182	706	1,899	2,605	538	2006
Phoenix I, AZ	100,775		1,134	3,376	348	1,135	3,075	4,210	870	2006
Phoenix II, AZ	83,160		756	2,251	1,554	847	3,109	3,956	712	2006/2011
Phoenix III, AZ	121,761		2,115	10,429	24	2,115	10,453	12,568	83	2014
Scottsdale, AZ	79,525		443	4,879	1,698	883	5,475	6,358	2,499	1998
Tempe I, AZ	53,890		749	2,159	236	749	2,086	2,835	552	2005
Tempe II, AZ	35,125		588	2,898	31	588	2,929	3,517	518	2013
Tucson I, AZ	59,800		188	2,078	966	384	2,590	2,974	1,169	1998
Tucson II, AZ	43,950		188	2,078	1,032	391	2,635	3,026	1,122	1998
Tucson III, AZ	49,832	(A)	532	2,048	243	533	1,930	2,463	520	2005
Tucson IV, AZ	48,040	(A)	674	2,595	262	675	2,436	3,111	662	2005
Tucson V, AZ	45,134	(A)	515	1,980	333	515	1,957	2,472	520	2005
Tucson VI, AZ	40,814	(A)	440	1,692	201	430	1,595	2,025	439	2005
Tucson VII, AZ	52,688	(A)	670	2,576	275	670	2,440	3,110	673	2005
Tucson VIII, AZ	46,650	(A)	589	2,265	268	589	2,182	2,771	578	2005
Tucson IX, AZ	67,545	(A)	724	2,786	349	725	2,619	3,344	730	2005
Tucson X, AZ	46,350	(A)	424	1,633	203	425	1,526	1,951	424	2005
Tucson XI, AZ	42,940	(A)	439	1,689	391	439	1,791	2,230	507	2005
Tucson XII, AZ	42,225	(A)	671	2,582	285	672	2,454	3,126	653	2005
Tucson XIII, AZ	45,800	(A)	587	2,258	271	587	2,167	2,754	584	2005
Tucson XIV, AZ	49,095		707	2,721	455	708	2,642	3,350	707	2005
Benicia, CA	74,770		2,392	7,028	191	2,392	6,146	8,538	1,642	2005
Citrus Heights, CA	75,620	(A)	1,633	4,793	213	1,634	4,254	5,888	1,198	2005
Corona, CA	95,125		2,107	10,385	1	2,107	10,385	12,492	55	2014
Diamond Bar, CA	102,984		2,522	7,404	179	2,524	6,491	9,015	1,820	2005
Escondido, CA	142,895		3,040	11,804	161	3,040	9,611	12,651	1,991	2007

			Initial Cost		Costs Subsequent	Gross Carrying Amount at December 31, 2014			Accumulated	Year
Description	Square Footage	Encumbrances	Land	Buildings and Improvements	to Acquisition	Land	Buildings and Improvements	Total	Depreciation (C)	Acquired / Developed
Fallbrook, CA	46,401		133	1,492	1,736	432	2,722	3,154	1,084	1997
Fremont, CA	51,243		1,158	5,711	38	1,158	5,750	6,908	45	2014
Lancaster, CA	60,675		390	2,247	956	556	2,703	3,259	950	2001
Long Beach, CA	124,571		3,138	14,368	493	3,138	12,950	16,088	3,352	2006
Murrieta, CA	49,795		1,883	5,532	167	1,903	4,835	6,738	1,295	2005
North Highlands, CA	57,169	(A)	868	2,546	390	868	2,480	3,348	690	2005
Ontario, CA	93,590		1,705	8,401	17	1,705	8,418	10,123	44	2014
Orangevale, CA	50,542	(A)	1,423	4,175	267	1,423	3,770	5,193	1,066	2005
Pleasanton, CA	85,045		2,799	8,222	54	2,799	7,034	9,833	1,896	2005
Rancho Cordova, CA	53,978	(A)	1,094	3,212	250	1,095	2,930	4,025	845	2005
Rialto I, CA	57,391		899	4,118	177	899	3,725	4,624	972	2006
Rialto II, CA	99,783		277	3,098	1,715	672	4,034	4,706	1,815	1997
Riverside I, CA	67,120		1,351	6,183	417	1,351	5,768	7,119	1,473	2006
Riverside II, CA	85,076		1,170	5,359	355	1,170	4,980	6,150	1,289	2006
Roseville, CA	59,944	(A)	1,284	3,767	319	1,284	3,491	4,775	1,002	2005
Sacramento I, CA	50,714	(A)	1,152	3,380	237	1,152	3,058	4,210	875	2005
Sacramento II, CA	62,088	(A)	1,406	4,128	233	1,407	3,696	5,103	1,039	2005
San Bernardino I, CA	31,070		51	572	1,166	182	1,422	1,604	537	1997
San Bernardino II, CA	41,546		112	1,251	1,228	306	1,949	2,255	817	1997
San Bernardino III, CA	35,416		98	1,093	1,194	242	1,806	2,048	706	1997
San Bernardino IV, CA	83,307		1,872	5,391	154	1,872	4,828	6,700	1,316	2005
San Bernardino V, CA	57,595		783	3,583	478	783	3,534	4,317	923	2006
San Bernardino VII, CA	78,753		1,475	6,753	274	1,290	6,281	7,571	1,643	2006
San Bernardino VIII, CA	99,004		1,691	7,741	439	1,692	6,237	7,929	2,519	2006
San Marcos, CA	37,430		775	2,288	119	776	2,043	2,819	571	2005
Santa Ana, CA	64,071		1,223	5,600	280	1,223	5,107	6,330	1,331	2006
South Sacramento, CA	52,490	(A)	790	2,319	236	791	2,143	2,934	622	2005
Spring Valley, CA	55,045		1,178	5,394	561	1,178	5,210	6,388	1,368	2006
Temecula I, CA	81,320		660	4,735	1,231	899	5,409	6,308	1,257	1998
Temecula II, CA	84,318		3,080	5,839	198	3,080	5,108	8,188	1,060	2007
Vista I, CA	74,481		711	4,076	2,293	1,118	5,442	6,560	1,800	2001
Vista II, CA	147,871		4,629	13,599	142	4,629	11,698	16,327	3,165	2005

			Initial Cost		Costs Subsequent	Gross Carrying Amount at December 31, 2014			Accumulated	Year
Description	Square Footage	Encumbrances	Land	Buildings and Improvements	to Acquisition	Land	Buildings and Improvements	Total	Depreciation (C)	Acquired / Developed
Walnut, CA	50,708		1,578	4,635	236	1,595	4,133	5,728	1,105	2005
West Sacramento, CA	40,015	(B)	1,222	3,590	200	1,222	3,236	4,458	868	2005
Westminster, CA	68,428		1,740	5,142	303	1,743	4,560	6,303	1,292	2005
Aurora, CO	75,867	(A)	1,343	2,986	313	1,343	2,764	4,107	739	2005
Colorado Springs I, CO	47,975		771	1,717	337	771	1,711	2,482	449	2005
Colorado Springs II, CO	62,400		657	2,674	210	656	2,377	3,033	641	2006
Denver I, CO	59,200		673	2,741	197	671	2,436	3,107	694	2006
Denver II, CO	74,295		1,430	7,053	71	1,430	7,123	8,553	341	2012
Federal Heights, CO	54,770	(A)	878	1,953	251	879	1,810	2,689	471	2005
Golden, CO	87,800	(A)	1,683	3,744	404	1,684	3,477	5,161	915	2005
Littleton, CO	53,490	(A)	1,268	2,820	277	1,268	2,589	3,857	655	2005
Northglenn, CO	52,102	(A)	862	1,917	365	862	1,869	2,731	477	2005
Bloomfield, CT	48,700		78	880	2,338	360	2,644	3,004	1,029	1997
Branford, CT	50,679		217	2,433	1,317	504	3,055	3,559	1,626	1995
Bristol, CT	47,725		1,819	3,161	63	1,819	2,759	4,578	849	2005
East Windsor, CT	46,016		744	1,294	458	744	1,482	2,226	448	2005
Enfield, CT	52,875		424	2,424	396	473	2,229	2,702	873	2001
Gales Ferry, CT	54,805		240	2,697	1,458	489	3,473	3,962	1,503	1995
Manchester I, CT	46,925		540	3,096	360	563	2,684	3,247	1,100	2002
Manchester II, CT	52,725		996	1,730	255	996	1,677	2,673	495	2005
Manchester III, CT	60,113		671	3,308	6	671	3,314	3,985	26	2014
Milford, CT	44,885		87	1,050	1,129	274	1,707	1,981	819	1996
Monroe, CT	58,500		2,004	3,483	600	2,004	3,399	5,403	1,072	2005
Mystic, CT	50,825		136	1,645	1,927	410	2,840	3,250	1,377	1996
Newington I, CT	42,620		1,059	1,840	206	1,059	1,752	2,811	518	2005
Newington II, CT	36,140		911	1,584	231	911	1,541	2,452	463	2005
Norwalk, CT	30,414		646	3,187	48	646	3,235	3,881	171	2012
Old Saybrook I, CT	86,950		3,092	5,374	519	3,092	5,039	8,131	1,537	2005
Old Saybrook II, CT	26,425		1,135	1,973	231	1,135	1,877	3,012	586	2005
Shelton, CT	78,430		1,449	8,221	179	1,449	7,317	8,766	678	2011
South Windsor, CT	72,075		90	1,127	1,322	272	2,062	2,334	859	1996
Stamford, CT	28,907		1,941	3,374	102	1,941	2,940	4,881	891	2005
Wilton, CT	84,515	12,635	2,409	12,261	172	2,421	12,494	14,915	824	2012
Washington I, DC	63,085	(B)	871	12,759	403	894	10,480	11,374	2,048	2008

			Initial Cost		Costs Subsequent	Gross Carrying Amount at December 31, 2014			Accumulated	Year
Description	Square Footage	Encumbrances	Land	Buildings and Improvements	to Acquisition	Land	Buildings and Improvements	Total	Depreciation (C)	Acquired / Developed
Washington II, DC	82,982		3,152	13,612	146	3,154	11,983	15,137	856	2011
Boca Raton, FL	37,958		529	3,054	1,564	813	3,711	4,524	1,259	2001
Boynton Beach I, FL	61,749		667	3,796	1,801	958	4,507	5,465	1,530	2001
Boynton Beach II, FL	61,579		1,030	2,968	329	1,030	2,861	3,891	778	2005
Boynton Beach III, FL	67,393		1,225	6,037	12	1,225	6,050	7,275	48	2014
Bradenton I, FL	68,441		1,180	3,324	225	1,180	3,028	4,208	854	2004
Bradenton II, FL	87,958		1,931	5,561	975	1,931	5,441	7,372	1,507	2004
Cape Coral I, FL	76,842		472	2,769	2,538	830	4,371	5,201	1,786	2000
Cape Coral II, FL	67,955		1,093	5,387	1	1,093	5,388	6,481	14	2014
Coconut Creek I, FL	78,883		1,189	5,863	106	1,189	5,968	7,157	286	2012
Coconut Creek II, FL	90,400		1,937	9,549	109	1,937	9,658	11,595	77	2014
Dania Beach, FL	168,724		3,584	10,324	1,171	3,584	9,999	13,583	2,827	2004
Dania, FL	58,145		205	2,068	1,442	481	2,813	3,294	1,375	1996
Davie, FL	81,235		1,268	7,183	815	1,373	5,735	7,108	2,500	2001
Deerfield Beach, FL	57,230		946	2,999	2,019	1,311	4,524	5,835	1,631	1998
Delray Beach I, FL	67,833		798	4,539	690	883	4,229	5,112	1,535	2001
Delray Beach II, FL	75,712		957	4,718	194	957	4,912	5,869	1,507	2013
Delray Beach III, FL	94,495		2,086	10,286	2	2,086	10,289	12,375	82	2014
Fernandina Beach, FL	121,083		378	4,222	3,668	643	6,991	7,634	2,432	1996
Ft. Lauderdale I, FL	70,063		937	3,646	2,438	1,384	5,416	6,800	1,994	1999
Ft. Lauderdale II, FL	49,507		862	4,250	54	862	4,305	5,167	1,834	2013
Ft. Myers I, FL	67,546		303	3,329	824	328	3,167	3,495	1,637	1999
Ft. Myers II, FL	83,125		1,030	5,080	4	1,030	5,084	6,114	40	2014
Ft. Myers III, FL	81,554		1,148	5,658	29	1,148	5,688	6,836	46	2014
Jacksonville I, FL	80,215		1,862	5,362	72	1,862	4,752	6,614	1,190	2005
Jacksonville II, FL	65,070		950	7,004	120	950	5,571	6,521	1,143	2007
Jacksonville III, FL	65,590		860	7,409	989	1,670	5,997	7,667	1,239	2007
Jacksonville IV, FL	77,535		870	8,049	1,030	1,651	7,004	8,655	1,449	2007

			Initial Cost		Costs Subsequent	Gross Carrying Amount at December 31, 2014			Accumulated	Year
Description	Square Footage	Encumbrances	Land	Buildings and Improvements	to Acquisition	Land	Buildings and Improvements	Total	Depreciation (C)	Acquired / Developed
Jacksonville V, FL	82,235		1,220	8,210	312	1,220	6,813	8,033	1,406	2007
Jacksonville VI, FL	74,425		755	3,725	1	755	3,725	4,480	10	2014
Kendall, FL	75,495	(B)	2,350	8,106	201	2,350	6,534	8,884	1,346	2007
Lake Worth I, FL	160,949		183	6,597	7,161	354	11,076	11,430	4,680	1998
Lake Worth II, FL	87,050		1,552	7,654	100	1,552	7,753	9,305	61	2014
Lakeland, FL	49,095		81	896	1,127	256	1,440	1,696	803	1994
Leisure City, FL	56,042		409	2,018	127	409	2,144	2,553	105	2012
Lutz I, FL	66,795		901	2,478	232	901	2,325	3,226	640	2004
Lutz II, FL	69,232		992	2,868	339	992	2,717	3,709	769	2004
Margate I, FL	53,660		161	1,763	—	399	3,196	3,595	1,402	1996
Margate II, FL	65,180		132	1,473	—	383	2,663	3,046	1,204	1996
Merritt Island, FL	50,281		716	2,983	606	796	2,851	3,647	888	2002
Miami I, FL	46,500		179	1,999	1,811	484	3,123	3,607	1,720	1996
Miami II, FL	66,960		253	2,544	1,456	561	3,183	3,744	1,634	1996
Miami III, FL	150,425		4,577	13,185	816	4,577	12,177	16,754	3,073	2005
Miami IV, FL	76,337		1,852	10,494	878	1,963	9,812	11,775	933	2011
Miramar, FL	75,530		1,206	5,944	50	1,206	5,995	7,201	697	2013
Naples I, FL	48,150		90	1,010	2,509	270	3,139	3,409	1,362	1996
Naples II, FL	65,850		148	1,652	4,320	558	5,278	5,836	2,162	1997
Naples III, FL	80,021		139	1,561	4,090	598	4,340	4,938	2,100	1997
Naples IV, FL	40,550		262	2,980	580	407	2,977	3,384	1,445	1998
New Smyrna Beach, FL	81,454		1,261	6,215	1	1,261	6,215	7,476	33	2014
Ocoee, FL	76,250		1,286	3,705	176	1,286	3,364	4,650	880	2005
Orange City, FL	59,580		1,191	3,209	205	1,191	2,926	4,117	823	2004
Orlando II, FL	63,084		1,589	4,576	148	1,589	4,085	5,674	1,089	2005
Orlando III, FL	101,330		1,209	7,768	646	1,209	7,028	8,237	1,546	2006
Orlando IV, FL	76,565		633	3,587	102	633	3,185	3,818	337	2010
Orlando V, FL	75,358		950	4,685	101	950	4,785	5,735	205	2012
Orlando VI, FL	71,475		640	3,154	1	640	3,155	3,795	8	2014
Oviedo, FL	49,276		440	2,824	551	440	2,704	3,144	620	2006
Palm Coast I, FL	47,400		555	2,735	60	555	2,795	3,350	22	2014
Palm Coast II, FL	122,490	7,962	1,511	7,450	250	1,511	7,700	9,211	63	2014
Pembroke Pines, FL	67,321		337	3,772	2,745	953	5,375	6,328	3,171	1997
Royal Palm Beach II, FL	81,394		1,640	8,607	225	1,640	7,171	8,811	1,478	2007
Sanford I, FL	61,810		453	2,911	164	453	2,509	2,962	589	2006
Sanford II, FL	70,054		1,003	4,944	1	1,003	4,945	5,948	26	2014

			Initial Cost		Costs Subsequent	Gross Carrying Amount at December 31, 2014			Accumulated	Year
Description	Square Footage	Encumbrances	Land	Buildings and Improvements	to Acquisition	Land	Buildings and Improvements	Total	Depreciation (C)	Acquired / Developed
Sarasota, FL	71,152		333	3,656	1,313	529	3,774	4,303	1,912	1999
St. Augustine, FL	59,725		135	1,515	3,330	383	4,274	4,657	1,858	1996
Stuart, FL	87,176		324	3,625	3,070	685	5,762	6,447	2,504	1997
SW Ranches, FL	64,955		1,390	7,598	139	1,390	5,875	7,265	1,215	2007
Tampa, FL	83,913		2,670	6,249	121	2,670	5,017	7,687	1,036	2007
West Palm Beach I, FL	68,061		719	3,420	1,547	835	3,992	4,827	1,439	2001
West Palm Beach II, FL	94,428		2,129	8,671	356	2,129	7,724	9,853	2,173	2004
West Palm Beach III, FL	77,664		804	3,962	41	804	4,002	4,806	168	2012
West Palm Beach IV, FL	102,912		1,499	7,392	133	1,499	7,524	9,023	59	2014
Winter Park, FL	54,356		866	4,268	1	866	4,269	5,135	23	2014
Alpharetta, GA	90,501		806	4,720	1,006	967	4,128	5,095	1,328	2001
Atlanta, GA	66,675		822	4,053	37	822	4,091	4,913	206	2012
Austell, GA	83,675		1,635	4,711	201	1,643	4,257	5,900	973	2006
Decatur, GA	145,280		616	6,776	220	616	6,089	6,705	3,106	1998
Duluth, GA	70,885		373	2,044	164	373	1,884	2,257	164	2011
Lawrenceville, GA	73,615		546	2,903	327	546	2,813	3,359	246	2011
Norcross I, GA	85,420		514	2,930	817	632	3,017	3,649	1,201	2001
Norcross II, GA	52,545		366	2,025	154	366	1,895	2,261	165	2011
Norcross III, GA	47,220		938	4,625	51	938	4,677	5,615	310	2012
Norcross IV, GA	57,505		576	2,839	48	576	2,887	3,463	144	2012
Peachtree City I, GA	49,875		435	2,532	668	529	2,571	3,100	846	2001
Peachtree City II, GA	59,950		398	1,963	16	398	1,979	2,377	100	2012
Smyrna, GA	57,015		750	4,271	242	750	3,483	4,233	1,130	2001
Snellville, GA	79,950		1,660	4,781	319	1,660	4,438	6,098	942	2007
Suwanee I, GA	85,125		1,737	5,010	282	1,737	4,593	6,330	990	2007
Suwanee II, GA	79,590		800	6,942	37	622	5,775	6,397	1,196	2007
Addison, IL	31,325		428	3,531	341	428	3,372	3,800	934	2004
Aurora, IL	73,985		644	3,652	153	644	3,285	3,929	919	2004
Bartlett, IL	51,425		931	2,493	278	931	2,389	3,320	654	2004
Bellwood, IL	86,550		1,012	5,768	805	1,012	5,275	6,287	1,820	2001
Bolingbrook, IL	80,070		1,675	8,254	4	1,675	8,259	9,934	44	2014
Chicago I, IL	95,715		2,667	13,118	1	2,667	13,118	15,785	69	2014
Chicago II, IL	78,980		833	4,035	1	833	4,036	4,869	21	2014
Chicago III, IL	84,964		2,427	11,962	1	2,427	11,963	14,390	63	2014
Countryside, IL	99,931		2,607	12,684	2	2,607	12,687	15,294	67	2014
Des Plaines, IL	69,600		1,564	4,327	519	1,564	4,207	5,771	1,150	2004

			Initial Cost		Costs Subsequent	Gross Carrying Amount at December 31, 2014			Accumulated	Year
Description	Square Footage	Encumbrances	Land	Buildings and Improvements	to Acquisition	Land	Buildings and Improvements	Total	Depreciation (C)	Acquired / Developed
Elk Grove Village, IL	64,104		1,446	3,535	285	1,446	3,292	4,738	946	2004
Evanston, IL	58,050		1,103	5,440	184	1,103	5,623	6,726	964	2013
Glenview, IL	100,085		3,740	10,367	559	3,740	9,461	13,201	2,599	2004
Gurnee, IL	80,300		1,521	5,440	263	1,521	4,940	6,461	1,414	2004
Hanover, IL	41,190		1,126	2,197	261	1,126	2,119	3,245	583	2004
Harvey, IL	60,090		869	3,635	208	869	3,304	4,173	923	2004
Joliet, IL	72,865		547	4,704	229	547	4,274	4,821	1,195	2004
Kildeer, IL	46,485		2,102	2,187	217	1,997	2,203	4,200	584	2004
Lombard, IL	57,691		1,305	3,938	659	1,305	3,996	5,301	1,158	2004
Mount Prospect, IL	65,000		1,701	3,114	412	1,701	3,074	4,775	827	2004
Mundelein, IL	44,700		1,498	2,782	236	1,498	2,606	4,104	715	2004
North Chicago, IL	53,400		1,073	3,006	370	1,073	2,891	3,964	810	2004
Plainfield I, IL	53,900		1,770	1,715	237	1,740	1,660	3,400	452	2004
Plainfield II, IL	51,900		694	2,000	153	694	1,820	2,514	476	2005
Schaumburg, IL	31,160		538	645	183	538	692	1,230	184	2004
Streamwood, IL	64,305		1,447	1,662	352	1,447	1,703	3,150	470	2004
Warrenville, IL	48,796		1,066	3,072	222	1,066	2,862	3,928	745	2005
Waukegan, IL	79,500		1,198	4,363	337	1,198	4,047	5,245	1,138	2004
West Chicago, IL	48,175		1,071	2,249	341	1,071	2,232	3,303	605	2004
Westmont, IL	53,150		1,155	3,873	226	1,155	3,559	4,714	974	2004
Wheeling I, IL	54,210		857	3,213	325	857	3,065	3,922	858	2004
Wheeling II, IL	67,825		793	3,816	451	793	3,716	4,509	1,036	2004
Woodridge, IL	50,232		943	3,397	182	943	3,103	4,046	870	2004
Schererville, IN	67,280		1,134	5,589	21	1,134	5,611	6,745	45	2014
Boston I, MA	33,286		538	3,048	107	538	2,731	3,269	294	2010
Boston II, MA	60,420		1,516	8,628	333	1,516	7,125	8,641	2,410	2002
Boston III, MA	108,205		3,211	15,829	2	3,211	15,831	19,042	126	2014
Leominster, MA	54,023		90	1,519	2,445	338	3,346	3,684	1,621	1998
Medford, MA	58,725		1,330	7,165	241	1,330	5,928	7,258	1,188	2007
Stoneham, MA	60,900		1,558	7,679	62	1,558	7,741	9,299	1,176	2013
Tewksbury, MA	61,832		1,537	7,579	14	1,537	7,593	9,130	60	2014
Baltimore, MD	93,550		1,050	5,997	1,285	1,173	5,857	7,030	2,132	2001
Beltsville, MD	63,707		1,277	6,295	41	1,277	6,335	7,612	2,053	2013
California, MD	77,840		1,486	4,280	169	1,486	3,857	5,343	1,079	2004
Clinton, MD	84,225	8,427	2,182	10,757	26	2,182	10,782	12,964	1,043	2013
District Heights, MD	78,490		1,527	8,313	460	1,527	7,648	9,175	626	2011
Elkridge, MD	63,525		1,155	5,695	120	1,155	5,815	6,970	382	2013
Gaithersburg, MD	87,045		3,124	9,000	392	3,124	8,132	11,256	2,256	2005
Hyattsville, MD	52,765		1,113	5,485	33	1,113	5,519	6,632	2,085	2013

			Initial Cost		Costs Subsequent	Gross Carrying Amount at December 31, 2014			Accumulated	Year
Description	Square Footage	Encumbrances	Land	Buildings and Improvements	to Acquisition	Land	Buildings and Improvements	Total	Depreciation (C)	Acquired / Developed
Laurel, MD	162,696		1,409	8,035	3,592	1,928	9,521	11,449	3,297	2001
Temple Hills I, MD	97,150		1,541	8,788	2,391	1,800	9,333	11,133	3,743	2001
Temple Hills II, MD	84,100	7,466	2,229	10,988	15	2,229	11,003	13,232	88	2014
Timonium, MD	66,717	7,919	2,269	11,184	36	2,269	11,220	13,489	89	2014
Upper Marlboro, MD	62,290		1,309	6,455	59	1,309	6,513	7,822	3,569	2013
Belmont, NC	81,850		385	2,196	834	451	2,349	2,800	783	2001
Burlington I, NC	109,396		498	2,837	706	498	2,910	3,408	1,008	2001
Burlington II, NC	42,165		320	1,829	363	340	1,760	2,100	605	2001
Cary, NC	112,402		543	3,097	670	543	3,495	4,038	1,326	2001
Charlotte, NC	69,000		782	4,429	1,458	1,068	4,693	5,761	1,469	2002
Raleigh, NC	48,675		209	2,398	327	296	2,255	2,551	1,083	1998
Bordentown, NJ	50,600		457	2,255	22	457	2,277	2,734	115	2012
Brick, NJ	51,725		234	2,762	1,431	485	3,393	3,878	1,750	1996
Cherry Hill I, NJ	51,500		222	1,260	81	222	1,159	1,381	129	2010
Cherry Hill II, NJ	64,825		471	2,323	88	471	2,410	2,881	105	2012
Clifton, NJ	105,550		4,346	12,520	240	4,340	11,081	15,421	2,899	2005
Cranford, NJ	91,280		290	3,493	2,423	779	4,748	5,527	2,289	1996
East Hanover, NJ	107,679		504	5,763	3,961	1,315	7,861	9,176	3,963	1996
Egg Harbor I, NJ	35,825		104	510	30	104	529	633	57	2010
Egg Harbor II, NJ	70,400		284	1,608	183	284	1,571	1,855	178	2010
Elizabeth, NJ	38,830		751	2,164	454	751	2,294	3,045	601	2005
Fairview, NJ	27,876		246	2,759	442	246	2,608	2,854	1,454	1997
Freehold, NJ	81,420		1,086	5,355	96	1,086	5,451	6,537	264	2012
Hamilton, NJ	70,450		1,885	5,430	246	1,893	4,911	6,804	1,166	2006
Hoboken, NJ	34,180		1,370	3,947	641	1,370	3,961	5,331	1,138	2005
Linden, NJ	100,425		517	6,008	2,291	1,043	6,817	7,860	3,669	1996
Lumberton, NJ	96,025		987	4,864	88	987	4,952	5,939	251	2012
Morris Township, NJ	71,976		500	5,602	2,687	1,072	6,679	7,751	4,646	1997
Parsippany, NJ	58,550		475	5,322	2,008	844	6,016	6,860	3,096	1997
Rahway, NJ	83,121		1,486	7,326	98	1,486	7,424	8,910	1,725	2013
Randolph, NJ	52,565		855	4,872	1,323	1,108	4,861	5,969	1,707	2002
Sewell, NJ	57,826		484	2,766	1,317	706	3,232	3,938	1,123	2001
Somerset, NJ	57,485		1,243	6,129	71	1,243	6,199	7,442	295	2012
Whippany, NJ	92,070		2,153	10,615	86	2,153	10,701	12,854	332	2013
Albuquerque I, NM	65,927	(A)	1,039	3,395	273	1,039	3,084	4,123	879	2005
Albuquerque II, NM	58,798	(A)	1,163	3,801	257	1,163	3,435	4,598	981	2005

			Initial Cost		Costs Subsequent	Gross Carrying Amount at December 31, 2014			Accumulated	Year
Description	Square Footage	Encumbrances	Land	Buildings and Improvements	to Acquisition	Land	Buildings and Improvements	Total	Depreciation (C)	Acquired / Developed
Albuquerque III, NM	57,536	(A)	664	2,171	334	664	2,117	2,781	592	2005
Henderson, NV	75,150		1,246	6,143	1	1,246	6,143	7,389	33	2014
Las Vegas I, NV	48,332		1,851	2,986	486	1,851	3,061	4,912	874	2006
Las Vegas II, NV	48,850		3,354	5,411	306	3,355	5,136	8,491	1,515	2006
Bronx I, NY	69,308		2,014	11,411	738	2,014	10,556	12,570	1,172	2010
Bronx II, NY	90,170		—	31,561	92	—	31,118	31,118	1,914	2011
Bronx III, NY	106,065		6,017	33,999	142	6,017	29,794	35,811	2,588	2011
Bronx IV, NY	75,030		—	22,830	96	—	20,272	20,272	1,442	2011
Bronx V, NY	54,733		—	17,564	157	—	15,610	15,610	1,192	2011
Bronx VI, NY	46,020		—	15,095	327	—	13,391	13,391	1,249	2011
Bronx VII, NY	78,625	8,780	—	22,512	67	—	22,688	22,688	1,501	2012
Bronx VIII, NY	30,550	3,082	1,245	6,137	128	1,251	6,295	7,546	412	2012
Bronx IX, NY	147,720	23,767	7,967	39,279	847	7,967	40,124	48,091	2,447	2012
Bronx X, NY	159,780	27,873	9,090	44,816	270	9,090	45,086	54,176	2,402	2012
Bronx XI, NY	46,902		—	17,130	11	—	17,141	17,141	115	2014
Brooklyn I, NY	57,500		1,795	10,172	247	1,795	9,002	10,797	997	2010
Brooklyn II, NY	60,920		1,601	9,073	438	1,601	8,213	9,814	905	2010
Brooklyn III, NY	41,585		3,195	15,657	75	3,195	15,814	19,009	911	2011
Brooklyn IV, NY	37,467		2,500	12,252	130	2,500	12,445	14,945	799	2011
Brooklyn V, NY	47,010		2,207	10,814	79	2,207	10,947	13,154	953	2011
Brooklyn VI, NY	75,640		4,016	19,680	69	4,016	19,856	23,872	1,655	2011
Brooklyn VII, NY	72,685		5,816	28,498	98	5,816	28,761	34,577	2,052	2011
Brooklyn VIII, NY	61,075		4,982	24,561	26	4,982	24,586	29,568	196	2014
Brooklyn IX, NY	46,980		2,966	14,620	25	2,966	14,645	17,611	117	2014
Jamaica I, NY	88,385		2,043	11,658	1,614	2,043	10,648	12,691	3,949	2001
Jamaica II, NY	91,245		5,496	26,930	121	5,496	27,194	32,690	2,006	2011
Long Island City, NY	89,125		5,700	28,101	1	5,700	28,102	33,802	74	2014
New Rochelle I, NY	46,037		1,673	4,827	667	1,673	4,846	6,519	1,179	2005
New Rochelle II, NY	63,145		3,167	2,713	276	3,762	18,822	22,584	1,206	2012
North Babylon, NY	78,341		225	2,514	4,080	568	5,496	6,064	2,423	1998
Patchogue, NY	47,739		1,141	5,624	1	1,141	5,625	6,766	30	2014
Riverhead, NY	38,340		1,068	1,149	195	1,068	1,111	2,179	342	2005
Southold, NY	59,595		2,079	2,238	260	2,079	2,094	4,173	653	2005

			Initial Cost		Costs Subsequent	Gross Carrying Amount at December 31, 2014			Accumulated	Year
Description	Square Footage	Encumbrances	Land	Buildings and Improvements	to Acquisition	Land	Buildings and Improvements	Total	Depreciation (C)	Acquired / Developed
Staten Island, NY	96,623		1,919	9,463	53	1,919	9,517	11,436	784	2013
Tuckahoe, NY	51,343		1,516	13,236	168	1,516	7,633	9,149	1,179	2011
West Hempstead, NY	84,457		2,237	11,030	113	2,237	11,142	13,379	534	2012
White Plains, NY	86,465		3,295	18,049	835	3,295	16,393	19,688	1,521	2011
Woodhaven, NY	50,665		2,028	11,285	56	2,028	10,044	12,072	759	2011
Wyckoff, NY	61,565		1,961	11,113	218	1,961	9,849	11,810	1,013	2010
Yorktown, NY	78,595		2,710	13,338	126	2,710	13,477	16,187	795	2011
Cleveland I, OH	46,000		525	2,592	175	524	2,419	2,943	690	2005
Cleveland II, OH	58,325		290	1,427	177	289	1,353	1,642	391	2005
Columbus I, OH	71,905		1,234	3,151	69	1,239	2,745	3,984	715	2006
Columbus II, OH	36,844		769	3,788	1	769	3,788	4,557	20	2014
Columbus III, OH	51,400		326	1,607	1	326	1,608	1,934	9	2014
Columbus IV, OH	60,575		443	2,182	1	443	2,183	2,626	12	2014
Columbus V, OH	60,925		838	4,128	1	838	4,129	4,967	22	2014
Columbus VI, OH	63,725		701	3,454	1	701	3,455	4,156	18	2014
Grove City, OH	89,290		1,756	4,485	177	1,761	4,044	5,805	1,018	2006
Hilliard, OH	89,190		1,361	3,476	222	1,366	3,210	4,576	804	2006
Lakewood, OH	39,332		405	854	560	405	1,281	1,686	859	1989
Lewis Center, OH	80,830		1,056	5,206	1	1,056	5,207	6,263	28	2014
Middleburg Heights, OH	93,200		63	704	2,179	332	2,271	2,603	1,037	1980
North Olmsted I, OH	48,665		63	704	1,350	214	1,613	1,827	804	1979
North Olmsted II, OH	47,850		290	1,129	1,135	469	1,997	2,466	1,353	1988
North Randall, OH	80,239		515	2,323	3,071	898	4,149	5,047	1,756	1998
Reynoldsburg, OH	67,245		1,290	3,295	251	1,295	3,092	4,387	792	2006
Strongsville, OH	43,683		570	3,486	336	570	2,989	3,559	622	2007
Warrensville Heights, OH	90,281		525	766	2,925	935	3,103	4,038	1,248	1980
Westlake, OH	62,750		509	2,508	202	508	2,322	2,830	680	2005
Conshohocken, PA	81,255		1,726	8,508	103	1,726	8,611	10,337	415	2012
Exton, PA	57,750		541	2,668	110	541	2,778	3,319	119	2012
Langhorne, PA	65,050		1,019	5,023	158	1,019	5,181	6,200	242	2012

					Costs	Gross Carrying Amount
			Initial Cost		Subsequent	at December 31, 2014			Accumulated	Year
Description	Square Footage	Encumbrances	Land	Buildings and Improvements	to Acquisition	Land	Buildings and Improvements	Total	Depreciation (C)	Acquired / Developed
Levittown, PA	76,180		926	5,296	1,160	926	5,444	6,370	2,014	2001
Malvern, PA	18,848		2,959	18,198	1,408	2,959	19,606	22,565	174	2013
Montgomeryville, PA	84,145		975	4,809	121	975	4,929	5,904	240	2012
Norristown, PA	54,911		777	3,709	567	777	4,381	5,158	253	2011
Philadelphia I, PA	97,414		1,461	8,334	1,762	1,461	6,918	8,379	2,612	2001
Philadelphia II, PA	68,239		1,012	4,990	68	1,012	5,057	6,069	41	2014
Exeter, RI	41,275		547	2,697	1	547	2,698	3,245	14	2014
Johnston, RI	80,725		1,061	5,229	1	1,061	5,231	6,292	28	2014
Wakefield, RI	45,895		823	4,058	1	823	4,059	4,882	21	2014
Woonsocket, RI	72,704		1,049	5,172	1	1,049	5,173	6,222	27	2014
Antioch, TN	76,190		588	4,906	287	588	4,426	5,014	1,167	2005
Nashville I, TN	103,840		405	3,379	469	405	3,270	3,675	884	2005
Nashville II, TN	83,384		593	4,950	183	593	4,443	5,036	1,199	2005
Nashville III, TN	101,575		416	3,469	191	416	3,328	3,744	873	2006
Nashville IV, TN	102,450		992	8,274	351	992	7,385	8,377	1,932	2006
Allen, TX	62,870	3,610	714	3,519	59	714	3,578	4,292	188	2012
Austin I, TX	59,620		2,239	2,038	152	2,239	1,865	4,104	499	2005
Austin II, TX	65,151	(B)	734	3,894	245	738	3,577	4,315	882	2006
Austin III, TX	70,560		1,030	5,468	224	1,035	5,032	6,067	1,175	2006
Austin IV, TX	65,370		862	4,250	106	862	4,356	5,218	35	2014
Austin V, TX	67,850		1,050	5,175	1	1,050	5,176	6,226	41	2014
Austin VI, TX	62,770		1,150	5,669	2	1,150	5,671	6,821	30	2014
Bryan, TX	60,400		1,394	1,268	146	1,396	1,194	2,590	327	2005
Carrollton, TX	77,140		661	3,261	47	661	3,308	3,969	132	2012
College Station, TX	26,550		812	740	119	813	710	1,523	188	2005
Cypress, TX	58,181		360	1,773	90	360	1,864	2,224	97	2012
Dallas I, TX	58,582		2,475	2,253	332	2,475	2,138	4,613	559	2005
Dallas II, TX	79,123		940	4,635	103	940	4,738	5,678	513	2013
Dallas III, TX	69,589		2,608	12,857	1	2,608	12,858	15,466	34	2014
Denton, TX	60,846		553	2,936	199	569	2,645	3,214	630	2006
El Paso I, TX	59,852	(A)	1,983	1,805	261	1,984	1,737	3,721	464	2005
El Paso II, TX	48,800	(A)	1,319	1,201	205	1,320	1,188	2,508	317	2005
El Paso III, TX	71,102	(A)	2,408	2,192	216	2,409	2,075	4,484	558	2005
El Paso IV, TX	66,906	(A)	2,073	1,888	59	2,074	1,635	3,709	523	2005
El Paso V, TX	62,290		1,758	1,617	157	1,761	1,514	3,275	410	2005
El Paso VI, TX	36,620		660	607	158	662	631	1,293	171	2005
El Paso VII, TX	34,423		563	517	8	565	559	1,124	15	2005
Fort Worth I, TX	50,246		1,253	1,141	220	1,253	1,126	2,379	282	2005
Fort Worth II, TX	72,900		868	4,607	292	874	4,232	5,106	1,034	2006
Frisco I, TX	50,754		1,093	3,148	131	1,093	2,841	3,934	744	2005

					Costs	Gross Carrying Amount
			Initial Cost		Subsequent	at December 31, 2014			Accumulated	Year
Description	Square Footage	Encumbrances	Land	Buildings and Improvements	to Acquisition	Land	Buildings and Improvements	Total	Depreciation (C)	Acquired / Developed
Frisco II, TX	71,399		1,564	4,507	95	1,564	3,991	5,555	1,065	2005
Frisco III, TX	74,765		1,147	6,088	242	1,154	5,525	6,679	1,354	2006
Frisco IV, TX	75,035		719	4,072	117	719	3,630	4,349	405	2010
Frisco V, TX	74,490		1,159	5,714	16	1,159	5,729	6,888	46	2014
Frisco VI, TX	68,926		1,064	5,247	2	1,064	5,249	6,313	28	2014
Garland I, TX	70,100		751	3,984	419	767	3,817	4,584	916	2006
Garland II, TX	68,425		862	4,578	206	862	4,187	5,049	943	2006
Houston III, TX	60,820		575	524	287	576	699	1,275	196	2005
Houston IV, TX	43,750		960	875	371	961	1,052	2,013	245	2005
Houston V, TX	125,135		1,153	6,122	712	1,156	5,972	7,128	1,327	2006
Houston VI, TX	54,680		575	524	5,709	983	4,912	5,895	443	2011
Houston VII, TX	47,102		681	3,355	83	681	3,438	4,119	238	2012
Houston VIII, TX	54,241		1,294	6,377	136	1,294	6,514	7,808	343	2012
Houston IX, TX	51,218		296	1,459	62	296	1,521	1,817	80	2012
Katy, TX	71,308		1,329	6,552	9	1,329	6,561	7,890	957	2013
Keller, TX	61,885		890	4,727	140	890	4,282	5,172	1,057	2006
Lewisville I, TX	58,140		476	2,525	295	492	2,406	2,898	566	2006
Lewisville II, TX	127,609		1,464	7,217	135	1,464	7,353	8,817	601	2013
Mansfield I, TX	63,025		837	4,443	197	843	4,062	4,905	983	2006
Mansfield II, TX	57,775		662	3,261	63	662	3,323	3,985	193	2012
McKinney I, TX	47,020		1,632	1,486	134	1,634	1,381	3,015	364	2005
McKinney II, TX	70,050		855	5,076	161	857	4,612	5,469	1,131	2006
McKinney III, TX	67,468		652	3,213	1	652	3,214	3,866	—	2014
North Richland Hills, TX	57,200		2,252	2,049	126	2,252	1,798	4,050	490	2005
Pearland, TX	72,050		450	2,216	82	450	2,299	2,749	121	2012
Richmond, TX	102,278		1,437	7,083	66	1,437	7,149	8,586	322	2013
Roanoke, TX	59,660		1,337	1,217	127	1,337	1,145	2,482	295	2005
San Antonio I, TX	73,309		2,895	2,635	306	2,895	2,410	5,305	612	2005
San Antonio II, TX	73,230		1,047	5,558	148	1,052	5,013	6,065	1,134	2006
San Antonio III, TX	71,775		996	5,286	235	996	4,799	5,795	1,052	2007
Spring, TX	72,751		580	3,081	205	580	2,839	3,419	690	2006
Murray I, UT	60,280	(A)	3,847	1,017	458	3,848	1,261	5,109	337	2005
Murray II, UT	71,221	(A)	2,147	567	460	2,148	865	3,013	262	2005
Salt Lake City I, UT	56,446	(A)	2,695	712	477	2,696	1,012	3,708	251	2005
Salt Lake City II, UT	51,676	(A)	2,074	548	364	1,931	747	2,678	203	2005

					Costs	Gross Carrying Amount
			Initial Cost		Subsequent	at December 31, 2014			Accumulated	Year
Description	Square Footage	Encumbrances	Land	Buildings and Improvements	to Acquisition	Land	Buildings and Improvements	Total	Depreciation (C)	Acquired / Developed
Alexandria, VA	114,150	9,221	2,812	13,865	177	2,812	14,043	16,855	745	2012
Burke Lake, VA	91,667	7,105	2,093	10,940	1,094	2,093	10,438	12,531	1,045	2011
Fairfax, VA	73,325		2,276	11,220	182	2,276	11,402	13,678	541	2012
Fredericksburg I, VA	69,475		1,680	4,840	280	1,680	4,447	6,127	1,086	2005
Fredericksburg II, VA	61,057		1,757	5,062	320	1,758	4,690	6,448	1,159	2005
Leesburg, VA	85,503		1,746	9,894	79	1,746	8,685	10,431	644	2011
Manassas, VA	72,745		860	4,872	118	860	4,327	5,187	467	2010
McLearen, VA	68,960		1,482	8,400	152	1,482	7,397	8,879	764	2010
Vienna, VA	54,698		2,300	11,340	115	2,300	11,456	13,756	549	2012
Divisional Offices					168		168	168	29
USIFB					5,702		5,702	5,702	1,247
	28,621,742		524,475	2,303,584	221,302	545,393	2,304,653	2,850,046	398,496

(A)

This facility is part of the YSI 20 Loan portfolio, with a balance of $54,091 as of December 31, 2014.

(B)

This facility is part of the YSI 33 Loan portfolio, with a balance of $10,429 as of December 31, 2014.

(C)

Depreciation on the buildings and improvements is recorded on a straight-line basis over their estimated useful lives, which range from five to 39 years.

Activity in storage facilities during 2014 and 2013 was as follows (in thousands):

	2014			2013
Storage facilities*
Balance at beginning of year	$	2,553,706		$	2,443,022
Acquisitions & improvements	576,845			219,751
Fully depreciated assets	(6,855		)	(14,398		)
Dispositions and other	(13,716		)	(127,700		)
Construction in progress	7,218			33,031
Balance at end of year	$	3,117,198		$	2,553,706

Accumulated depreciation*
Balance at beginning of year	$	398,536		$	353,315
Depreciation expense	101,542			87,708
Fully depreciated assets	(6,855		)	(14,398		)
Dispositions and other	(1,154		)	(28,089		)
Balance at end of year	$	492,069		$	398,536

Storage facilities, net	$	2,625,129		$	2,155,170

These amounts include equipment that is housed at the Company’s storage facilities which is excluded from Schedule III above.