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UNSECURED SENIOR NOTES (Details) $ in Thousands |  |  |  | 12 Months Ended |
--- | --- | --- | --- | --- | ---
Dec. 15, 2017 USD ($) | Nov. 15, 2017 USD ($) | Apr. 04, 2017 USD ($) | Dec. 31, 2017 USD ($) | Dec. 31, 2016 USD ($)
Mortgage loans and Notes payable |  |  |  |  |
Interest rate (as a percent) | 4.375% |  |  |  |
Less: Loan procurement costs, net |  |  |  | $ (1,592) | $ (2,150)
Total unsecured senior notes, net |  |  |  | 1,142,460 | 1,039,076
CubeSmart, L.P. and Subsidiaries |  |  |  |  |
Mortgage loans and Notes payable |  |  |  |  |
Less: Loan procurement costs, net |  |  |  | (1,592) | (2,150)
Total unsecured senior notes, net |  |  |  | 1,142,460 | 1,039,076
Senior Notes |  |  |  |  |
Mortgage loans and Notes payable |  |  |  |  |
Carrying value |  |  |  | 1,150,000 | 1,050,000
Less: Discount on issuance of notes, net |  |  |  | (617) | (3,971)
Less: Loan procurement costs, net |  |  |  | (6,923) | (6,953)
Total unsecured senior notes, net |  |  |  | $ 1,142,460 | 1,039,076
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 |  |  |  |  |
Senior notes, principal amount |  |  |  | $ 250,000 | $ 250,000
Interest rate (as a percent) |  |  |  | 4.80% | 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 |  |  |  | $ 300,000 | $ 300,000
Interest rate (as a percent) |  |  | 4.375% | 4.375% | 4.375%
Carrying value |  |  |  | $ 300,000 | $ 250,000
Effective interest rate (as a percent) |  |  |  | 4.33% |
Effective weighted average interest rate (as a percent) | 4.501% |  | 3.495% | 4.33% |
Proceeds from senior notes | $ 250,000 |  | $ 50,000 |  |
Debt instrument, redemption percentage | 98.995% |  | 105.04% |  |
Senior notes 4.000% due 2025 |  |  |  |  |
Mortgage loans and Notes payable |  |  |  |  |
Senior notes, principal amount |  |  |  | $ 300,000 | $ 300,000
Interest rate (as a percent) |  | 4.00% | 4.00% | 4.00% | 4.00%
Carrying value |  |  |  | $ 300,000 | $ 250,000
Effective interest rate (as a percent) |  | 4.032% | 3.811% | 3.99% |
Effective weighted average interest rate (as a percent) |  |  |  | 3.994% |
Proceeds from senior notes |  | $ 250,000 | $ 50,000 |  |
Debt instrument, redemption percentage |  | 99.735% | 101.343% |  |
Senior Notes 3.125% Due 2026 |  |  |  |  |
Mortgage loans and Notes payable |  |  |  |  |
Senior notes, principal amount |  |  |  | $ 300,000 | $ 300,000
Interest rate (as a percent) |  |  |  | 3.125% | 3.125%
Carrying value |  |  |  | $ 300,000 | $ 300,000
Effective interest rate (as a percent) |  |  |  | 3.18% |
Credit Facility |  |  |  |  |
Mortgage loans and Notes payable |  |  |  |  |
Less: Loan procurement costs, net |  |  |  | $ (604) | $ (1,251)

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