XML 77 R57.htm IDEA: XBRL DOCUMENT v3.8.0.1
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)